Chances are you’ve signed up for at least one or more subscription services or products. Subscription service or product plans automatically bill you based on the subscription term – regardless of whether or not you use the products or services.
Subscription services have been around for a while and subscription products are becoming more and more popular. It’s generally up to you to cancel the subscription, but Netflix is taking a different approach.
By taking control of your subscriptions you can save money and avoid unwanted charges.
Netflix announced that they will be automatically canceling subscriptions that have been inactive for over a year. If you haven’t used your Netflix account, you’ll need to confirm your continued interest in the service even if you placed your billing on hold.
If you wait too long to use your account after it is canceled by you or Netflix, your favorites, profiles, and viewing preferences will no longer be accessible. Thankfully, you have a full 10 months to reactivate your account before this happens, but after that you’ll need to start all over.
Netflix is actually being responsible with this move. They are trying to save people money by helping them cancel services they are not using. Most subscription services will continue to bill you until you take action to cancel it yourself.
According to Netflix, inactive accounts only represent about 0.5% of its member base which is a few hundred thousand members. This is no surprise since more people have been turning back on the TV and utilizing these types of services more frequently during the pandemic.
If you are among the few hundred thousand members, your account won’t just disappear. Netflix will be sending out emails and in-app notifications to ask you what you’d like to do. If you don’t respond, they will cancel your account and stop billing you with no penalties or charges involved.
If you are one of those people who haven’t used your Netflix subscription in over a year, I doubt you’ll be upset the company is canceling it for you. This is really unprecedented though as most companies won’t be helping you out this way.
I’m guilty of it myself, signing up for something and then totally forgetting about it. From apps with monthly subscription plans to product shipments, you may be getting billed for something you no longer use.
By managing your subscriptions and taking control of your accounts, you can save money. If you’re not sure what subscriptions you’re signed up for, there are services that can help.
Sometimes it’s difficult to figure subscriptions solely based on transactions in your bank account. Some services are billed annually, or quarterly, or based on a time frame you picked when you signed up.
It’s easy to forget a year a later that your subscription will renew. TrueBill is a service that promises to help you lower your bills. Not only will they identify subscriptions for you, they can also negotiate with your providers to lower your costs.
Once you sign up via your computer or through the Truebill app (iOS, Android) and link your bank and credit card accounts, they’ll identify your subscriptions – making it easy for you to cancel unwanted subscriptions before they bill again.