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 Posted: Tue Mar 21, 2006 1:54 pm Subject: I hate my bank!!! |
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So today I was off work and I took all the great advice you guys have given. Went to the bank and attempted to put stop payments on payday loan debits because after all, according to regualtion e I have the right to request stop payments on preauthorized drafts, right? Well apparently my credit union doesn't know or either doesn't believe this as they insist that they cannot stop payment on an auto debit and can only do something after the debit has gone through. Have any of you ever heard of anything like this? T&C keeps telling me to have all auto withdrawals stopped but they won't do that either. Again, I can't close the account as we would lose our vehicles. I can't take this.
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iloveteaching
Joined: 12 Mar 2006
Posts: 150
Location: Florida Debtcc Points: 2073
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| Posted: Tue Mar 21, 2006 1:59 pm Subject: |
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im going thru the same thing! your not alone 
i cant stop my drafts thru the bank and my nsf fees are up to 750.00.....  they said that can continue for up to 90 days so i said forget it and im going to leave it alone for now...i have enough going on without them giving me stress....
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| Posted: Tue Mar 21, 2006 2:05 pm Subject: |
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That sure doesn't sound right to me. Maybe because it is a credit union, they have some kind of different regulations, I do not know. Is there any way you can open a new account and call your auto finance people and explain the situation, maybe have the auto withdrawls changed over to the new account? Hopefully you can work something out. Oh, and welcome to the forum, if I haven't said so already 
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:06 pm Subject: |
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I am so sorry to hear that. My account is okay as of today But I am trying to stop nsf fees from accumulating. How can they just say we have no choice but to let the debits go thru and build up fees not only with the bank but also with the lenders.
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iloveteaching
Joined: 12 Mar 2006
Posts: 150
Location: Florida Debtcc Points: 2073
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| Posted: Tue Mar 21, 2006 2:10 pm Subject: |
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How about this one? I went into my credit union last week to start this process and they told me that my account was so far in the negative that there was nothing they could do. Well I know its in the negative, that's why I went in there. I had moved all of my money into my savings account and have sent them a letter not to allow my savings account act as overdraft protection, guess what - how about I looked at my account today and they have moved over all of my money to take care of the negative checkings - I KNOW I should have taken my money out long time ago - I had already opened a new account elsewhere but had not moved my cash yet thinking they would honor my letter I sent. I was furious - then the representative I talked to today told me that they would do me a "favor" and give me back half of it.
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nicole
Joined: 09 Feb 2006
Posts: 46
Debtcc Points: 2203
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| Posted: Tue Mar 21, 2006 2:12 pm Subject: |
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Gee.....nice of them to do you a "favor". They should still be able to freeze your account - allow only deposit and not debits - that makes sense to me, anyway. That way they are not losing any more money. Jerks!
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:18 pm Subject: |
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So how do I keep my account from getting into the negative? They won't stop the debits, so I have no recourse. Just called T&C and they STILL haven't called any of the creditors (not that it will do any good when they try because the lenders won't make arrangements until payments have been returned). I am at the end of my rope. It's a good thing that I don't have to work this week (Spring Break) or else I would never be able to concentrate on teaching with all of this going on.
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iloveteaching
Joined: 12 Mar 2006
Posts: 150
Location: Florida Debtcc Points: 2073
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| Posted: Tue Mar 21, 2006 2:23 pm Subject: |
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I have heard that T&C might be a little slow at first, but I would call them with your concerns and let them know that time is a factor here. They will probably suggest to freeze the account in question. I can't imagine that your bank will not allow a freeze on the account considering the fact that they know the circumstances. I would immediately call your auto finance company and see if they can work with you on changing the account.
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:24 pm Subject: |
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Credit unions are alot harder to deal with - their rules and regulations are very different from regular banks.
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nicole
Joined: 09 Feb 2006
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| Posted: Tue Mar 21, 2006 2:26 pm Subject: |
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That is a bummer. They shouldn't be any different from other banks, imho. They are great for getting lower interest rates for their members, but hearing that they have different standards when it comes to regulations is disappointing.
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:37 pm Subject: |
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The T&C rep said that I might have to let the bank charges build up and then consolidate the old bank account with T&C. Why are all of the options so dire? Maybe I should try having them to freeze all withdrawals. That is about the only thing I haven't requested only because nothing else has worked. I don't know. I am about to ask T&C to call my bank (Even though I know they can't). For the first time in this whole ordeal, I feel truly helpless.
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iloveteaching
Joined: 12 Mar 2006
Posts: 150
Location: Florida Debtcc Points: 2073
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| Posted: Tue Mar 21, 2006 2:41 pm Subject: |
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I have heard of that working: putting a freeze on all withdrawls. That would be about the only suggestion I have for you...just make sure you contact the auto folks so that you don't end up wiht a late payment with them. And take a deep breath....everything will work out OK here, sometimes it just takes some work and of course, a little frustration. Don't forget to breathe!
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:45 pm Subject: my bank horror story |
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this is a letter I drafted today. I'll keep al of you posted on the outcome:
| Quote: | March 21, 2006
Washington Mutual bank
ATTN: Customer Relations
P.O. Box 834 Mailstop – CPC1201
Stockton, CA 95202
RE: - Account XXXXXXXXXX
To Whom it May Concern:
My account was recently closed by WAMU with a negative balance of 2555.00. I am writing because to date, I have received no cooperation or satisfaction with your Loss Recovery Department regarding the circumstances leading to this closure. So some history:
I had authorized a few internet payday loan companies to take predetermined amounts from my account electronically through ACH.
