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Posted: Sat Feb 02, 2008 4:52 pm Subject: Can my new account be debited?

I had a payday loan with ThinkCash.com, which I know is funded by First Bank of Delaware. I recently received a Mastercard offer from the bank to help straighten out my credit. If I provide them with my checking account info, can they debit it for the payday loan?

Posted: Sat Feb 02, 2008 5:08 pm Subject:

Hi wmrainer-Thinkcash.com is not a payday loan...it is an installment loan.

Posted: Sat Feb 02, 2008 5:26 pm Subject:

You should think long and hard before applying for that card from First Bank of Delaware. Read the disclosures very carefully. Their fees will eat you alive!

Posted: Sun Feb 03, 2008 7:42 am Subject:

Posted: Sun Feb 03, 2008 8:44 am Subject:

I understand about the fees. I have looked into the carefully, but can they debit my new checking account for the old installment loan?

Posted: Sun Feb 03, 2008 8:51 am Subject:

I would not give them my checking account number...you need to make other arrangements to pay your installment loan. I don't know if they would debit your account but I would not give them the opportunity.

Posted: Sun Feb 03, 2008 3:23 pm Subject:

If ThinkCash.com is funded by the same bank you are applying for a credit card at, to straighten out your credit, and they want your bank account number, ummmmmm, that sounds fishy to me.

Posted: Sun Feb 03, 2008 5:57 pm Subject:

wmrainer, If you are looking to use a card to help with your credit, there are other companies. Most of us here are very leery of any company that makes you give them your bank information before granting you credit. If you want a credit card, I would research other companies.