Internet's first get-out-of-debt community - members

Posted: Wed May 14, 2008 10:54 am

i am planning to bup my account on "deposit only" today, i need my account for my paycheck to direct deposit into. Has anyone got anything to add to this

Posted: Wed May 14, 2008 11:01 am

Just understand that once you take this action you will be unable to withdrawal any money, it might be a good idea to take out what you need in cash until you are able to resolve the issues you are having with pdl's.

Posted: Wed May 14, 2008 11:06 am

this is actually the begining of the end of PDLs in my life. I am starting the process, and i bank locally in a small town, going there and taking money out in person when i need it is really no big deal. I was just wondering how well banks like to do this for people.

Posted: Wed May 14, 2008 11:09 am

They have always been very accomidating for me, I don't think you'll have any problems.

Posted: Wed May 14, 2008 12:00 pm

so when my account is at this status, no one can remove money, correct? if so, if someone tries do i get charged an overdraft fee?

Posted: Wed May 14, 2008 12:21 pm

You shouldn't be charged if an attempt is made, but get a clear answer about that from your bank. Smile

Take good care.

Posted: Wed May 14, 2008 12:21 pm

I too bank with a small town bank and they have backed me every step of the way. Good luck and hang in there.

Posted: Wed May 14, 2008 12:23 pm

I can't say for sure what the bank will do but if the account is deposit only I don't see how they could charge you under those circumstances. If I am wrong, I am sure that someone will have the correct info for you. You could always call them and ask and then you would know for sure.

Posted: Wed May 14, 2008 12:25 pm

I dont think that the bank will charge you if an attempt is made. That is the reason it is put on deposit only in the first place, so these people can not get your money.

Posted: Wed May 14, 2008 1:13 pm

Hello, just make sure you have these questions answered by your bank. Everyone here is giving great advice (as always!!) but i had someone at my bank who was quite nasty and I ended up losing a few hundred more to these payday monsters.

Posted: Thu May 15, 2008 10:47 am

so, i had to close my checking account, my bank doesn't do "deposit only", they call that a savings account. so anyone else considering this, check with your bank, you may have to close your account entirely.

Posted: Thu May 15, 2008 7:23 pm

mardi did the bank assure you that the ach debits couldn't force your account back open? I know I've read on here that sometimes this can happen and it ends up with huge overdraft charges. Hopefully this isn't the case in your situation, I'd make absolutely sure though that the ach transactions can't force the account back open.

Johnita

Debt and Credit Management	Other financial topics
Debt Consolidation, Management and Settlement Dealing with Creditors and Collection Agencies Get-out-of payday loan help Creditors and collection agency address book Credit Repair, credit score and credit reports Financial education through videos	Additional income, investment, shopping & budgeting Banking including help on chexsystems Identity theft - scams, security and training Getting a Loan and choosing a good lender Dealing with Student Loans US Tax system and impact on debt
Community success stories	Miscellaneous - Hangout forums
Winning stories with debtcc community Stories: How I accumulated debts	Expert articles - Community knowledge bank Debtcc Complaint center Pub, feedback and announcements Funny Videos - Hey you worked a lot, now laugh and relax

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - members

checking account on "deposit only"

Members Area

Free Debt Counseling

Ask the community

Question of the week

Useful Links

Highlighted Topics

Recent Blog Post