Stephen Binder splits his time between Florida and Colorado, which means a lot of driving and paying a lot of tolls.
To keep things simple, he maintained two transponders to pay tolls: UniPass issued through the Central Florida Turnpike Authority and a Colorado Express toll device. But recently he realized that having two transponders was not that simple at all.
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Upon reviewing his statements, Binder detected a problem: identical charges for the same toll, on the same day and at the same time. Realizing there might be other drivers in the same boat, he called local news station WFLA to warn others about the problem (1).
“I want to pay the tolls,” he told WFLA. “That’s why I have transponders, but I shouldn’t pay twice.”
‘Set it and forget it’ autopay could cost you hundreds
Binder’s story has a happy ending: After the news team contacted them, the Central Florida Turnpike Authority refunded the double toll. But its story goes beyond toll roads: It’s a reminder of how easily self-billing can cost you money.
When payments are made via autopay, most people stop checking or noticing them. A duplicate charge, a rate increase, or an account you forgot you had can go unnoticed for months, sometimes years. In fact, a CNET survey found that the average American spends $1,080 per year on subscriptions and $200 on ones they never use, and that’s just subscriptions (2).
Other financial blind spots you may not be checking include:
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Streaming services: It’s easy to sign up for a service and then forget that it’s auto-pay.
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Sure: Some credit cards offer travel insurance or even cover your cell phone. If you also pay out of pocket, you may be paying for coverage you don’t need.
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Annual credit card fees: Some credit cards charge annual fees, which can be a good deal if you use the benefits. But if you don’t, you could be wasting hundreds of dollars a year.
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Digital services: That extra online storage, VPN, or subscription ad blocker you stopped using could be quietly draining money every year.
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Utility service: Setting them to autopay ensures you’re never late, but it can also mean you don’t miss sudden spikes in your bills. Billing spikes could indicate a problem, such as a leaky pipe or faulty wiring.
Automatic pay is convenient, but don’t let that convenience stop you from checking your accounts regularly. In addition to overpaying for services you don’t need, it also means you’re less likely to spot fraudulent charges.
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How to make billing audits a habit
A billing audit is a dedicated time where you sit down and review every card, every account, and every charge. The most effective approach is to perform a targeted review once or twice a year, along with a quick monthly check to detect anything out of the ordinary.
For your semi-annual audit, set aside about 30 minutes, look at your bank and credit card statements for the last six months, and review them line by line. Anything you don’t recognize or can’t immediately justify deserves a closer look.
Then, once a month, take a quick look at your accounts. This can help you spot fraud and annual subscriptions that you may not notice when you only look once or twice a year.
Here’s what to look for:
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Charge just under a round number (a common subscription pricing tactic)
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Duplicate entries from the same supplier in the same billing period
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Positions from companies with which you no longer have an active relationship
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Invoices from the same company in more than one account.
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Prices that seem higher than you remember
For each charge, think about whether you use that subscription or those card features. If not, cancel it. If you have a lot of charges, consider creating a spreadsheet to make sure you review all charges on bank accounts and cards.
There are also apps that can automate some of this by flagging recurring charges, although they won’t catch everything: Binder’s double charge, for example, might have looked like two separate legitimate transactions without closer scrutiny.
If you find erroneous charges, call and request a refund. Many companies will refund at least a few months’ worth of fees if you ask politely. The hardest part is making sure you pay attention in the first place.
As for Binder, he says he plans to store the transponder from the state where he doesn’t currently drive in an RFID-blocking bag to prevent double billing. Another option is to get a transponder like an EZ-Pass that works in multiple states (3).
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Article sources
We rely only on verified sources and credible third-party reports. For more details, see our ethics and guidelines.
YouTube (1), (3); CNET (2).
This article originally appeared on Moneywise.com with the title: Florida Snowbird warns of bug that charges you double when crossing state lines; most drivers would never see it.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
