| Author |
Message |
|
|
 Posted: Mon Apr 28, 2008 7:58 am Subject:
|
|
|
This should help.
| Code: | Per the Electronic Funds Transfer Act:
Quote:
§ 205.10 Preauthorized transfers.
(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.
[Codified to 12 C.F.R. § 205.10]
[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996] |
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
|
|
|
 |
|
Posted: Mon Apr 28, 2008 8:05 am Subject: ach transactions
|
|
|
Kashzan, is this different than stop payments? I guess I am a bit confused about how this helps me. Am I revoking ALL ACH authorizations by using this?
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 8:14 am Subject:
|
|
|
You can revoke the ones that you chose to revoke. Ach are voluntary.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
|
|
|
|
Posted: Mon Apr 28, 2008 8:16 am Subject: close bank account
|
|
|
Right, but as far as talking to bank manager. . . am I telling her that I am revoking ALL ACH transactions?
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 8:22 am Subject:
|
|
|
iF you want to revoke all , then yes. I have some ach coming out every month for other bills that I would not want to revoke. Its up to you. If all you ach are pdls then get them all revoked.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
|
|
|
|
Posted: Mon Apr 28, 2008 8:25 am Subject: ACH
|
|
|
Thanks Kashzan, I know I am sounding stupid. . . but I want to be confident when I speak to bank again. Am I revoking them with the bank or am I revoking them through the PDL's?
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 8:30 am Subject:
|
|
|
Dont tell any of the pdls anything. They will swoop in and take everything yu have.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
|
|
|
|
Posted: Mon Apr 28, 2008 8:33 am Subject: ACH
|
|
|
No, I don't mean as far as telling the PDL's. . . I mean what am I telling the bank.
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 9:00 am Subject: bank
|
|
|
they are not being very helpful. . . they act like I am trying to deceive someone and want to try to stop me. I want to be fully armed with knowledge when it comes to speaking with a bank manager again so that I can sound confident and not willing to back down. Please help me with what I should say to them.
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 12:29 pm Subject:
|
|
|
ut, are you trying to get a hard debit block on your account? Or what exactly are you trying to do at the bank? A block? Total block? What's going on so far?
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9375
Debtcc Points: 124818
|
|
|
|
Posted: Mon Apr 28, 2008 12:55 pm Subject: block
|
|
|
Yes, a block. . . they say that if I close the account ACH debits WILL open it back up. . . so I said I want a hard debit block and they said WHY? I said I have unauthorized ACH debits that I want to block EVERYTHING and they said if I have unauthorized debits I should file a report with the fraud department.. . NOT put a block. So I am not sure how to explain to them what I am wanting to do. They say I cannot just block ACH debits whenever I want to stop paying companies I am doing business with!!!!@@@@@
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Mon Apr 28, 2008 1:00 pm Subject:
|
|
|
It is your right to revoke any ach debits. That is why I posted the laws to bring to your bank
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
|
|
|
|
Posted: Tue Apr 29, 2008 10:32 am Subject: bank
|
|
|
spoke with them again. . . having much difficulty getting them to comply. . . sooo frustrating. Cannr, thanks so much for your pm. . . waiting to hear back.
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Tue Apr 29, 2008 10:41 am Subject: bank
|
|
|
UPDATE: spoke with manager. . . put deposit only freeze on today~!!!!!!! she totally understood, whew, how refreshing to get a person that can actually think "out of the box"!!!!
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
Posted: Tue Apr 29, 2008 11:13 am Subject:
|
|
|
HAPPY DANCE!!!!!!!!!!!!!!! 
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9375
Debtcc Points: 124818
|
|
|
|
Posted: Tue Apr 29, 2008 11:18 am Subject: payday loans
|
|
|
so, next step? Prepare my letters?
|
|
utlonghornfan
Joined: 08 Apr 2008
Posts: 41
Debtcc Points: 403
|
|
|
|
