When we think of money schemes aimed at senior citizens, rarely do we think past computer hackers, IRS scams and other well-known plans for getting into our pocketbooks by nefarious means. I, for one, never considered those wonderful magazines that keep us up on the latest diets, recipes, house-decorating fads as part of the gang.
I first began looking at magazines in this manner when I received a bill from a company from which I ordered a one-year subscription. That subscription had two more months to go. Since it had more advertisements than articles, I opted not to pay since I did not wish to renew. A second bill arrived. I went online and cancelled it at their site. A third bill came stating they had not been able to bill me at my old credit card, so please supply the correct information.
I wrote across the bill, “CANCEL, DO NOT RENEW,” signed my name and sent the bill back to the company. Then I heard from my sister, whom I had given the ‘free’ subscription when originally ordering my own, also continued to get dunning bills from the company.
A second magazine began sending bills and I followed the same routine as with the first. The next bill thoroughly ticked me off until it occurred to me there was something I was missing if these subscriptions refused to die. That is when I got out a magnifying glass and read the fine print.
It seems that you can no longer presume to cancel a subscription once it has begun. The tiny, unreadable for many seniors, small print assures you the magazine will continue renewing your subscriptions and taking your money automatically. It is when you have reason to change the credit card or the expiration date passes, bills begin arriving until some hapless soul renews.
This is not from one company; it is common practice for all of them. Consider this. Say you ordered magazines hoping to get a leg up toward winning a sweepstakes and your bill for that is for several years, not one. That is a hefty bill to have automatically renewed as seniors or new seniors who find themselves living on less. To have it removed from your bank account without you being aware it will happen, can be the difference in getting medications or food that month.
Seniors are especially susceptible, as they often cannot read the tiny printing on the boilerplate of the notices and bills. They have no idea they agreed to have the same amount automatically deducted every year. Many are on very set budgets that are easily wrecked by unexpected hands dipping into their bank accounts.
I have begun buying an occasional magazine off the rack and refusing to subscribe to anything unless I read the small print.
Magazines are not the only culprits. Has anyone noticed the great beauty products advertised by breathtakingly beautiful women? The advertisements promise you, too, will look twenty years younger if you just use the products. How many of you look at the tiny, tiny print under the bold lettering and numbers? It seems you are automatically signing up for new products to be delivered and billed at regular intervals. By the way, that great price you got at the beginning is not what you will be billed in the future. Where you got the first great deal at just $19.95, the next shipment may be one hundred or more. Surprise!
The bad news is that since companies have technically informed you of these facts, the law can do nothing to stop them. The good news is, you are now informed and an informed client is a dangerous thing to companies who use methods like these to snag customers.
Magazines, newspapers, and the printed book are slowly becoming dinosaurs and maybe this is why companies use this nefarious way to grab every possible dollar. Instead of admiring their ‘smart’ business tactics, I can only frown with dismay that companies we have always trusted have now gone on my ‘don’t do business with’ list. Beware of any contract, even something as simple as ordering a magazine, unless you or someone you know can read the small print and protect your interests and your pocketbook!
Just remember, having your money taken without your knowledge is NO laughing matter.
(Check the follow-up article – Track Your Credit Cards for additional information on accounting for winged dollars.)
Read the small print. I loved the quote “We will take the liberty to dun your checking account if we don’t hear from you.” Be careful…for people on set incomes this can be very damaging !