How can PDL companies get your bank information?

The majority of the time when someone's new account is hit it's because they applied for a new payday loan. Most all the companies are connected somehow, and they seem to share the info. Also, a lot of them will send you emails telling you you've been approved for a loan. But's it's really the company you defualted with.

Also, some banks allow a business with a signed contract to debit an account with the persons ss#. They can figure out what your new bank is by running your Chexsystems report and looking at the recent inquiries. They can then see what bank you applied at, and try to debit the account with the contract and ss#. There are some pdl's that do this frequently, but most of the time this doesn't happen.

The thing to remember is that these charges are easily reversed. If it happens to you, immediatly go to the bank and fill out the forms to dispute the charges. You will also have to close that account. It's no longer safe.

I've even gotten some e-mails offering me "special deals" on PDL's, even though I've contacted them that PDL's are prohibited in Maryland - they don't give up, do they?

I had this happen to me once. I had left a small credit union I was with, closed the account, and signed on with a larger bank. And wouldn't you know it, a PDL debited my account and I did not know who it was. The name associated with the debit was not one I had ever had a loan out with. I disputed the charge and my bank gladly refunded the money back into my account and reversed the charge back to the PDL company. My bank has been extremely helpful in my PDL situation. Makes the experience that much easier.

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Well, following the excellent advice I found at this website, I closed my bank account and I've not (and will not!) open any more PDL's. So hopefully I'll be ok?

Yes, chances are you will be fine. As long as you don't apply for any other pdl's, the chances are very low.

And even if it does happen, which it does rarely, you will be able to get the money back no problems.

Pachacutec, please listen to goudah. You should be just fine. If some how they do get your new account information, you can dispute it with your new bank. They will most likely just reverse it back off as an unauthorized transaction. And, yes, the pdls do share information. There are very few cases of them finding your new information and debiting; however, it can happen. I'm just going to be honest. But do not be super paranoid. I think somehow they can trace you - like goudah posted - by your ss# and chex systems and looking at reports for recent bank account information. They are very sneaky. I think probably 99% of the new account information found is by people applying for pdls again. There goes your information to the "pdl clan" sharing your info and they hit it. However, I think I just fell into the 1% that found it without applying for a pdl! My luck! Because I certainly didn't apply for any pdls! :lol: But it was fine. It's very rare.

Also...(from personal experience..) PDL's I have gotten approved for, have 'forwarded' my bank information to OTHER PDL's. Of course..getting more ads from 'great deals', from OTHER PDL's. God....all of that was a mess. I din;t think a PDL could legally 'forward' information. But...MOST of the PDLs, I had were from out of the country and they were 'abiding by' THEIR rules, etc.