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 Posted: Fri Nov 23, 2007 7:56 am Subject: I am confused and need help!!!!
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I recieved this response from CashNetUsa this morning, I do not understand this at all. Here is the email I got:
| Quote: | At CashNetUSA, we understand how important it is to our customers to have access to payday advance funds as soon as possible after an advance is approved. That's why we fund our advances through an electronic funds transfer provided by the automated clearing house ('ACH') network. We also provide for repayment of advances via ACH. Because our advances are single payment advances (that is, we advance a sum of money that is to be repaid in a lump sum), we are permitted to require ACH repayment in accordance with the Federal Electronic Funds Transfer Act ('EFTA').
Under the EFTA, a lender cannot require a consumer to repay a loan by means of preauthorized electronic funds transfers as a condition to approving the consumer’s loan. The term “preauthorized electronic funds transfer” is narrowly defined by the EFTA to mean “an electronic funds transfer authorized to recur at substantially regular intervals.” As explained by the Federal Reserve Staff in its official commentary to the EFTA, “Creditors may not require repayment of loans by electronic means on a preauthorized, recurring basis.” 12 C.F.R. 205, Supplement I – Official Staff Commentary, at 10(e) (1) (Loan Payments). As a one-time payment, the repayment of a CashNetUSA advance is not encompassed by the EFTA’s definition of “preauthorized electronic funds transfer,” and is therefore permitted under the EFTA.
If you have any questions or concerns, our customer support team is available 24 hours a day, seven days a week to help answer all your questions via phone, email or online chat.
CashNetUSA Customer Support
Phone: 888.801.9075
Fax: 866.326.5265
cashnetusa.com
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What does this mean? I have sent a certified letter, and several emails revoking my authorization to debit my account, does this email mean they are not going to stop trying to debit my account? If this is indeed what this email means, what should I do, as my bank is being of no help to me, and will not block my closed bank account, so if they try to debit this account, it will be forced back open.
I am just so confused here, and do not know how to handle these people.
If they do debit my account, what should my next steps be to fight these people?
I just do not understand why these people are being like this, I mean I am not trying to get out of repaying my loan, just want to make payment arrangements, and send my payments in to them.
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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Posted: Fri Nov 23, 2007 9:15 am Subject:
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Tina, I can not understand why the bank will not block your acount. I stink at legalese interpretation...hang in there. Someone will be along soon who can help you.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Fri Nov 23, 2007 9:18 am Subject:
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| Quote: | Tina, I can not understand why the bank will not block your acount. I stink at legalese interpretation...hang in there. Someone will be along soon who can help you.
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I also do not understand why my bank will not help me. I have talked to several people, including branch manager, and none of them will help me
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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Posted: Fri Nov 23, 2007 9:24 am Subject:
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I surely hope you have changed banks...I have you gone above the branch manager and filed a complaint?
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Fri Nov 23, 2007 9:26 am Subject:
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| Quote: | I surely hope you have changed banks...I have you gone above the branch manager and filed a complaint?
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Yes, I have changed banks, and everytime I ask to speak to the person above the branch manager, I get told, that the outcome will be the same, and they still will not help me
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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Posted: Fri Nov 23, 2007 9:30 am Subject:
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Tina, let me do some research...I will get back to you with a pm. It may be later today..have to go out for awhile.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Fri Nov 23, 2007 9:51 am Subject:
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| Quote: | When you signed the contract you agreed to pay back this loan back using your bank account on the due date given to you. Those payments have to go through on those specified dates and return as unpaid before you can make payments using another payment method or you can make the payment (2) business days before your due date then we can stop the transaction.
If you have any questions or concerns, our collections team is available seven days a week via phone and email.
CashNetUSA Collections Department
888.801.9078 Direct Line
866.326.5265 Fax
cashnetusa.com
Mon-Fri: 6am to 11pm CST
Sat-Sun: 8am to 8pm CST
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This is the newest response that I have gotten fom CashNetUsa. What am I gonna do now? I still intend on fighting them, I just need some direction on what I should do next
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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Posted: Fri Nov 23, 2007 7:30 pm Subject: r
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I seem to recall goudah stating that you can revoke debit authorization of your bank account. I know of many other members who have alternative payment methods with CashNetUSA. I believe they told them they no longer have a bank account, so they would have to send in payments (money orders so they can't get your bank account information). I know there are others who have done this, tina.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Fri Nov 23, 2007 7:46 pm Subject:
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I'm so sorry that your bank won't work with you tina, that is ridiculous. I recently closed my bank account and my bank was so nice and when I asked about the closed account being "forced" open, the guy I was talking to told me that they wouldn't allow that to happen and one of the bankers had to "force" it open themselves, it wasn't just an automatic thing that happened if the PDL tried to ACH. I hope it all works out for you and I hope Roxy finds some helpful information for you.
