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pmburk

I had a couple of PDLs which kept debiting my bank account. Currently my account is over $1000 in the negative due to these problems and overdraft fees. My paycheck is scheduled to direct deposit tomorrow morning. Because I have bills to pay (my entire paycheck would be eaten by the overdraft) and cannot deal with any more of this, I contacted my bank and had an ACH "freeze" placed on my account - allowing NO activity, whatsoever - not even walk-in deposits. I will have to personally see a branch manager to make deposits to bring my account positive. The account is now labeled "no activity."

Has anyone done this? My question is - will my direct deposit still go through? The bank told me it "shouldn't" as it should automatically reject all ACH debits or credits, but then another person at the branch said they may allow it to go through since my balance is negative and it would go towards the balance.

I talked to our payroll person and she is going to give me a paper check so I can go cash it and take care of bills, legitimate loan payments, and paying toward bringing my account positive.

ANY help/advice would be appreciated!!!!!!!!!!!!

Posted: Mon Sep 29, 2008 1:39 pm Subject: reply

sounds like you have it covered.i would let the bank know about the live checks and see if you can't come up with something to pay them back.that is good that you did that.now you can start having control of your money again.

pmburk · Posted: Mon Sep 29, 2008 1:43 pm Subject:

Thanks! I am still very nervous that they will somehow let my payroll deposit go through and I won't have a paycheck! But hopefully that will not happen.

I did talk to them and they said I have 30 days to bring it current so I can definitely do that. If all goes well with my paper check situation, I plan to put some money towards paying it down tomorrow.

Posted: Mon Sep 29, 2008 1:52 pm Subject: reply

as long as your getting a live check your direct deposit shouldn't be a factor.most banks have that policy in regards to overdrafted accounts.

pmburk · Posted: Mon Sep 29, 2008 1:55 pm Subject:

Well maybe I didn't explain well enough. I was actually too late to stop our payroll company from sending the direct deposit to my account. They would normally release it at midnight tonight and it posts to my account around 6 AM tomorrow. So, they are still going to release it to my account. I am just hoping that my freeze on the account will reverse it back to them. The bank said it "should" but that doesn't give me a lot of confidence.

I explained this to our payroll clerk and she said IF my direct deposit is not there in the morning (if the bank does what it should and rejects it) then she will cut me a paper check tomorrow.

So, my concern is, will the bank accept or reject my deposit?

Posted: Mon Sep 29, 2008 4:15 pm Subject:

honestly, i don't know.. everytime my bank account was frozen, deposits went in. i hope it works out for you.. i'm losing most of my check this week and am so scared.

pmburk · Posted: Tue Sep 30, 2008 7:22 am Subject: Updates

Thanks for the information. They put my account on a total freeze, no activity whatsoever allowed - no debits, no credits, no deposits, nothing. So, from what they told me, the direct deposit should be rejected.

I called this morning and my balance reflects that my direct deposit did NOT post as it normally would have this morning. HOWEVER - the lady I spoke with said that the bank has the option of forcing it through since my account is negative! So... now I'm freaking out. It normally would have posted by 6 AM, now it is 9 AM and nothing there... so I can only hope it was rejected. I called my branch manager and had to leave a message. I spoke with the assistant manager, she said the items will hit the account and automatically reject, but then an individual has the option of going in and force posting the items - which may happen as my account is negative. She put a note on my account NOT to let the direct deposits through, and did advise me that if someone did override and post it forcefully, she could go in and return it.

I did talk to our payroll clerk and she said to wait a couple of hours and she'll cut me a paper check.

But now I'm scared the bank will suddenly decide to force my deposit through and I won't have any money!

pmburk · Posted: Tue Sep 30, 2008 9:09 am Subject:

More updates - talked to my branch manager. Deposit hasn't posted - apparently in this situation with a frozen account, all transactions (including deposits) will immediately reject, but then someone somewhere at the bank has the option of "force posting" them. Since my account is negative, she said they may take that into account and force-post it. They noted my account NOT to post the deposit, and the branch manager said that if someone did happen to force-post it, I can call her and she'll immediately reverse it back to the payroll company. I didn't know they could do that! The payroll clerk is here writing me a paper check as we speak so I am good to go and can pay my bills and put a good chunk towards the bank overdrawn balance.

Thanks for all the help!

Posted: Tue Sep 30, 2008 9:17 am Subject:

Congratulations, please keep us up to date Mr. Green

Posted: Tue Sep 30, 2008 9:20 am Subject:

Wow you are all over it. Good Job!! Very Happy

Posted: Tue Sep 30, 2008 3:56 pm Subject:

thats great! you have a good bank.. im negative and i know my bank woulda ate that check up. i'm so happy it worked out for you!

Posted: Tue Sep 30, 2008 4:35 pm Subject:

That wonderful news!

Posted: Tue Sep 30, 2008 6:08 pm Subject:

People at the bank have the power to do a lot of things. I see it a lot working at a bank myself. It helps a ton when you get somebody who knows what they are doing and also a bank that is willing to work with you. Looks like everything is working out, good luck fighting those PDL's.

Posted: Wed Oct 01, 2008 5:02 am Subject:

You may need to change banks.

pmburk · Posted: Wed Oct 01, 2008 8:55 am Subject:

Well, good news - the deposit WAS returned, and the bank didn't post it! So, I actually have money to survive for 2 more weeks. I got a paper check from my employer and was able to go cash it, pay my bills, and put some money towards the overdrawn bank balance. I took myself off direct deposit so now I just get a paper check. The account is still frozen so they can't hit me with any more attempted payments, either. Basically, they have NO way of getting any moolah from me unless I mail them a money order. So, finally, I am the one in control of this situation.

pmburk · Posted: Wed Oct 01, 2008 8:58 am Subject:

Oh, and for anyone wanting to freeze the account so they cannot even let deposits in - I was told that there are 3 things they can set your account as: 1. regular activity, 2. credits only, and 3. no activity. Mine was set as "no activity." Previously I had been told they could not do this, but if you talk to a branch manager, they have the power to do it. The only stipulation was that, at my bank, I was told they ONLY do this in instances of fraud. I told them I was the victim of fraud (which I believe I was, as these payments kept coming out even though I had made other arrangements), so you may have to "fib" a little to get it done. But if you insist your information has been compromised, and tell them you want NO activity - no credits, no debits, etc., they should be able to freeze your account completely.

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