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 Posted: Fri Mar 28, 2008 11:54 am
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I have some pay day loan, I live in NC and want to know the laws regrading closing my account, Is is a criminal charge in this State?
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joandunham
Joined: 28 Mar 2008
Posts: 1
Debtcc Points: 40
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Posted: Fri Mar 28, 2008 1:44 pm
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You can close your account any time you feel the need it's not against the law. But saying that and for the experts to help you out, they will need to know if your payday loans were internet and/or storefront, how much did you borrow and how much you have paid back so far.
Please list that information and one of the experts will be by with more info...
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purplegirl69
Joined: 26 Feb 2008
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Posted: Fri Apr 18, 2008 10:59 am
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I took out a payday loan then found out they are illegal in NC could I be Arrested what do I need to Do 
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Gregory Ray
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Posted: Fri Apr 18, 2008 11:28 am
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You can't be arrested... there is accountability on the pay day lender to know where PDL's are prohibited. You can close your account at any time. You do need to make sure your accounts are at a 0 balance and that all "pending items" (checkcard, ach) have hard posted before you close. Make sure when you close the account you advise the bank to close the account and code for credit only. This will allow credits to come in to the account but will keep ACH debits from forcing the account back open.
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angell
Joined: 16 Oct 2007
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Posted: Fri Apr 18, 2008 11:52 am
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Also, per other posts on this forum, make sure your bank doesn't charge "return" fees for when the ACH's go back. You might want to talk to the bank manager and explain your situation; I'm sure you won't be the first person who's come to them with this problem. Good Luck! 
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Pachacutec`
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Posted: Fri Apr 18, 2008 11:53 am
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As long as the account is closed prior to the date the ACH debits come out you will not be charged a return item fee. The problem comes in when you close the account and do not notify them to code the account for credits only....
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angell
Joined: 16 Oct 2007
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