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darc877
Joined: 19 Oct 2007
Posts: 84
Debtcc Points: 207
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Posted: Fri Nov 23, 2007 7:48 pm Subject:
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Thanks darc, Tina, I did pm some info for you to read about your bank and your account.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Fri Nov 23, 2007 7:49 pm Subject: r
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roxy - the "information queen". I bow to you. 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Fri Nov 23, 2007 7:53 pm Subject:
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I bow to both of your superior knowledge! You guys are great!
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darc877
Joined: 19 Oct 2007
Posts: 84
Debtcc Points: 207
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Posted: Fri Nov 23, 2007 7:59 pm Subject:
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I love love love to do research. It is good practice for when I go back to school. And Darc, I am still learning...have the training wheels to prove it.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Fri Nov 23, 2007 8:08 pm Subject: r
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darc, you are TOO kind! We love you! 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Fri Nov 23, 2007 9:26 pm Subject:
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| Quote: | | I seem to recall goudah stating that you can revoke debit authorization of your bank account. I know of many other members who have alternative payment methods with CashNetUSA. I believe they told them they no longer have a bank account, so they would have to send in payments (money orders so they can't get your bank account information). I know there are others who have done this, tina. |
I have told CashNetUsa several times that I no longer have a bank account, and they seem to not care about that little fact. I just keep getting told that only after they try to debit my account (which will force it open, and I will incur fees) and the charge comes back NSF (WHICH IT WILL) will they try and work out arrangements with me.
I was looking at my loan agreement and I found this (below) can someone help me understand what exactly this mean?
| Quote: | CONSENT TO ELECTRONIC COMMUNICATIONS
The following terms and conditions govern electronic communications in connection with this Loan Agreement and the transaction evidenced hereby (the "Consent"). By electronically signing this Loan Agreement by clicking the "I AGREE" button below, you are confirming that you have agreed to the terms and conditions of the Consent and that you have downloaded or printed a copy of this Consent for your records. You agree that:
Any disclosure, notice, record or other type of information that is provided to you in connection with your transaction with us, including but not limited to, this Loan Agreement, this Consent, the Truth in Lending disclosures set forth below, change-in-term notices, fee and transaction information, statements, delayed disbursement letters, notices of adverse action, state mandated brochures and disclosures, and transaction information ("Communications"), may be sent to you electronically by posting the information at our web site, cashnetusa.com, or by sending it to you by e-mail.
We will not be obligated to provide any Communication to you in paper form unless you specifically request us to do so.
You may obtain a copy of any Communication by contacting us at 11 N. Skokie Highway, #300, Lake Bluff, IL 60044, or by calling us at (888) 801-9075. You also can withdraw your consent to ongoing electronic communications in the same manner, and ask that they be sent to you in paper or non-electronic form. If you choose to receive Communications in paper or non-electronic form, we may elect to terminate this Loan Agreement and demand payment of the amount then due by the date of your withdrawal of consent; or by the expiration of any minimum term mandated by law, whichever is later.
You agree to provide us with your current e-mail address for notices at the address or phone number indicated above. If your e-mail address changes, you must send us a notice of the new address by writing to us or sending us an e-mail, using secure messaging, at least five (5) days before the change.
In order to receive electronic communications in connection with this transaction, you will need a working connection to the Internet. Your browser must support the Secure Sockets Layer (SSL) protocol. SSL provides a secure channel to send and receive data over the Internet through HS encryption capabilities. Netscape 4.7+ and above and Microsoft Internet Explorer 5.01+ and above support this feature. You will also need either a printer connected to your computer to print disclosures/notices or sufficient hard drive space available to save the information (e.g., 1 megabyte or more). To download transaction information into Quicken or Microsoft Money, you will need the equipment and software required by their respective operating instructions. We do not provide ISP services. You must have your own Internet service provider.
We may amend (add to, delete or change) these terms by providing you with advance notice.
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Again I do not understand what exactly this mean, can someone help me?
I do not think I am violating any confidentalty rules (with CashNetUsa) listing this , but if I am then I will delete this
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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Posted: Fri Nov 23, 2007 9:27 pm Subject:
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| Quote: | Thanks darc, Tina, I did pm some info for you to read about your bank and your account.
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I did get the pm, thank you. I will be looking into filing a complaint with the bank
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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