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B OF A Experience

Date: Fri, 04/04/2008 - 07:53

Submitted by anonymous
on Fri, 04/04/2008 - 07:53

Posts: 202330 Credits: [Donate]

Total Replies: 8


I have B of A. I finally got this account closed. but im afraid they'll force it back open for the PDL. i kept telling them to put a hard block on it but they wont if pending transactions are on teh accoutn (which i was waiting for one to clear and it finally did, some atm debit) anywho.. has anyone had a problem with them with THIS?


I have bank of america and I didn't have any problems. Just explain your situation to them and then once they close it make sure that they permanently close it because they said that some transactions can force it back open. And these PDL will try to continue to debit your account. But for me since my account has been closed, it hasn't been forced open.


lrhall41

Submitted by on Fri, 04/04/2008 - 07:58

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how do i make them permanently close it? just tell them there should be NO transactions coming through?


lrhall41

Submitted by on Fri, 04/04/2008 - 08:10

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Listen what worked for me was going to the customer relations perso at the branch I opened the account at. I explained to her that these debits were made by illegal or non licensed companies, that I had to make other payment arrangements other than debiting my checking account...someone has to listen to you. Your rights are that it is your account and your money and you can revoke these ACH payments at any time? I think that Volleyball mom posted the regulations for the banks on this?


lrhall41

Submitted by on Fri, 04/04/2008 - 08:21

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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]


lrhall41

Submitted by kashzan on Fri, 04/04/2008 - 08:28

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You can have them close the account and code it for credits only. By coding the accounts for credits only the ACH debits will not force the account back open.

If you have pending items hanging on, like from a checkcard purchase where you don't use you PIN number for the purchase, it generally takes two business days for the transactions to hard post to your account.

Your account will have to be at a ) balance in order for the account to close as even a couple of cents left in there will just put the account in a pending closed status until the account is at a complete 0 balance.


lrhall41

Submitted by angell on Fri, 04/04/2008 - 08:51

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yeah right now its closed. like when i go online.. its not there anymore. i kept keeping it a 0 balance waiting for that atm transaction to go thru. i will tell them what you told me for sure!!


lrhall41

Submitted by on Fri, 04/04/2008 - 09:48

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i will see what they say when i call! but thank you!!!


lrhall41

Submitted by on Fri, 04/04/2008 - 12:21

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