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 Posted: Thu Oct 04, 2007 2:26 pm Subject: Indiana IPDL Fifth Third response
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Hello, I am an Indiana resident with 5 outstanding internet payday loans. Today I went to Fifth Third bank to close my account per the bloggers advice as the 1st step toward financial recovery from this "payday quicksand" I fell in. 5th3rd put ACH blocks on the 5 loans, but, would not let me close the account citing no verifiable dispute with the loan companies. They think I will be bound by the laws of the state the loan was made in, though I cited Indiana's new July 1st 2007 law about no licensure and illegal interest rates. They said once I formally open a dispute I would know in 10 days if it is in my favor or the internet loan companies favor. I would have to pay any nsf and all the loan fees for that period if it is ruled in the loan companies favor. I am in the positive on my account now, but, these fees could quickly escalate. I am preparing Step #2, the revocation letters while I await any comments anyone may have for me. 2 of the loans were originated after July 1st and 3 before and those 3 $300 loans I have paid back $735 $468.75 and $540 so far. I appreciate everyone's advice. Ted 88
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df19560
Joined: 03 Oct 2007
Posts: 9
Debtcc Points: 411
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Posted: Thu Oct 04, 2007 3:45 pm Subject:
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What? I've never heard of a bank doing this - It should only be an issue of if these companies have authorization to debit or not. Not if you have fulfilled the terms of the loan contracts! Write up letters saying you have revoked authorization for each company, send them out certified mail, and then take them to the bank.
They can't tell you that you can't close an account because you have a payday loan! This is ridiculous! You need to talk to someone else there, don't even mention payday loans. Just tell them that you need the account closed and blocked from any further activity because fraudulant companies have your account info.
Once you get that account taken care of, run to another bank. I have never heard something this ridiculous from a bank before!
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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Posted: Thu Oct 04, 2007 4:44 pm Subject:
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Somehow I wasnt too shocked reading that it was 5/3 that did this. I have noticed in dealing with them when you need something that it really depends on who you talk to. You may want to try asking for the branch manager next time you go in there.
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blueangelkc80
Joined: 11 Sep 2007
Posts: 129
Debtcc Points: 2832
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Posted: Thu Oct 04, 2007 7:21 pm Subject:
Latest Blog Post : Decision |
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Hey Ted...call the AG office too...We had a discussion about banks awhile back too and they also said closing my account was the best way to handle things. I will agree here in Indiana I have heard some bad things about 5/3 which is why I steared clear when I was looking for a new bank. They can't tell you you can't close your account...that's stupid.
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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Posted: Thu Oct 04, 2007 8:23 pm Subject: reply
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ted, read my post on your other thread regarding 5/3. I, too, had 5/3. Please read your other thread where you posted. I responded to that one. Okay?
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Thu Oct 04, 2007 9:49 pm Subject: NOTICE TO UNLICENSED INDIANA VENDORS
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THANKS TO ALL FOR THE FEEDBACK. I will follow up with the call to the IN AG Office and am returning to 5/3 tomorrow to insist they close the account as 4 out of the 5 IPDL's will try and post tomorrow, though there is a ACH Block on them. Even 5/3 concedes the IPDL's may try to post for a lesser amount and 5/3 says they will watch that and try to forbid force open of the account. I have tried to print the Notice To Unlicensed Vendors and the IN Loan Rules that have been in friendly circulation on the threads and also visited the AG and IN FIN sites to try to find with no luck and wonder if the moderator or a contributor could email both of these important documents directly to me here in Many Thanks Ted
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df19560
Joined: 03 Oct 2007
Posts: 9
Debtcc Points: 411
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Posted: Fri Oct 05, 2007 10:26 am Subject: Fifth Third Account Successfully Closed Thanks!
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5/3 closed my account today as soon as told them there was "ongoing fradulent activity taking place with the account" I went to the Beech Grove (suburban Indy) location and the branch manager is Aimee and she closed the acct instantly and I withdrew all funds. There was no charge and if other 5/3 account holders need to close their accounts this is evidently a branch that really cooperates. For the public 5/3 is holding a free Fraud Seminar this Wednesday from 10:30-2:00 downtown at 145 N East ST INDY Reps from 5/3, AG and IN FIN will be there. I plan to attend, if I don't have to go out of town, and will report back here any news, but, I think a lot of news is at this site first actually. Thanks Goudah and all Contributors for success with this first step! Ted
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df19560
Joined: 03 Oct 2007
Posts: 9
Debtcc Points: 411
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Posted: Fri Oct 05, 2007 10:37 am Subject:
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That is great Ted!!!
Are you needing the Cease and Desist letter to send to the PDL's?
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Punkteri
Joined: 17 Aug 2007
Posts: 202
Debtcc Points: 3092
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Posted: Fri Oct 05, 2007 10:57 am Subject: Cease and Desist Letter For TED
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Yes, I would like to see the cease and desist letter you are offering. I have seen another good one here and want to sort of customize mine as one of the other contributors suggests. I also would like to be directed to the site whre I can download and print the INDIANA AG's NOTICE TO UNLICESNSED LENDERS and INDIANA LOAN LAWS which I have seen conveniently place on this site, but, cannot print either at my home or at Kinkos. Thank you Ted email email address removed as per forum rules - Mike
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df19560
Joined: 03 Oct 2007
Posts: 9
Debtcc Points: 411
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Posted: Fri Oct 05, 2007 11:57 am Subject:
Latest Blog Post : Holidays |
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Ted, we'll have to PM you with them. You do know how to check your Private Messages right? It will be on the right when you log in....
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pokogeo
Joined: 05 Jul 2007
Posts: 587
Debtcc Points: 9432
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Posted: Fri Oct 05, 2007 12:09 pm Subject:
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ted-I will PM you a letter with the Indiana laws inserted.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Fri Oct 05, 2007 8:07 pm Subject: No PM feature
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My site df19560 does not seem to have the PM feature to click on to obtain the downloads there for me by pokogeo and volleyballmom. Whom do I contact concerning this? Ted, thanks!
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TED 88
Guest
Debtcc Points: 100
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Posted: Fri Oct 05, 2007 8:09 pm Subject: reply
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ted, since you can't pm for some reason, email Mike. mike@debtconsolidationcare.com
He is the administrator. He can help you. 
(God, I hope that's the correct email!)
Email corrected - Mike
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Ted 88
Guest
Debtcc Points: 100
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Posted: Fri Oct 05, 2007 8:36 pm Subject: reply
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You're welcome! Mike can fix anything! He'll get you straightened out and we can pm you the letters and things you need! Hang in there!
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cannr
Moderator
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