Banks and Payday Loans
Date: Thu, 10/30/2008 - 14:57
I posted this same basic question the other day, but I think maybe it got lost in the shuffle. We have had the same bank account in the same small town for about 18 years. Can a bank close your account for payday loan activity (credits/debits) or do they even care? I have not had any debit or check returned to a payday loan company, I guess I just wondered how or if this type of activity was monitored (except by the tellers you have to see at Wal-Mart, the soccer field, etc!!)-as I said, we live in a VERY small town!
With the advent of electronic submission - most bank transaction
With the advent of electronic submission - most bank transactions are unmonitored unless an account is flagged. Since you indicate you've never had a check/debit go back NSF then it seems unlikely that your account would have drawn any attention. Even small banks that still issue their own statements typically use a machine to help fold/collate/stuff their envelopes so the likelihood anyone is looking at your account is very slim.
However, any negative activity - NSFs etc may be detected by the system and flagged to go to a real live person for review.
Just FYI.
I would not lose any sleep over you bank knowing you have payday
I would not lose any sleep over you bank knowing you have payday loans. Leaking private information is not something they want to deal with.
