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I called my bank today because after sending a letter of revocation, these pay day lenders are still hitting my account. i was told that a letter of revocation doesn't mean anything as this is considered a loan and as far as they were concerned, i owe these lenders money. i explained that their practices were illegal in the state of illinois and i was filing complaints with the attorney general's office. the cocky ignorant guy from chase told me i was in a bad financial situation to begin with and now im trying to get out of it. he said that in order to have them stopped from debiting, I was going to have to show that these loans were paid in full, otherwise there was nothing that they could do. Does anyone have any advice on this situation as to what i can do? They don't sound like they will be helping me with this any time soon, and i am severely negative in my account and I don't want this to get charged off onto my credit report.

Posted: Thu May 04, 2006 6:07 pm Subject:

I would seriously consider closing my account with that bank and going somewhere else if I were you. They don't sound very helpful. Is this a large bank or smaller one?

Posted: Thu May 04, 2006 6:07 pm Subject:

Sounds very similar to the runaround I got at the bank our acct was at. The first thing I would recommend is getting another account elsewhere, NOW.

Once the pdl companies find they can't get money, they are usually more willing to work with you to set up a payment arrangement. And as for repaying the bank, if you sign up with a debt consolidaton such as the one here or another one, they can usually make a payment arrangement with the bank.

Posted: Thu May 04, 2006 8:12 pm Subject:

It's none of the bank employee's business why they are debiting your account or how bad your financial situation is! Mad

If you ask for stop payment, the bank must do it. Who is this AHole?! He is treating you as if you were getting a loan from him.

However, before closing your account with this bank, make sure you bring your balance to zero. This has the highest priority over any other debt. Banks report non-paid negative balances (overdraft) to Chexsystem and if this happens, you will have a very hard time to open another checking account elsewhere.

Your plan of actions:
1. Open a new account at any other bank.
2. Close Chase's account and pay them off ASAP.
3. Deal with PDLs.

Posted: Thu May 04, 2006 9:02 pm Subject:

I second the closing the bank account.

Stacy · Posted: Thu May 04, 2006 9:31 pm Subject: Collection Notice

I've received a letter saying that an amount was sent to collection, but the name on this letter is not me, its a stacy but its last name is Erskine? that is not my last name, and it has similar numbers in its address but does not match mine exactly. Should i be concerned about this?! i know this is not my debt but im worried it will be on my credit report and its not me!! what should i do? i tried calling and couldnt reach anyone?

Posted: Thu May 04, 2006 9:33 pm Subject:

I am frustrated right now over what seems to be a somewhat similar situation. I think I have written on this forum before that I have opened a new bank account and put stop payments on the PDL checks. Well, since the bank computers were down at the time I went in,at one of the PDL companies snuck a check in before my stop payments into the system. Because of that my account was overdrawn $500. Now it seems a couple PDL's tried an electronic debit instead of using the check so I have been accruing NSF fees. I spoke with a lady at the bank and she was nice enough to take off the fees that had accrued. When I went to look at my account today I found that for some strange reason they let another check through and now I am overdrawn over $1500. For goodness sake, why on earth would they pay on that check when I was already overdrawn so much and when I had a stop payment on the check anyway. On top of that last night I rec'd notice from Collectech Systems re: my overdrawn bank account. Now I need to go in and talk with the bank folks and see what can be done. Aaargh. My rent check was also returned NSF from my other bank account so I have to look into that too. Any suggestions anyone? Words of comfort? Sad

Posted: Thu May 04, 2006 10:02 pm Subject:

When you make stop payments were you given a reference or transaction number with a time on it? I have never had to do one so I don't know how they work. But, it seems that if you were able to make a stop payment before the system went down the bank should reimburse your account.

Posted: Fri May 05, 2006 1:56 am Subject: re

From my experience PDL's have several angles to snake around stop payments and still hit your account.

If your bank will not give you a new account then close it and open one with a different bank.

But do it soon before you current bank reports your status then you will have a hard time opening any new accounts.

Once the old one is closed then educate yourself legally and try to fight to get the changes reversed. You should not have to pay for them as you tried informing your bank. Especially if the PDL interest is illegal in your state.

Mishele · Posted: Fri May 05, 2006 3:48 am Subject:

Wow, if they knew the stop payments were enforced by you, then why did they let the debits go through? I doubt that you can close your account since it has a negative balance. I would open up a new one immediately before anything is reported to Chex Systems. Also, are these online lenders or store front lenders? I don't understand why an online lender would send a check through. It's another form of an ACH transaction or something. I really can't remember. PDL companies can be very sneaky about things and that is why I closed my checking account when I signed up with T &C. I had one hit my old account three months after the fact. I am disputing those charges now.

Posted: Fri May 05, 2006 4:12 am Subject:

You should have the bank put a "Freeze" on your account - 'Credit/deposit only" the Bank I dealt with did. I have had no problems with pdls debiting my account - a couple of them tried but they didn't go through and then they wrote off my account with them. Tell the bank to put a FREEZE on your account!

Posted: Fri May 05, 2006 10:43 am Subject:

Just a suggestion---when I went to close my BofA account I asked if they could put a freeze on the account and they said they don't do that. It might be referred to as credit/deposit only like in the post above.

Posted: Mon May 22, 2006 7:20 pm Subject:

I have since opened up a new account, but Chase would not "freeze" or make deposit only. I have 1600.00 in fees and they refuse to stop the transactions from occuring. they said that since i gave them authorization,they continue to have authorization, even after I revoked it. Chase has not helped at all and they won't even reduce the fees. the only way to close my account is to pay the 1600.00 (which i don't have to just put into my bank account). the only thing that I can do it wait for it to charge off. I told chase that I will be including them in my complaint to the Illinois attorney general when i file against certain payday companies.

Posted: Mon May 22, 2006 7:24 pm Subject:

Also file a complaint against Chase with the Department of Financial Institutions and in your complaint, explain what they are doing and the routes you have taken to get them to freeze the accounts, etc. The banks do not like being reported to the Financial Division.

Posted: Mon May 22, 2006 8:01 pm Subject:

That's a really good idea tammy. Do you know if Illinois has a website where I could do that?

Posted: Mon May 22, 2006 8:12 pm Subject:

WAMU would not put a freeze on my account either. They also said they could not do "deposit only" unless I could prove fraud on the account. They did back out the one check they just let through but kept the OD and NSF's that had added up. I'm still OD but will have to pay them as I can. It is very frustrating.

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