Internet's first get-out-of-debt community - 123,000 members

Depressed in Cleveland · Posted: Thu May 22, 2008 7:47 am Subject: Charter One

Back in March I placed stop payments on 2 internet PDLs. My bank, Charter One did that for me at $35 a pop. My plan was to close the account and open a new account (which I did). Literally a day before I closed my account, these 2 PDLs sent 2 electronic checks to my Charter One account ($480 a piece) knocking my account into the red. I immediately filed a check fraud account and reminded them that I had placed stop payments with these 2 companies.

Charter One informed me that this check fraud investigation would take 6 week to conclude. Today I got word they've denied my claim stating that though I placed stop payments on electronic debits they could not prove I didn't authorize the electronic checks. Now, I owe Charter One $600 for being in the red. Crying or Very sad

I can't win. Crying or Very sad

Guest · Posted: Thu May 22, 2008 9:25 am Subject:

I feel for you. I don't know what to say but to hang in there. Crying or Very sad

Posted: Thu May 22, 2008 9:26 am Subject:

Hmmmmm, that would make me question the bank for allowing an electronic transfer to go through after you had already revoked it. If it were me, I would give them a call and remind them that they are bound by law to follow the Electronic Transfer Act or Regulation E. Read About It Here . If I remember right, if you have informed the bank and revoked the transfer of funds three days prior to the ACH, then the bank must comply. I could be wrong, if I am, someone else jump in here please?!

Pachacutec · Posted: Thu May 22, 2008 9:50 am Subject:

We all know how PDl's operate; if you put a stop payment on an electronic debit under one PDL name and the PDL debits your account under one of its' other names, would that make a difference?

Posted: Thu May 22, 2008 9:54 am Subject:

that is where the ach processor comes into play. if you do indeed put a stop payment on a debit, you should contact the ACH processor..and let them know that you revoked that debit . from what intercepteft told me...they can not allow them to debit that account once the debit it revoked. in that case the processor is at fault as well. i have the email that i will post from intercept that explains it a little better.

Posted: Thu May 22, 2008 9:56 am Subject:

Mr. xxxx

You should have your loan documents that would be where you need to send your notifications to. I can not tell you which of the companies that Intercept processing for, due to privacy policies that we have in place.
You can contact your bank and they can let you know who processed the transaction.

I want to make sure that you understand the only way to revoke your authorization is by the following the NACHA recommended steps outlined below:

* Contact your bank, the RDFI (Receiving Depository Financial Institution)
* Complete and provide a Written Statement Under Penalty of Perjury to your bank

Your bank can then return the transaction(s) as unauthorized to the originator of the transactions.

Intercept can not revoke the authorization for you. You must do this through your bank where your account is held.

Once Intercept has received a transaction returned unauthorized or authorized revoked, it is our policy to honor the request to not allow any future credit or debit transactions to that account.

Christy xxxx
AAP
Intercept EFT
Phone: 800-378-3328
Fax: 701-499-5347

here is what intercept emailed me

Posted: Thu May 22, 2008 10:25 am Subject:

Pachacutec:

Depressed in Cleveland · Posted: Thu May 22, 2008 10:50 am Subject:

I placed stop payments on the automatic deduction. The bank stated that the electronic checks were different from the automatic debits. Had I informed the PDLs would issue electronic checks they could have blocked them too (I must forgot my crystal ball that day or had too much faith that my financial instutition was looking our for me!). They told me my only recourse was through legal channels. To say I'm disappointed in Charter One is a gross understatement.

Posted: Thu May 22, 2008 11:02 am Subject:

I'm terribly sorry Depressed in Cleveland, I truly hope things will get better for you soon! Smile

MikeB · Posted: Thu May 22, 2008 11:17 am Subject:

Shazzers---Does the laws you posted refer to electronic checks too? If so, Depressed may be able to send it to his bank and give it one last chance. Of course, I'm no lawyer.

Posted: Thu May 22, 2008 11:27 am Subject:

MikeB, I would need to take some time out to read over them again to refresh my memory, I'm not certain if it does or not. My common sense tells me it should though, I will read it over again when I get home from work. Thanks for your concern. Smile

Posted: Tue May 27, 2008 11:11 am Subject:

I live in Ohio and have charter one bank. They have been horrible through all of this. They have made decisions that make no sense at all. I am reporting them to the CCC and have written to the president and CEO of the company. I am waiting on a response.

DianeInCleveland · Posted: Wed Jun 11, 2008 12:14 pm Subject:

Just wanted to let you know, my husband, the orginator of this post, committed suicide this past weekend. He mentioned his battle with debt as being a source for his depression.

He was a great husband, father and friend. I am angry at him, not for the debt, but for leaving me.

I miss my friend and love of my life.

Guest · Posted: Wed Jun 11, 2008 1:28 pm Subject:

Diane, my heart goes out to you. I would contact an attorney.

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

	* denotes required field

Internet's first get-out-of-debt community - 123,000 members

Charter One

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Useful Links

Recent Forum Discussions

Recent Blog Post