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Posted: Tue Jul 15, 2008 9:55 am Subject: REVOKING ACH AUTHORIZATION |
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Is it possible to revoke ACH authorization on legal CSO's and PDL's in Texas to stop the withdraws from your bank account so that you can have some barganing leverage?
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dbruce7

Joined: 14 Jul 2008
Posts: 12
Debtcc Points: 131
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Posted: Tue Jul 15, 2008 10:05 am Subject: |
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ACH withdrawals are voluntary and can be revoked at anytime.
Requiring them as the only form of payment accepted is a violation of Federal Law.
_________________ Adults and Kids Go Green in Frogpatch
www.frogpatch.com
Read here how to escape the Payday Loan trap.
http://hubpages.com/hub/Escaping-the-Payday-Loan-Trap
Last edited by frogpatch on Tue Jul 15, 2008 10:13 am |
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frogpatch
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Joined: 09 Apr 2007
Posts: 3573
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Posted: Tue Jul 15, 2008 10:12 am Subject: |
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THANKS!!!!!!!!!!!! I read the article that you recommended and found it quite helpful.
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dbruce7

Joined: 14 Jul 2008
Posts: 12
Debtcc Points: 131
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Posted: Tue Jul 15, 2008 10:13 am Subject: |
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According to the electronic funds transfer act, you can revoke ANY type of ACH transaction...legal or otherwise. Just give them PDL/CSO written notice once the account is closed.
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jenoliver33

Joined: 26 Jun 2008
Posts: 56
Debtcc Points: 259
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Posted: Tue Jul 15, 2008 10:25 am Subject: |
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Does the written notice need to be by registered mail or can it be by fax????
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dbruce7

Joined: 14 Jul 2008
Posts: 12
Debtcc Points: 131
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Posted: Tue Jul 15, 2008 10:33 am Subject: |
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It is always best to use registered mail. Faxes get tossed by accident or on purpose all the time. In my office I am constantly picking up other peoples faxes
_________________ Adults and Kids Go Green in Frogpatch
www.frogpatch.com
Read here how to escape the Payday Loan trap.
http://hubpages.com/hub/Escaping-the-Payday-Loan-Trap
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frogpatch
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Joined: 09 Apr 2007
Posts: 3573
Debtcc Points: 30245
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