This started in June ‘05. As the months passed, these companies began to take unauthorized amounts from my account and at different dates. If you review my account all the way back to July, you can see the detrimental affect this began to have on my account. To be clear, what was once authorized by me was now out of control and in breach of my agreement with said companies. Soon I was drowning – as soon as my paycheck was deposited, it was taken out and I was overdrawn again. I could not maintain a positive balance for more than 24 hours because of these companies and their unauthorized charge amounts. I finally got some professional help to pull myself out of this. But this process is a long and arduous one. If you have any knowledge of internet payday lenders, you will know they do this often – taking unauthorized amounts from people's bank accounts at unauthorized dates. This is a nationwide problem, and they are being banned all over the country. Many of the companies hitting my account are operating without a license, are in trouble with the Attorney General's offices in many states and are close to being shut down. Class Action Lawsuits are being filed, etc. But again, all of that takes time, so I was counseled to ask my bank for help – to explain the situation to you and have you help me change my account number or SOMETHING.
I began to call WAMU customer service and the Loss Recovery Department for help in this matter. I inquired as to what my options were. I was informed that the ONLY thing that I could do was issue stop payments (expensive) to each company for a specific amount only (at 18.00 each). No, WAMU could not change my account number, no, WAMU could not block the charges/companies/any and all electronic debits (absolutely untrue I later learned). This was a weak option, as the companies in question were varying the withdrawal amounts (they know how to get around stop payments), and WAMU needed the exact amount as well as the company name. Nonetheless, I called back and issued a number of stop payments – this served to make me even more overdrawn than I already was, but what could I do?
As suspected, the stop payments did little good, and I called again to try and enlist the help of you, my financial institution. Again, I was told stop payments were my only option –period.
Then I was informed by outside counsel that there WAS another option: I could have stopped all ACH debits from my account – all electronic withdrawals could have been blocked. By this point, I was already 2300.00 overdrawn and my account was going to be closed by you and I was going to now be submitted into the Chexsystem.
I am absolutely dismayed by this situation. When I called to speak with representatives of your bank, my financial institution, and asked over and over again what I could do to stop these unauthorized charges, I feel as though your loss department was negligent in providing me with information that could have helped me – I should have been informed that I could stop all electronic debits. It seems now as though WAMU was interested in taking my money in fees and had little interest in how this was impacting me, the customer.
In my final conversation with Sandra in Loss Management, on 3/17/06 (in which she yelled at me) she did finally concede that yes, I could have gone into a branch and stopped all electronic debits - little good that does me now. Had this even been mentioned as an option at any point, I would have immediately taken care of the problem, got my account into a positive balance, and changed account numbers. No-one wants to live like this, accruing bank fees and constantly being overdrawn. I tried to help myself, but without knowing my options, what could I do? I am not versed in banking laws and policies – I am/was your customer though, and entitled to know what could have been done to protect myself and my income.
I am a person who pays my debts…however, I feel as though the 2555.00 ALL in bank fees that could have been avoided is exorbitant at best. At the time, I had no idea about Article E, but I do now and I feel as though your Loss Recovery Department was negligent in helping me with a real problem. I implore you to reconsider this amount owed…it is something that could have been avoided and now has the potential of ruining my credit and having a severely negative impact on my life.
As well, before sending this letter, I called customer service to verify the correct address: to add insult to injury, it turns out that Sandra (the one who yelled at me) in fact gave me an incorrect address: she provided me with the following:
Customer Fullfillment
P.O. Box 201079 Mailstop STA2LOS
Maryanne in customer service, who was an angel, (and verified that all ACH debits could indeed have been blocked), filed a complaint letter against Sandra for her unprofessional demeanor in dealing with me and providing me with an incorrect address to which I could forward my case to you.
Rachel Kaiser
See contact information above |
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I am working to payoff my payday loan debts - all Debt CC point doantions are so appreciated!!
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rkai93
Joined: 27 Jan 2006
Posts: 132
Debtcc Points: 8426
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| Posted: Tue Mar 21, 2006 2:49 pm Subject: |
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That is an excellent letter Rachel, I hope that you get some progress out of this. I haven't had any problems with WaMu, but just knowing that you were treated so badly and given wrong information abouthow to handle the situation really upsets me. Keep us posted on what response you receive, I would be really interested to hear it!
~Mary
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Mary
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| Posted: Tue Mar 21, 2006 2:49 pm Subject: |
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Great letter! But I want to know why they(banks) act as if blocking all automatic withdrawals is not an option. When you go to them for help, they don't want to give it. Its like they are working with the payday companies, trying to build up as much money in fees as they can.
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iloveteaching
Joined: 12 Mar 2006
Posts: 150
Location: Florida Debtcc Points: 2073
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| Posted: Tue Mar 21, 2006 2:51 pm Subject: |
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thanks mary...when I hung up with Maryanne today, she just confirmed how badly they treated me - like I was a cash machine for THEM. And then for that other one to give me a wrong address????
Thanks to this website, I learned I had more options...it was just too late. I hope my experience will help others...they payday loans are just the beginning....
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I am working to payoff my payday loan debts - all Debt CC point doantions are so appreciated!!
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rkai93
Joined: 27 Jan 2006
Posts: 132
Debtcc Points: 8426
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