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How do i get out of ach debits from payday loans without closing my account

Posted: Fri Dec 08, 2006 9:44 am Subject: ACH debits..

Did you authorize the payday loan company to automatically take money from your account?

Posted: Fri Dec 08, 2006 9:49 am Subject:

You can do a stop payment through your bank. It usually costs $25 depending on your bank..They can do it for one amount or for all amounts.

Posted: Fri Dec 08, 2006 10:15 am Subject:

Can i get them to stop all ach debits from my account

Posted: Fri Dec 08, 2006 10:18 am Subject:

Yea, I think you can. It might get a little costly to have it done, but in the end it will save you alot of money.

Posted: Fri Dec 08, 2006 10:20 am Subject:

How do i go about doing this

Posted: Fri Dec 08, 2006 10:28 am Subject:

Rapp - If I was you, I would go into your bank, sit down with a banking rep and just ask if they can stop all direct withdrawals from a specific company.

Posted: Fri Dec 08, 2006 10:32 am Subject:

I think that he has more than one company. You can just go to your bank and ask for them to place stop payments on all debits for any amount. They will ask if you want only one amount or all. If a PDL company can't get out the full amount that they want, they will try to send it through in smaller amounts.

Posted: Fri Dec 08, 2006 10:38 am Subject:

True. My thought is there may be specific companies he would allow to debit.

But I do prefer your idea, nat. Shut it all down, if you are comfortable with that.

Posted: Fri Dec 08, 2006 10:47 am Subject:

I would go into the bank and speak with someone. They will help you decide what the best options you have with your account. Some banks will close your accounts to credit only or will give you a new account #

Tmeans · Posted: Fri Dec 22, 2006 12:35 pm Subject:

If you request stop pays on ACH's make sure you ask if it is guaranteed. After I paid my bank for stop pays on ACH's they told me that they weren't guranteed. That was 3 weeks ago...now I find that some of the PDL's inserted a digit change on their id number which also allowed them to continue hitting my account weekly.

Posted: Fri Dec 22, 2006 3:45 pm Subject:

Unless you get it closed for all ACH debits, keep an eye on your account. When I was going through this, even though I had put stop payments for all amounts for these companies, the bank was still putting them through. Luckily, I would catch them while they were still in the pending stage, and they would reverse it along with the overdraft fee. Have you sent letters to these PDLs yet? If you tell them you don't authorize any more debits and that your account is frozen, they may work out a payment plan with you (if you owe anything). Good luck.

Posted: Thu Dec 28, 2006 6:18 am Subject: re

Probably if you listed the specific PDL's that are hitting your account you will get better advice.

In general life will be a lot easier if you can bite the bullet and get those loans paid off but its hard to say not knowing which ones you owe money to.

Posted: Thu Dec 28, 2006 8:19 am Subject:

When I was going through my PDL problem, I wasn't able to close my account either because of my direct deposit not being switched in time. The bank was able to place a hard hold on my account for all debits and they only allowed the credits at no charge. They were able to switch my Check card to my other account so all my pending transactions posted on my new account. When I needed to get the money from my direct deposit they would lift the hold for about 2 minutes while I did a transfer. Unfortuatnly all banks are different but you just need to sit and talk with them to see how they can help you.

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