Closed bank account

anyone????

I'm sorry nasdam, I'm not much help as I am in the process of going through what you are right now. I just closed my bank account today, as a matter of fact about a 20 minutes ago and stopped my direct deposit from going through two days ago. All I can say is that you are not alone. I hope things work out for you, at least me writing this will bump ya back up to the top where someone who does know can help you out. Good luck with everything.

Sorry I forgot to sign in before sending the message.

Is the bank planning on investigating the debits to try and credit them? If not, the bank will probably send you to collections and report you to chexsystems. A chexsystems report can make it difficult to get another bank account for 5 years, but it is possible. I've made a list for each state of banks that will still let you open an account.

But if you can avoid this I would try to. Is the account really closed? Most banks don't close negative accounts until they've been that way for 30 days or more. If it's not closed, these companies can keep trying. While they may not get anything, the nsf fees will rack up.

Goudah I closed it last Friday and I let the pdls know this..they puth the debits through last night..I already opened another account..I mhave the receipt saying account closed..so I guess the bank will just return these debits am I right?

Goudah I closed the account last Friday..the debits went throughlast nigh even after I told these pdls not to..I have a receipt from the bank saying account closed..However I already opened a new account so that chexsystems thing I am not worried about..I sent the bank an email to return the debits and I will not be held liable..what do you think

Goudah do you know if these pdls are not liscensed in Florida they are allowed to lend here.Floridas laws are really strict but do you know if these companies are supposed to be lending in Florida? I have overpaid every last one of them.

No, most banks will force back open an account if ach transactions go through within a certain time frame. You will need to go back down to the bank and fill out the forms to dispute the transactions.

You'd think once you close an account it stays closed, but most banks don't work that way.

Also be aware that if this bank does report you to chexsystems, some banks do "sweeps". If your new bank does sweeps of thier accounts and finds the new chexsystems report, they can and will freeze your new account and not allow you access to your money for 6 to 8 weeks. I don't want to scare you, but you need to be aware of the possibility.

I'm not sure about Florida laws . . . . I just sent an email to the banking dept to geet clarification and I'll post the response as soon as I hear back.

BUT I would think that the the bank should refund for non-sufficient funds..Afterall the account is empty..I wanted to close that bank account for a long time because they have always messed up in the past..Let me know when you get your response about pdls liscensing in Florida

I will . . . And yes, you would think that the bank would be resonsible . . . . You may be lucky and have a good bank, but odds are that the bank will put it all on you. I just want to you to be prepared in case it happens.

My bank did this to me, and even though I had proof that I had revoked authorization for all the pdl's to debit, they didn't care and I was out $700 in nsf fees alone.

Anyone closing an account to stop pdl debits needs to check with their bank and ask them specifically what their policy is for ach transactions that go through after an account is closed.

If you bank does do something like this, there are ways around it. Most of the time they won't suggest these things to you. You need to tell them these companies have a history of continuing to debit people's accounts even after authorization is revoked. They can close your account and keep it closed, they do that when it's them closing the account against your wishes so it is possible, no matter what they tell you. Ask to speak with a manager if they tell you they can't do anything.

If you tell your bank you are worried that fraudulant transactions may occur from these companies (you need to keep and have handy proof that you've revoked authorization with you) then the bank can do some things to stop anything from going through.

Goudah Like I said the only thing I am worried about now is that if this new bank does a sweep..I HAVE HAD the old bank put through stop payments on which I had to pay $30 to do. My argument with them is that they can close the account if they had a problem with me so why cant they keep it close if I told them to..I truthfully told them I had no pending transactions

Pending transactions are different then ach transactions. A transaction is pending when your debit card has been swiped, or a check you wrote has been cashed, but the funds haven't cleared your account yet.

You are totally right. It's not fair that they can close your account on a whim, but you can't close your account and know it will stay closed. But this is burried deep in your account agreement you signed when the account was opened.

