ACH Debit Authorizations Revoked - Still Sending Through

I am so sorry that this happened to you. These pdls will never stop debiting your account. This is why we never contact them before we close our checking accounts or hard block them. Once a pdl gets wind of the fact that you are not going to allow them to debit, that causes them to be more aggressive in their attempts to take your money.I doubt that the bank will allow you to close your account now, because you are so overdrawn. You need to see if they can put the account on deposit only or hard block. If not you will get even more nsf charges. You also need to make other arrangements for your pay check if you have direct deposit.
You really need to go in person to your bank and speak directly with the manager. Explain that there has been fraud on your account and it must be closed.They need to be able to do something to help you.

Hi Kashzan.
Thank you for the reply. I tried to do what was right. I tried to close the account or make it deposit only on the 20th of November. I have been in contact with my bank, but they say I need to come in. Unfortunately, I can't get out of work to go do so. The branches all close before I can get there. I work on Saturdays, too, so even that is out. Do you think if I wrote or faxed the branch manager directly with my situation, that might help? I have all communications from the bank and to the bank as well as copies of everything I sent to the pdls. I have pulled my direct deposit and opened an account elsewhere to protect both my paycheck and my husband's. I have never had an overdrawn account and now it's about as overdrawn as it can be. I just wish there were some way to retroactive all this with the bank - to the time they were first notified. My account would not be overdrawn at all, if they had done what I asked when I asked. :(

I appreciate your information. It's nice to have a polite reply from someone. Thank you.

I just wish that you could somehow make it in to your branch.Is your job far from the bank?
We always reccommend to go in person. Can you go at luch time. figure it this way, if they dock your pay, it may be less of a loss than what the bank charges will be. Just a thought. Anyway , if it is impossible can you speak with the manager on the phone and explain that you need their help but can not get to the bank. Try anything , just get them to help. Please bring up the fact that you were told none of these things would get thru and because of the misinformation you were given by them, you are now overdrawn. You need to have those charges reversed.

It is worth it to use a sick day or vacation day to get this taken care of. Go there and explain to the manager how you wish to remain in good staning with the bank and how you legally revoked the ACH priveledges. You can file complaints against these companies for violating the law against compulsory electronic withdrawals.
Have you ever told us who these loans are through? Are they internet or storefront? How much you borrowed from each one and how much you have paid each one so far? Also the state that you live in.

did you fax these letters stating that you wish to revoke the authorizations? if so take the confirmation sheets to the bank, or if you really cannot get out then fax them to the bank manager, but i would suggest you spending your lunch break if need be to walk into the bank

Chase is the worst bank in the world to work with on these. Remember, banks make a fortune on the NSF fees they charge when these things go through. The last thing a bank wants to do is let you close an account.

When you go in just stick to your guns. The Electronic Funds Transfer Act and NACHA rules make it crystal clear that you have the right to revoke ACH authorizations and that any attempt to debit more than 3 business days follwingg your revocation is an unauthorized debit that can be treated as fraud for purposes of reversing the transaction.

I would like more info on this EFTA and NACHA. Does this act protect the bank or the consumer?

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] [/quote]

NACHA provides the legal foundation for the ACH Network through the development and enforcement of the The NACHA Operating Rules. Rules and guidelines are established for all participants in the ACH system and ensure that the Network infrastructure, applications, rules and enforcement are consistent with processing payments in a secure, reliable, and efficient manner, and that financial institutions have access to effective risk management tools.

You PMd me all the loans you have but not the state you live in. You have in most cases overpaid all but 2 of your loans. One that you paid the principal on but possibly not the interest is BIG. Forget them. They will harrass you to death but do not pay thm anything as they are totally illegal. Most if not all of the others are unlicensed anywhere. So basically you should owe money to only one if you reside in most states. Please post the info you sent me along with your state so others can add feedback. To me you look lke you are in pretty good shape with only your bank to deal with. Some of these companies might even give you a refund if you press them. But first we need to know where you live.

Frogpatch -

Thank you for the info. I live in Indiana. Any more information would be greatly appreciated.

Here are the companies, they are all online PDLs. I have listed original amounts and amounts paid to date on each.

Company Loan Amount Paid
BIG, Ltd. $200 $215
CMG $250 $150
Cash Direct Express $300 $680
Eastside Lenders $300 $985
Flash Loans $300 $825
Impact Cash $200 $240
JD Marketing $250 $225
Loan Point $300 $360
Nationwide $400 $810
Net Cash $500 $950
Payday Loan Yes $300 $240
RCM $200 $180
Upfront Payday $400 $1,000

Thank you again to everyone.

You will find the Payday loan laws for Indiana here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Is there an address for this company that I can send a cease and desist letter to. They are not calling my home phone, they are calling my work phone. 15 calls in less than 5 minutes. All I have for them is a fax number and a phone number.

Also, are there any examples of letters to send to these companies? I'm not looking to copy someone else's correspondence or to find a form letter of some sort. Just looking for some guidance so I don't sound like an idiot.

you should forward this info to your state ag and inform them, it says above that you are only supposed to have 2 loans at one time, BIG is illegal and you have paid them what you borrowed, you need to start typing up letters revoking wage assignment also!

And what company exactly are u looking for?

jaydanielle1
I notice you mentioned something about a letter to revoke wage assignment...what is that?

All you need to do is send a letter to your lenders and say
I (name) do hereby revoke any and all wage assignments that I may have signed for you and any of your affiliates. Also give a copy to your employer.

THANKS kash for being such a wonderful help on this sight!!!!!!!

BIG is going to try to threaten, harass and do anything they can to get you to pay. You will get calls from overseas. They will even tell you that you will be downloaded and live under the rules of the UK. Just keep hanging up on them and they will eventually go away. As far as the others, you have a lot of letters to send. Make sure they aere all sent certified return recipt. Documentation is everything. Faxes and emails are a waste of time with these companies.

Oh yes, ACH... what a company! I'm in Maryland and am working w/ the State of MD Financial Regulation folks on getting away from my payday loans.So far so good, but as for ACH, after several weeks, they're still calling me at work and home, threatening to "come and get me," that they'll see me in the "British court," and so on. The State of MD said they did some investigating on the ACH website, they're located in New Delhi, India, even though the # that the calls come from is a 305 area code (Utah). If you call the 305 #, you don't get through. Neither the State of MD nor myself have been able to get a valid address or telephone number for ACH. Can't offer any solution for getting rid of them, I'm afraid; if anyone has a way to block their phone calls, I'd sure appreciate it! (hanging up on them doesn't work, they just call back, make a threat, and then THEY hang up.)

Sorry, I just realized that this was a thread for all ach loans, not just the ACHloan company. (they're still a pain, though)

I've written the letters - thank you for the info. I'm trying to find every address I need. Not a very easy task. They all go by more than one name. My bank is still trying to tell me I do not have the right to revoke the ACH authorizations. I guess I'm going to have to go to the corporate office as opposed to my local branch. They seem to know nothing there. Thank you everyone again, for all your information and help.

This was posted by Goudah on aonther thread. It clearly states that you can revoke ach authorizations.(point 3 letter c)the Read the part about stopping payment. Take these laws to your bank.They need to refund any charges to you, they are in the wrong.

Kash -
Thank you for reposting this. I will definitely take this to the bank with me. I do hope this helps. Chase are just horrible to deal with.

I don't know what I would do right now without all this insight. This page has saved me from having a nervous breakdown. I know I'm not in the clear yet, but at least I am getting closer every day.

It has to help. The laws are the laws. Chase like every other bank has to abide by the laws. Just post if you need anything.

bttr, who do you bank with? i have never heard that before, that is crazy!

She banks with Chase

interesting

jaydanielle1 - It is crazy. I keep getting forwarded to the Claims Department and those people keep telling me that I am not allowed to revoke authorization for ACH debits from any of the payday loan companies because I had a contract with them. However; each of those contracts also say that I have the right to revoke the authorization in writing as long as it is at least 3 business before the payment is scheduled. I did this with each of the companies. They of course sent the debits through anyway. I contacted Chase about it immediately, as I had already notified them that I had revoked these authorizations. It's been a real mess. My branch manager has been out so I'm dealing with the "office manager" or whoever this person is. It's like pulling teeth. My account would have never been overdrawn if they would have done what I asked. Worst customer service ever, in my opinion.

Sorry, venting again. The branch manager is due back Monday. If he/she isn't able to straighten out the situation, then I'm going through corporate to try and get somewhere. The information the Kash reposted will definitely help me to prove my point.

Also, show them item E of the Electronic Funds Transfer Act (posted above).

It clearly states that no company can lend you money and require that it be paid back by reoccuring ACH transactions. So even if the contract didnt' state it was revocable, it still is. That's the reason that clause is in the contract, because by federal law it has to be. Your bank is smoking crack if they think it's not revocable.

Isnt it amazing that you have to fight so hard for your own bank to abide by the laws? Please keep us posted, and if you need us we are here.

Hello again. Well, I'm still waiting on the decision from Chase Bank. In the meantime, I have sent letters to almost all of the PDL companies via certified mail. I am having trouble finding addresses for a few of them. I am wondering if anyone here has any information. These are the companies I have not had luck finding mailing addresses for:

IBC Limited d/b/a Flash Loans

Capital Funding Express

CMG

Pay Day Online

Rapid Cash Management

I guess they make it hard to find their addresses because they don't want you to contact them.

Thank you again for everything. I just don't know what I would have done, if I hadn't found this site.

CMG Group,
10108 Summer Oak Ln, #103
Las Vegas, NV 89134
Tel 866-516-9300
Fax 866-516-9700

CMG Group
P.O. Box 636
Charleston, Nevis
West Indies

Rapid Cash Management

928 High Rd
London
N12 9RW

1800-266-8880

Obviously CMG and Rapid are overseas companies that will not be licensed in this country.

Thank you Kash! I was able to locate the others finally, except for Flashloans.com. I have their fax number, but am really wanting to mail this letter certified. They don't supply the mailing address. All other letters have gone out in today's mail. I'll keep searching for Flashloans. Not sure if they are "hiding" under another name or not. Thank you again for all your wonderful advice. Thank you to everyone on here for making this process go so much more smooth than I could have ever hoped.

Here is the phone number, try calling them to ask. I doubt if they will give out the address, but it does not hurt to try.
The phone number I have for them is (800) 748-8170.

l feel for you, nothing is worse than that. i had
my bank treat me like that at first,i was with national city. i hope they work with you in the end.
gouda has given you good material to get it done.
i am pulling for you, we all are.

Mrs. [name removed],

I received the email that was sent to our customer service department with reference to the legality of our company and the fees that you have been charged. Our company is not actually located in Indiana we are based out of Nevada. Because we are an internet loan company we do have to abide by the laws that are in place in the state in which we are licensed which is Nevada and we do follow all of the laws in that state. The laws that you are referring to are for companies that actually have locations in the state of Indiana.

We will consider your loan paid in full with the amount that you have paid of $240.00 but we will not be issuing any refunds to you. We do appreciate your business but unfortunately you will not be eligible for any future loans with any of our companies. Please let me know if you have any further questions.

Sincerely,

Dan N.
Impact Cash
1-800-707-0102 ext. 1033
Monday-Friday, 7-3pm (MST)
[email]dnoack@impactpayments.com[/email]

""We do appreciate your business but unfortunately you will not be eligible for any future loans with any of our companies."

Awwww, I bet you are heartbroken over that... NOT

Good for you, 1 down few more to go!!!

Hi Tiffer!
Yeah, was definitely upset about not being able to borrow from them again. Duh. Form letter, maybe? Anyway, it's a good start. I'm feeling better about things day by day.

B.I.G. is still driving me insane. They say if I pay them $110 they will mark my account as paid - however, I have already overpaid them. Idiots! I refuse to pay them a single penny. We will see how long it takes them to figure that out.

Have a great day!

Yay! That is awesome! Good job! :D

Thanks Goudah!
It was all the wonderful information I received on here. I don't know what I would have done without you. Thank you again a million times!!! I'll keep everyone posted when/if I hear back from the others.

That's what we are here for! :D

I'm dealing with Chase and this crap as well. I went in on a Friday to close my account and open a new one. I had one pending transaction from walmart and the lady said once that posts, they will close my account.

I checked my account on Monday and there were debits from the PDL companies.. The dates are the EXACT same from the walmart posting and the pdl people..

Would it be beneficial to go in with the information you guys have provided?

Thank you for contacting UPFRONT PAYDAY for your financial needs, we appreciate your inquiry.


We do apologize for the oversight on your account. Your account will be credit $600 on 1/24/08.


Thank you for contacting UPFRONT PAYDAY. Please let us know if we can be of further assistance or you can call our customer service department at 1-800-474-2909 during normal business hours.


Sincerely,

Customer Service

Wow btrfly that is great. I hope they do refund you. Is your account still open for them to credit? Kash has been such a wonderful help to you here. Kash you are such a great advocate for people!You have such great information on addresses for these thieves!

Hello stargzr!
I hope so, too. The bank account is not open any longer. I replied to their message and asked them to either send a check or submit the refund to me through my PayPal account. We will see how they respond. Keeping my fingers crossed that this actually does happen and that others will hopefully be as easy to deal with.

I can't thanks Kash enough, or anyone else here for that matter. I hope that my situation can one day be as big a help to someone else going through the same thing. This site is a blessing. There is no other way to describe it.

I'll keep everyone posted on how things are turning out. Still waiting on a response from Chase Bank. They have got to be the worst bank ever to deal with.

Thank you again to everyone!!!

You are so very welcome Bttrflyv69. We are here to help .

Settlement Offer

Netcash is making a one time limited offer to release you from the outstanding balance of your loan ($XXX) as well as any uncollected fees owed only upon receipt of the enclosed signed Confidential Mutual Release Agreement. Please fax the signed release to our Customer Service Department at (800)616-0533.

So they will mark you PIF? They do not want anymore money?

don't forget to save any of the correspondence emails they are sending you...I am just a paranoid person but I save everything.