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 Posted: Fri Nov 09, 2007 12:09 pm Subject: Closing my account
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Hi I have read all the threads and I am gathering information piece by piece. I want to go ahead and close my accounts on Saturday (I have two checkings and one savings at the same bank). I have been with them for years; but I want to keep banking with them. If I open another account at the same bank can the pdl's try to get through the new account? Also; what do I do about the legal pdl's that I have? The one's that I have that are legal are Cashnet USA, Cash Central(who I made a payment plan with), paydayone, paydayok and magnum. I also; have usfastcash and mycashnow (not sure about these two).
I plan on sending out letters this weekend and I have been gathering all my loan history and working on the amounts I paid or overpaid on. I'm just concerned with the legal pdls.
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sonya
Joined: 19 Sep 2007
Posts: 18
Debtcc Points: 646
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AnthonyLemons
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Posted: Fri Nov 09, 2007 1:49 pm Subject:
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Yes, Anthony is right, some banks will link the accounts in the system, or allow a business to debit the account.
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goudah2424
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Posted: Fri Nov 09, 2007 2:59 pm Subject:
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So what Can I do as far as the Legal Payday loans? I have been figuring out the amounts and some I have overpaid on. I know that CashnetUsa is legal in Nevada and CashCentral is legal in Utah. Do you know the laws in those states?
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sonya
Joined: 19 Sep 2007
Posts: 18
Debtcc Points: 646
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Posted: Fri Nov 09, 2007 3:00 pm Subject:
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Sonya, be very careful with your bank accounts. I was told by my bank, that any incomming debits could force the account back open within 30 days of closing it. It hasn't happened to me yet (i closed mine earlier this week). but it could. Also, i'm pretty sure that debitors can even try to collect from a NEW bank account if they are able to obtain your new account info. I'm not sure about that, but i have heard of it happening. A Mod should be able to answer that question. Also, if you want to maintain a relationship with your current bank, leave your savings account open and just close your checking account. Thats what I did, my bank said noone could touch my saving account.
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cturner
Joined: 31 Oct 2007
Posts: 53
Debtcc Points: 1801
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Posted: Fri Nov 09, 2007 3:27 pm Subject:
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Thank you for letting me know about the account. I will open an account at another bank. I still need info on the Utah and Nevada Laws. Can someone help me with this?
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sonya
Joined: 19 Sep 2007
Posts: 18
Debtcc Points: 646
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Posted: Fri Nov 09, 2007 3:30 pm Subject:
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how did you know that they are legal in your state, are they store fronts?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
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Posted: Fri Nov 09, 2007 3:45 pm Subject:
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Sonya, ask a mod but think they can even go after your NEW account at a NEW bank if they obtain the right info. Not positive, but it's worth checking on before you open a new account. I'm going to holf off on a bank account for awhile and use a pre-paid debit card to do my banking.
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cturner
Joined: 31 Oct 2007
Posts: 53
Debtcc Points: 1801
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Posted: Fri Nov 09, 2007 3:48 pm Subject:
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No they are internet pdl's. I looked up threads on this site and found out what states they are legal in. I live in PA and storefront pdls are not allowed but internet pdls that are licensed; I have to abide by that states laws that they are licensed in. I'm trying to figure out what the laws are in those states so that I can go ahead and take care of the pdls that I have properly.
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sonya
Joined: 19 Sep 2007
Posts: 18
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Posted: Fri Nov 09, 2007 3:50 pm Subject:
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| Quote: | Nevada State Information
Legal Status: Legal
Citation:
2005 Nev. Stat. 414 (A.B. 384)
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
http://www.fid.state.nv.us/ |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Last edited by goudah2424 on Fri Nov 09, 2007 3:51 pm |
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goudah2424
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Posts: 8007
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Posted: Fri Nov 09, 2007 3:50 pm Subject:
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| Quote: | Utah State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Utah Code Ann. ยง 7-23-01 et seq.
Loan Terms:
Maximum Loan Amount: No Limit
Loan Term: May not exceed 12 weeks
Maximum Finance Rate and Fees: No usury limit
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 12 weeks from original loan date)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Utah Department of Financial Institutions
Address: 324 South State Street, Suite 201 Salt Lake City UT 84111
Phone: (801) 538-8830
Fax: (801) 538-8894
http://www.dfi.utah.gov/ |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Last edited by goudah2424 on Fri Nov 09, 2007 3:51 pm |
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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Posted: Fri Nov 09, 2007 3:51 pm Subject:
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The thing that sucks, is that you will find that most of the companies will be licensed in a state with very lax laws.
Did you need DE too for Payday One, Payday OK, and Magnum?
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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Posted: Fri Nov 09, 2007 3:53 pm Subject:
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It's really very rare that a pdl finds your new account information. Chances are probably better that an everyday ID thief gets it.
You can lower your risk considerably by never applying for another payday loan.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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Posted: Fri Nov 09, 2007 4:13 pm Subject:
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| Quote: | | It's really very rare that a pdl finds your new account information. |
Don't forget a skip trace. Goudah is right - it is rare. But they can do it. The biggest thing - when you get a new account, avoid using it in a manner that a couple can directly debit it. Info like that can show up in pretty bizarre places. Also, make sure you opt out on your credit report:
privacyrights.org/fs/fs1a-basics.htm
The less access a company has to your credit info, the less they know about you.
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jedijeff13
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Posted: Fri Nov 09, 2007 4:22 pm Subject:
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I wish I could be 100% sure a new bank account wouldn't be hit. It's really a pain not having a checking account. I've only been without one for 4 days and it's already a pain. Still waiting on my paycheck from Wednesday to arrive in the mail. And then i'm going to have to worry about finding a place to cash it. But, i just can't risk waking up one morning and finding my brand new bank account drained.
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cturner
Joined: 31 Oct 2007
Posts: 53
Debtcc Points: 1801
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Posted: Fri Nov 09, 2007 4:42 pm Subject:
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I am wondering how pdl's can get your new account information and debit your account without me giving them the account number or authorization. I opened up a new account at my same bank and I am afraid of it, but my bank tells me there is no way that they can get to it unless i give them the info. I hope they are right.
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