Skip to content

Business Monthly Method of Payment

Question: 
Can a business make monthly automatic debit compulsory for payment of their product or service without offering another method of payment to the consumer?
Answer: 

Randy Carey

If it does not involve an extension of credit, yes.

Answer: 

John Burnett

If the business is providing a single product or a one-time service and allowing the consumer to pay for it over time, that's an extension of credit. But a gym that accepts monthly membership fees is generally not extending credit.

First published on 02/09/2015

Filed under: 
Filed under technology as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics