Closing account in iowa?

That is not true!! I have talked with Stuart from the IDOB and if you have internet loans he suggests to close your checking account to avoid the fees from the internet loans. Plus he also stated that you should contact the storefront PDL and let them know that you are closing your checking account due to illegal activity from an internet lender. Plus if one or any of your storefronts will not work out a payment plan, you are to contact him and he will help in the process.

Well I was simply asking because the advice is to close the account to most of these people. To say I should go to jail is a little harsh, PDL Employee


Edit to add I think we may have a storefront lurker, am I safe to talk here? lol

PDL Employee is once again showing thier ignorance of the law. You're biggest concern is the internet loan. As for the other 3, Check Into Cash will not deposit your check until it is sent to collections (see other thread), Hometown will send it thru once (from what I have heard from customers) and we do not see much from Mister Money other than their collection agency showing up on Teletrack.

As for the legalities, nothing will happen to you. Hometown may take you to small claims, but again that depends on the store. CIC will not go to small claims and I have not seen any filings from Mister Money for quite some time. The additional cost for small claims is approximately $70 for the judgment and an additional $80 for the garnishment.

Trust me on this, as I have stores in Iowa and use small claims...

TY PDL employee, every little bit of information I get is going into a notebook so I can straighten this mess out. As for PDL employee, I wish I had one of those yachts, unfortunately I'm a simple person with 5 kids to raise that had to care for an ailing parent. Juggling loans has become a slippery slope and I want to cure the problem.

Al....think you were thanking PDL owner...not employee. PDL employee advise is totally off the mark.

I'm sure Al is a grown person and can speak for himself/herself. Please don't take words out of Al's mouth like you are mine, when deleting my posts.

Thanks

Then straighten up. You do not want to become my new favorite hobby. That's a losing proposition. - Uncle Wulf

Actually I did mean PDL owner, I can't be sorry enough for that fact!

Hi Al,
I'm in Iowa and Stuart from the IDOB informed me to close my bank accounts to fend off the lenders and to send letters to lenders to make arrangements to pay off the principle (if I owed any) as well as revoke ACH authorization and wage assignment. I don't have any store front so all of mine are illegal (not licensed in IA) and let me tell you, after sending those letters, one of the lenders settled with the principle, the other one wrote off my account and I'm still waiting to hear from the other two--I owe a small payback for the principle amount. It's been a battle but well worth it. I'm so glad for the people here and for Stuart at IDOB. He's been so helpful and he loves to fight off the slime balls that try to scare decent civilians.

Good luck with your loans! I closed my account and went forward and it has been well worth it. :)