| Author |
Message |
|
|
 Posted: Mon Apr 21, 2008 6:19 pm Subject: What if I cannot close my checking account?????
|
|
|
I am sooooo glad I found this site. I've read many of the posts and although I feel bad for everyone saddled with a pdl, I am so happy to know I am not alone.
I cannot close my checking account now and I have pdl due this Friday. Can I do a stop payment? I would rather pay the $35 stop payment then the $90 fee. Which I have been paying every 2 weeks since 10/07...why...because they change their phone number and/or fax number and I cannot never reach anyone.
I did on online to the NC AG and file a complaint.
What do I do next? Anything other than what I have read about on this forum? Thank you so much.
|
|
skymerle
Joined: 21 Apr 2008
Posts: 45
Debtcc Points: 585
|
|
|
 |
|
Posted: Mon Apr 21, 2008 7:17 pm Subject:
|
|
|
bump.....
my paycheck is direct deposit and I cannot stop it at this late time of the week.
|
|
skymerle
Joined: 21 Apr 2008
Posts: 45
Debtcc Points: 585
|
|
|
|
Posted: Mon Apr 21, 2008 11:50 pm Subject:
|
|
|
Hello-
A lot of time, a stop payment does no good, because these PDL companies are really sneaky. They may just instead debit your account under a different name, or submit an electronic/paper check in order to get that money. And even then, once they find out they have been snubbed by your "stop payment", they may come in and take as much as they get once they find a way around it.
Check with your bank. Your best option may be to currently make the account credit ONLY. That means money only goes in, nothing comes out. No withdrawals of any kind. It's a bit of a hassle, because in order to get your own money out of your bank account, you will have to go and withdraw it in person from the bank. But that extra inconvenience is a small price to pay for peace of mind.
_________________
Caress the one, the never-fading rain in your heart; the tears of snow-white sorrow. Caress the one, the hiding Amaranth in a land of the daybreak ~ Nightwish
|
|
Amaranth
Joined: 10 Mar 2008
Posts: 247
Debtcc Points: 3342
|
|
|
|
Posted: Tue Apr 22, 2008 12:18 am Subject:
|
|
|
Hi Sky, Amaranth is right. I was in the same situation as yu in that I could not stop my direct deposit intime, so the bank put a hard debit block on my account basically making it credit only. It was such a relief to have my whole paycheck for once. See if your bank will do that for you. Here is what I was told in case the bank gave me any trouble, which they didn't. But it was nice to have this knowledge.
| Quote: | when going to the bank, let them know that you want the account closed. If the account cannot be closed immediately, tell them you want a hard debit block and that you are revoking ACH rights per the Electronic Funds Transfer Act (posted below).
The bank does not examine who is debiting your account, why, whether they are licensed, etc. and isnt obligated to stop the debits on the sole premise that the PDL isnt licensed. You will just need to be "official" and go in armed with info.
Per the Electronic Funds Transfer Act:
Quote:
§ 205.10 Preauthorized transfers.
(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.
[Codified to 12 C.F.R. § 205.10]
[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]
|
Good Luck!
|
|
momof1_1990
Joined: 31 Mar 2008
Posts: 95
Debtcc Points: 2043
|
|
|
|
|
|
All times are GMT - 7 Hours
|
| Page 1 of 1 |
|
