Bank wont close my acct and let IPDLs charge with NSF fee

It's okay, I'll let you slide on that one. But don't let me catch you quoting the wrong laws again, or else!

The bank is obviously unwilling to do anything, regardless of what laws you throw at them. The best thing you can do is file complaints with the FDIC, AG, BBB, maybe even the Federal Reserve Board (they are like a bank's supreme ruler). One of these places are be bound to intervene and get your money back.

There is some truth to who Bank of America can help, and who they can help after something has been taken care of. And it's not just Bank of America. You cannot close out an account when you're currently in the red.

And with internet payday loans, usually there is no check number involved. It's just a simple electronic draft, and those are harder to put a stop-pay on.

It does become a difficult process to close your account when you keep getting NSF's and you're already in the red. If a financial institution is not willing to work with you, and at least freeze the account, my recommendation would be to speak with the branch manager, or consider speaking directly to a manager with the payday loan company.


Regards
Mike

They can put an ach block on your account. My bank didn't even tell me this when I asked what I could do to stop the ipdl's from taking money. They can block specific companies too by using their company id number. Most banks charge to same as a stop payment, and you'd have to do it for every dba they have. This is a better option then just a stop payment, although people should be aware that some ipdl's will produce a paper check with no signature required and get the money that way when they are blocked from ach withdrawls.

This can only be a good option if you plan on paying this back within a couple of days.

Most payday lenders break the repayment into half. That way, if you only have $200 in your account, and need to repay $300, they'll at least get $150...plus their fees. So you would be paying for 2 different stops on an ACH if you went that route.

According to most loan agreements, they can make attempts at anytime after you've defaulted, so you never know when an ACH is going to come through, and your financial institution will need that information.

Regards
Mike

No, if you put a block on the company, not the specific transaction, it won't matter what amount they use. It's a block from the company withdrawing money, its like a stop payment, but not the same thing. They use the companies ID number to block then from access to your account. No matter what amount they use they will be blocked. This is when the companies usually go and produce a paper check with your account info and hit your account that way. That's why it's best to just close the account and open a new one.

Stop payments will stop that specific transaction, but as you said the company can hit you with a different amount so that doesn't really work.

A full ach block will make it so that no ach transactions will be processed on your account. This isn't a good option if you have other things like insurance taken directly out of your account.

Fedupinpa, they definitely have the power to make the account deposit only! There is a form that they have to use and fax it over to have it changed. My bank, which is BoA FINALLY put my account to deposits only after the NSFs mounted to a little over $1000. They even transferred my entire balance of another account I opened into that one. It was a mess but I got them to give me the money back once they accepted the payment plan I had been begging them to put me on but I had to tell them that there is no way I can even have a payment plan if they won't make the account at least deposits only. It can be done but I had to go to my bank at least 5 times to get it resolved. Not all of the managers are knowledgable about this.

HUDiva is right, sometimes you are just getting a lazy or uneducated bank manager. You will probably find that every person you ask at a bank will give you a different answer. But if you know going in what you want and that it is possible, you should be able to get it done.

This is probably obvious, but going in with a bad attitude and already upset is the worst thing you can do. If you are nice and sweet you are more likely to get what you want. I know everyone already knows this, but there've been times that I've been so upset about something I'm sure it showed. In those cases my attitude drastically changes and I can be not so likable . . .

Awards HUDiva an *atta girl*!

LOL!! Thanks Texas

Whoever posted the complaint info for the FDIC and the like, thanks so much because I'm definitely going to complain about my ordeal.

Your welcome HUDiva!

I was lucky . . . . When I was in the middle of my idpl mess I had just had identlty theft happen to my bank account . . . . So I had been in and out of the bank in the previos month, so all the bank employees knew me. So they were pretty cool about things for the first month. Then the loss prevention dept saw all the nsf fees and put a stop to it.

My point is that it isn't alway the bank managers choice. Sometimes they are overridden by their loss prevetion departments.

My bank won't close mine either, but once the account is in overdraft for 25 days they will send it to collections, unreal, no friends here. they told me i could come in and fill out an unauthorized ACH form and that would stop the pdl from tagging my account. the bank has collected over 1000 in NSF from me so far, they are about as bad as the pdls in this situation, can't win. I took my house and car payment to bring the account up to a positive balance. Will have to catch them up next pay. sad but true

If anyone would really like to embarrass BoA, remind them that they left several webservers wide open & a young, enterprising russian crew hijacked every bit of friggin account & info from them.

SF/Houston/Greenville

Oh wait! was I 'posed to say that?

*chuckle chuckle*

Dang, Tex! When was this?

unnnnnn.....98,99 & one more time in early 00. A *contractor* left 'em open according to their *press release* er damage control effort. Seattle accounts got hit hardest.......

*chuckle*

the crew left the lower balance accounts alone & got after the yuppie's & up......