If you want to PM or post the name of the new bank I can give you an idea of if they do regular sweeps or not . . . It's not concrete, but the ones that do them the most I know about . . . .

wamu..astro lending just left a message on my voicew mail that they are going to turn my account over to collections lol I have a pif letter from them telling me they will consider my account paid in full..however they still made a debit on the closed account..I don't think they are organised over there..they have soooooo many customers lol..I just faxed the PIF back to them with that area highlighted "consider paid in full" Goudah you are so helpful You and Steelers should make up..I love you all..Steelers was very helpful to me last week

WaMu is pretty good . . . . Odds are on your side that if the account stays open for at least 90 days then you will be safe. Occasionaly they do sweeps, but they haven't been doing them much lately.

thanks goudah

Swedishgirl, one of the posters on this board actually works at WaMu . . . If she comes around she may be able to confirm or deny the sweeps issue.

astro just sent me a confidential release and settlement agreement..they know they shouldn't have debited that account

That's great!

That's why it's so important to get things in writing from these pdl's. If you had't had a pif letter from them, then may have just kept on trying to take money from you.

Tecnically they are Not or wouldn't have gotten anything since the account should be closed..But if the account were open then they would have probably had to pay overdraft fees because I wouldn'have budgeting for them..

I still haven't heard anything back from the florida banking dept, so I just called them. Total a***hole. But pretty much what he said was according to florida law a pdl not physically located in the state may or may need need to be licensed to lend money to florida consumers. I tried to ask him what determines if they need a license or not, but he told me I had to look that up myself, or I could send a copy of my contract with a letter specifiying that I wanted to know if they needed a license to the banking dept.

So I will go look the freaking laws up myself. It may take me a day or two, but I will get back to you about this.

Sorry if this post has a mean tone to it, but those people are there to help the consumers of florida, and for a guy to be so rude to me over the phone was uncalled for. All I asked was if they needed a license and he jumped back with "It's not so simple. You just don't understand anything. It's not like in driving, where you have to be 16. The laws aren't like that. You aren't listening to me." I never once asked a question twice, all I wanted to know was what determined if they needed to be licensed. He said it all depends on what they put in the contract, although he wouldn't tell me what it was in the contract that made the difference!

omg GOUDAH I have always heard that Floridians are rude lol..sorry to hear that..I did check in a data base that they had and none of the pdls that I had were listed..Thanks for helping me though

When contacting state departments it all depends who you get on the phone. Sometimes you will find that you will get two totally different answers from two different people. Some genuinely want to assist and others don't want to be bothered.

That's for sure . . . I've talked to some very helpful people, and had some very unproductive calls . . . . I just read through the laws he directed me to, but don't see anything specifiying what needs to be in the contract for florida to require a license . . . I think I will read through it a couple more times and call back tomorrow. With the law in front of me maybe I'll be able to ask the correct questions.

From my first reading, it looks to say that unless you are a bank, credit union, or any other financial depository institution, you must be licensed to do "deferred presentment loans" as they are called in florida.

I really think so Goudah because they really regulate the loans here..Before I knew of the pdl laws I went to two different store fronts and and the second one told me after putting in my social "only one loan at a time Mam".. lol..Where have you been Steelers make up with Goudah you both are very helpful..

You are right, they really do regulate pdl's in florida. They have some really good laws reading though them all.

And by law they have to keep a realtime database that all the "deferred presentment loan" places have to keep updated. That's how they knew you had another loan. They could get in lots of trouble if they still had given you the loan.

I'm still working on the answer to the licensing question. I've read through the whole freaking money transmitting section a couple times and think I've got a good handle on it. I do want to call them back tomorrow just to make sure I'm onto the right information. But I still haven't found what the guy told me was there - specific information that had to be in the contract that would decide if the business had to be licensed. The only thing I've found is what I've already posted, that banks etc are exempt. But that is a simple answer, so I'm hoping that wasn't what he was talking about.

You are a godsend Goudah..Thanks sooo much and keep me posted

Nasdam - I just wanted to let you know I wasn't able to get ahold of anyone today. I left a message but didn't get a call back. I have a friend that is about to graduate from law school, and I'm meeting him for lunch tomorrow, so I'm going to have him look through the laws and see if he can find anything there. But I'm still want to confirm things with the florida people . . . .

Thanks Goudah..the cosolidation company that I am working with gave me an update today..They told me that gfs and big dont want to consolidate..I wonder why? Gfs as far as I am concerned are already paid they already go over 585 for a 200 loan..So I am just going to let them know I think my loan is paid in full.I think that mte got paid by the bank even though the account was closed..when I went on their website my password and Id didnt work..the bank however sent me a message that my account is closed and reversed the -$860

thats me Goudah forgot to login

That's great that the bank reversed the charges! Now you don't have to worry about WaMu . . . .

Yes but I am dreading the harrasment..

It sucks, but you can hang up. You don't have to listen to them. Or you could have some fun with them. If they tell you that the police will be there in 20 minutes, ask them to hold, then come back and say that you just talked to the police, and they aren't coming to get you, but you told them the situation and you are filing a police report against them for harrassment.

Anything they tell you, just keep your cool. You know what they can and can't do, so don't let them scare you.

And remember, if you don't want to deal with them, don't answer the phone, or just hang up. Make sure that any other numbers you put down as references or whatever know that you are anticipating harrassment from these pdl's. You don't necessarily have to tell them the whole situation, you can decide how much or what to tell them, but let them know they don't have to answer or listen to the lies these pdl's will tell them.

As far as the licensing issue goes, I had my law student friend look through the laws also. He agreed with me, that the only exceptions to licensing per those laws were banks and other deposit institutions. But I'd still like to find someone official that can confirm that to me. Hopfully Monday I'll get some better answers for you . . . .

Well i will answer the phone..because I feel that when you dont they will harrass more..but I wiil stand up to them.. GFS that dosesnt want to consolidate that already took out 585 out of my bank account is never even gonna get paid now..What time zone is this website in because its after midnight..I didn't know u would be up..I just got home from doing a double today..

I'm on the west coast, so it's only 9:30pm here . . . .

I don't know what zone the clocks on this site are set to, I notice that my last post said it posted at 4:37 . . . . Wouldn't that be Hawaii? I wonder if it shows different times depending where you are, and I just have my setting messed up . . .

thats what it show here too.. I will await your answers regarding the lending issue in Florida..Morninstar had pm me something saying that PA and two other states were the only ones that allow pdls liscensed in other states to lend there..I am going to bed now because I want to go to church tomorrow and I have to work again in the evening...Thanks for all the help..goodnight

I'd almost bet money that Morningstar is right about that . . . . But I just want to confirm before I say it too.

It sucks, but you can hang up. You don't have to listen to them. Or you could have some fun with them. If they tell you that the police will be there in 20 Quote:

But I think you are right, so what kind of bet would that be?

The more I read the FL laws, the more I think that the guy I talked to at the banking dept was just giving me the runaround. The only exception to licensing in the laws are banks and financial institutions, so that to me would mean that any pdl operating in FL would need a license. I just took a quick look and it looks like cashnetusa is licensed in FL. The actual link didn't work, but they are on the pop down list. If they didn't need to be they wouldn't.

Morningstar - Would you PM that info so I can have it too? I knew about PA, but I don't know what the other two states are, I'll give you 100 points . . . . :D

I'll look for it...but I don't know it for fact. Call it an educated guess. I think fedup has it in a post of his(?). Even if I find it, no need to pay me. I really was just kidding.

Oh okay, then don't worry about it. I know what you were talking about. PA does allow companies licensed in other states to lend, but I'm not sure of the others . . . . I thought you might have some new info regarding it.

Goudah I have a loan with Netcash not cashnet...are they the same company?..

thaats meee

There is a NetcashUSA and their contact info is:
NetcashUSA
314 North Riverside Dr.
Espanola, NM 87532
Phone# (866)348-6200
Fax# (866)304-9200

Yeah, I don't think they are the same company as cashnetusa.

I just talked to the Florida banking dept again. I spoke with a lady this time who said that the intent of the law was for every payday loan place that wasn't a bank to be licensed, but that it's not black and white, and that there isn't really a precedent for it.

So pretty much they think they should be licensed, but aren't positive. At least that is what this lady said.

They are obviously confused..But I realise that alot of these places have people their working that do not know anything..Thanks Goudah..It is not black and white..so then why can't they explain the grey? Its like their is no set answer..