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Posted: Tue May 29, 2007 1:44 pm Subject: PDL and Bank Help Please!!!!

My story isnâ€™t much different from others Iâ€™ve seen on here but I need some advice. I got into trouble when I moved and had to come up with money for deposit, first and last and still make all my normal bills. I work for a non profit so I only get paid once a month and itâ€™s gotten to the point now that when my last direct deposit went through not only did the loans take almost the whole check but ended up leaving me overdrawn by $500 when my rent went through. I have 5 Internet loans and one storefront. One of the companies hit my account 3 different times after their first draw for $36, $44 and $40 earning me a NSF fee every time. I have read on here about closing out my bank account and opening a new one but will I be able to do that being so overdrawn ($564 at last look)?

I bank with Wells Fargo and I already put a stop to my direct deposit â€“ should I try to open a new account at another bank when I get my paper check on Thursday? If I do that can I put a stop to any activity with the Wells Fargo account until I pay it off and then close it â€“ will they let me do that? Can I even get another account somewhere else if Iâ€™m overdrawn at one bank? Iâ€™m feeling so overwhelmed â€“ Iâ€™m tired of having no money and borrowing from one place to pay another. I have to lie to everyone all the time about why I have no money or can't go somewhere because I'm so ashamed. I live in Seattle, WA â€“ here are the places I have loans with and amounts:

One Click Cash â€“ borrowed 300, have paid 655 so far
United Cash Loans â€“ borrowed 300, have paid 619 so far
Payday Yes â€“ borrowed 500, have paid $500 â€“ was late and they said I owe $900 now
Paycheck Today â€“ borrowed 200 have paid 245 so far
Cash Net USA â€“ borrowed 700, have arrangements for the last 300 I owe
Moneytree (storefront) â€“ borrowed 600 three years ago and pay 85 every month

Any help or advice would be greatly appreciated! Iâ€™m feeling so desperate.

Posted: Tue May 29, 2007 2:11 pm Subject:

We can help you! So many people on this site have had similar problems, including myself.
This is what you do. Open a new bank account to have your paycheck deposited into, and make arrangements with your bank to pay off what you currently owe, as you are in the negative. Once your old bank account is paid in full with the bank, close it, or at least, put it on deposit only, and revoke any ACH withdrawals. Also, I'm not familiar with the state laws for internet Pay Day loans, but someone can help you with that. You may have already paid some of them in full. Work out an agreement with the storefront, because they can take you to court, but they should be able to work out a payment plan, from what I've read.

Posted: Tue May 29, 2007 2:19 pm Subject:

Will I be able to open an account at another bank with my Wells Fargo account being overdrawn?

Posted: Tue May 29, 2007 2:23 pm Subject:

yeah you will be able to because i had a bank account open with bank of america that was overdrawn, and actually it still is which reminds me i need to pay it off but anways when my bofa account was wayyy in the negative i was still able to open up another account with wells fargo so im sure its the same

Posted: Tue May 29, 2007 2:55 pm Subject:

does anyone have any information on how i should approach the internet loans before they default on Thursday? And where to find phone numbers?

Posted: Tue May 29, 2007 3:07 pm Subject:

Miranda, please come to my site regarding the internet loans. The storefront is all you really need to worry about. You must get a new account, in another bank.

Posted: Tue May 29, 2007 3:22 pm Subject:

Miranda - I used to work at Wells. I saw the light and left them, but here's the scoop. You NEED to tell them to block ALL ACH activity. If you just leave it alone and open an account somewhere else...even if you bring it positive and close it, they WILL let those ACH transactions go through. Even after the fact. Then, they'll charge you fees that you don't know about and report you to Chexsystems. I now work at another bank...based out of Seattle. MUCH happier here. Much better system of doing things and nicer over all. Talk to a branch manager at Wells and tell them what has happened. Tell them that you have revoked the authority of these places to take money from your account, so you want to block all ACH debits. And work out a repayment plan with them to get the account positive again. By the way, they cahrge $5 a day that you're overdrawn. Sucks. Confused

Posted: Tue May 29, 2007 3:39 pm Subject:

Thanks swedishgirl, I'll go talk to them today. Since you live in my city any suggestions for a new bank?

Posted: Tue May 29, 2007 3:42 pm Subject:

I live in Oregon, but work for a bank based out of your city. WaMu. Try them. The free checking is great, and I'm really not just saying that becuase I work for them. Laughing

Posted: Wed May 30, 2007 9:07 am Subject:

I've heard good things about WaMu, I was thinking either them or a credit union. Anyone have any suggestions on the best way to settle things with the internet pdl's?

Posted: Wed May 30, 2007 11:21 am Subject:

Well, if you find out that they are not licensed, the internet ones, to operate in your state, send them a letter requesting to have your balance shown to be paid in full, if they don't wish to furnish you with that, than you may inform them that they are violating the law by operating and collecting in a state in which they are not licensed.

Posted: Wed May 30, 2007 1:17 pm Subject:

How do I find out if they are licensed in my state or not? I'm working on a letter right now based on what the laws are in my state and it'd be great to include if they are licensed in my state as well.

Posted: Wed May 30, 2007 1:28 pm Subject:

Miranda, here is a link to see who is licensed or not in your state: http://www.paydayloaninfo.org/states.cfm If the license for the name you type in does not come up, they are not licensed to do business in your state.

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