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04-29-2008, 04:18 PM

An ACH transaction consists of 3 parties. They are the Payday Lender, your bank, and the processor that actually sends the transaction to your bank on behalf of the Payday Loan Company. Each one of these has the power to help you. The question is which one is motivated to do so.
The ACH processor is bound by very strict rules as they have a direct link to the Federal Reserve. They can, and will, help you. Simply, you must reach out to them.
Until this board has been able to effectively develop a list of Payday Loan Companies and the processors they use, you will need to contact your bank and ask them for the name and number of the processor that sent the transaction. THIS WILL NOT BE THE PAYDAY LOAN COMPANY'S INFORMATION AND YOU DO NOT WANT THE PHONE NUMBER FROM THE BANK STATEMENT. If you are speaking to a banker that doesn't get what you're saying, ask for a supervisor. The transaction came from a processor. Don't let anyone tell you otherwise. A Payday Loan Company can not directly debit your account.
Once you have this information you can then call the Processor. You will most likely need the Processing Department. At this point, explain to them exactly what is going on and make it clear that you wish to revoke ACH Authorization. If a company has refused to provide an alternative payment method, make that clear as well. That is a very severe violation and could result in their termination. Most likely the Processor will need your bank account information to match you to the PDL. If multiple PDLs use the Processor you are speaking with, your bank account will be cross referenced and you can revoke authorization all at once.
Ask the Representative for their contact information, especially email address, and ask them to contact their client to confirm you have revoked authorization.
For future contacts, be sure to copy the Processor to insure the PDL behaves. Most likely you will be written off.
At this point, it is up to the members of the forum to return with information and stories as they get it. Once PDLs are identified by Processors this process will become much easier and less painful for all involved.
Thanks to all who helped me with this information.
-Goudah

Shazzers · 04-29-2008, 05:00 PM

Once you get the processor's information, and you call, how do you identify yourself? What type of personal information are you required to give them? What if your bank refuses to give you the processors information?

04-29-2008, 05:09 PM

There is a transaction number on the bank statement. They don't have your personal info, just lots of account and routing numbers. You may need to confirm your account. It will be the one they already debited so it will be on file. You will NOT be providing new information. The bank will not refuse. You just may get someone that doesn't get what you're saying. Build the database here. They can change sites all they want...these will not change often. It's just too complicated

llw1995 · 04-29-2008, 05:33 PM

Shazzers. . . when I called Intercept and ACH Commerce they identified me by my CLOSED bank information. Since that is the only info they had I wasn't concerned about giving it out to them. My bank gave me the originator's name, which was the bank they do business with. I called the processors myself and just ask if they processed for company such and such. If the bank won't give you the info, and if it is on a closed account they may have to research it, then just call the processor. Hell, you can call the processor without even calling the bank. My bank gave me the PDL's bank and I also used that as more leverage to get what I wanted from the slugs. It really is an easy process. It worked for me and I think the more people who call the processor and/or the banks, the better. Like James said, how long is it going to take before they drop them and if you hit them where they live, how can they survive? I just called the legal department of the Bank of the West on Star Advance and told them that a) they were funding an illegal loan operation and b) the Attorney General of New York is doing an investigation on them and they would more than likely be contacted regarding the same as PDLs are prohibited in New York State. Haven't heard back yet, but it's still early.

herduptown · 04-29-2008, 05:58 PM

Contact my bank and ask for ach processor information and name of bank for the pdl..is this correct?[/u]

04-29-2008, 06:12 PM

You may just get the processor. That will be plenty. If you want to try to skip the bank, you may have luck with ACH Commerce 423-238-5184 or Intercept EFT 800-378-3328. They are two of the bigger ones. They'll need to know the account number that was debited, not any new numbers.

04-29-2008, 06:13 PM

Sorry..remember you'll need the Processing Dept. If neither works, you'll need your bank for more info unless someone has it here

llw1995 · 04-29-2008, 06:23 PM

My bank had the PDL bank info. I just called the processor myself to find out if they processed for my PDLs. It really is a pretty easy process.

Shazzers · 04-29-2008, 07:21 PM

Thanks for the info!

jeoestreich · 04-29-2008, 08:41 PM

So if I am reading this clearing I can just call ACH Commerce and Intercept EFT and ask if they can revoke ach on my payday loans. What information do I need to get from my bank? Who processed the pdl or do I need the name of the pdl lender? Would make me not have to close my account and still be able to work out payments for my pdl?

llw1995 · 04-30-2008, 04:29 AM

I don't know about not closing your bank account. I would take every precaution I could to protect my funds. As for the processor, call them, ask if they process for your PDL (by name)and they will tell you if they do. If you give them the bank account info that you used for the PDL deposit, they will trace it. Tell them that you have revoked with the PDL but you want them to revoke it as well. You really don't need to speak with your bank unless you can't find the processor. I was able to find all but one of mind so I went directly to the PDL bank. Still waiting on a response. Hope this helps.

04-30-2008, 04:31 AM

Make sure they check by the account number that was debited. Often banks know PDLs by different names than you and I.

Shazzers · 04-30-2008, 04:33 AM

llw, when you say you went directly to the pdl bank, exactly what do you mean by that? I'm just trying to get a complete understanding of how this works.

Also, by using this method, this would eliminate several other steps used to put a stop to pdl's from taking more money when they aren't entitled to it, correct? One more question, does this method also work for the illegal and overseas pdl companies? Thanks!

llw1995 · 04-30-2008, 05:16 AM

Shazz. . .I had the name of the PDL bank, from my own bank, and I called them and told them what the PDL is doing. Yes, calling the ACH people and asking them to revoke is what you need to do, but I don't take any chances with any of them. I contact everybody and anybody remotely connected and give them all the same info. I would assume once you have the funding source and/or the processor it would put a stop to it but I am would defer to James to confirm that. I do feel though, and James will confirm this, that once you stop the funding source and the means to get it transacted, where will they be? Out of Buisness I hope! Talk later. Off to work. Have a great day!

Shazzers · 04-30-2008, 07:08 AM

llw1995:

Code:

Shazz. . .I had the name of the PDL bank, from my own bank, and I called them and told them what the PDL is doing. Yes, calling the ACH people and asking them to revoke is what you need to do, but I don't take any chances with any of them. I contact everybody and anybody remotely connected and give them all the same info. I would assume once you have the funding source and/or the processor it would put a stop to it but I am would defer to James to confirm that. I do feel though, and James will confirm this, that once you stop the funding source and the means to get it transacted, where will they be? Out of Buisness I hope! Talk later. Off to work. Have a great day!

So, what you are saying is this, if one person calls the ACH people, and asks them to revoke specific pdl companies from debiting your account, that particular ACH company, will no longer allow ANY transactions to ANY customers in the future, ever? What would stop a pdl company from going to a different ach company to proceed with transactions? I am just trying to learn here.

goudah2424 · 04-30-2008, 07:13 AM

I would think it would only stop transactions on your account - One person revoking authorization is not a reason to not go through with charges on other people's accounts.