stop payment

Be safe and request a live paycheck. You still have time. You are taking a big risk allowing you direct deposit go through. PDLs often change the amounts slightly or split them in two. Banks also slip up on holds.

My payroll department already did payroll so I'm afraid I don't have time.....we only have direct deposit and cannot receive our checks any other way. I work for local government. I've called the bank to verify that the holds are there and the amounts. They have assured me that they are. Bank of America has been really good to me and I feel certain that if they slip up and release the holds they will reimburse me. I paid for the stop payments. I'm going to be at my bank on the morning of the 27th to close it. It usually takes 2 days for the pdl's to clear my account....hopefully they won't realize that a stop payment has been placed immediately. I had luck with it in the past with 2 pdl's so I will keep my fingers crossed.

What BOFA did w/ me, they still put it through & charged me overdraft fees, regardless of the stop pay. (they came in with different amounts when they came in) I had to ask for a hard block on my account, which still let them come through, but they returned them right away and any overdraft fees that it caused.

That worries me. I asked for a hard block on my account and this man I spoke to told me they can't do that. If I close my account can they leave it open for deposits only so my payroll check can come through? I should probably go to the bank tomorrow instead of waiting til the 27th. I'm also still waiting on 3 checks to clear my account.

They can do a hard block, you just need to talk to the branch manager.

With my bank, I worked with the manager & she was able to out a stop on the pdl's for the name, it worked for the first time until I was able to get things straightened, then they got smart & changed the name or tried a paper check. I had to close my account & open another one...

BofA can make your account deposits only but you will need to go in person to withdraw your money and show ID. Thats how they handled one of my accounts. Good luck.

They have all the names of the pdl's and the amounts due to come out on the 27th. If my outstanding checks clear tonight I'm going to go into the bank tomorrow and see about closing the account and leaving it open for deposits only. At least until my payroll check clears on Tuesday.

When you do get your pay go and withdrawl all if it right away. That way if the block does not work for some reason you may be out the NSF fee which you can argue with the bank about but at least your money is safe.

I would go ASAP when they open. I have done it that way to keep them from getting my money. They hit my bank minutes after I took out the money.

Problem is, that these pdl's use so many different names, that if they can not debit under 1 name they will use another. A stop payment almost never works. They will even change the amount to get it thru

they really can put a block of it. i lost close to a thousand of dollars in loans that were not even legal thanks to my bank's errors :(

I did two stop payments and they both worked but maybe I was just lucky.

I did run and take all my money out on payday as soon as they opened because I was afraid they wouldn't work.

Nohigoal that only works if it takes a while for the pdl's to hit your bank account that day. With mine they hit well before my bank opened for the day (like 6:45-7am).

That is true. I have a credit union so that probably makes a difference.

Depends on the credit union. I had one too when I had several out. I just NOW got it straightend out with them and instead of owing 1500 they reduced it down to 212 of what I legitatemetly owe. If I wanted money before the payday lenders hit, I'd have to get up early and go to an atm to get money out. (before I did the ach revocations etc)

I actually went this morning and got a new bank account and was able to get my direct deposit changed over but now the problem is my tax refund. H & R Block told me it would be direct deposited today and now it's next Friday. I reaffirmed the stop payments and the bank if also putting a hold on anything coming out of my account. They said they will work with me if the holds don't work. I'm with BOA. She said it could take up to two days before they realize a stop payment is in place but the stop payment is good for 30 days, but you're right they will change the name or the amount. I'm just going to keep my fingers crossed.

Did you tell BOFA about your tax refund? If not, H&R should be able to put a stop pay on that and reissue it to the new account. I'd talk to the branch manager again, and tell her you just realized that your tax refund is due to your old bank and to see if you can get it switched to the new one.

I had that same problem with the stimulus payment back in May of last year. They told me all kinds of stories about what would happen, but what actually happened was that because my account was closed, the money went back to the IRS & I had to wait several additional weeks to get a paper check...it was a royal pain in the butt...

I told BOA about the tax refund and I also called H&R Block this morning and they said that they cannot do that. I can't understand why they can't when the actual money is not coming from the IRS, it's coming from H&R Block's account. It doesn't make sense to me. Maybe I should call the 800 number to H&R Block instead of the local branch that did my taxes.

Its a possibility, I was told that it will go to the same account that the taxes were direct deposited into & they couldn't change it, I think they said it was against the law...

I contact H&R Block and the IRS and neither one of them is able to change my direct deposit information so unfortunately I have to leave my bank account open until Friday. I've contacted everyone I know to contact and nobody was able to help me. The bank is doing everything possible to keep the debits from coming out on Tuesday. They left the account open for only deposits but there is no guarantee. I don't have money in the old checking account so they won't get anything and the bank said they would reverse the fees if it were to happen. I'm still very nervous about the whole thing.

If a lender goes back into your account and takes money out by using a different name isn't that fradulant and I would think it could be disputed with the bank. The pdl was signed with a specific lender, if they have several diffent names they can't use them all to get my money. I would think that could be disputed.

Not necessarly fraudulent, but the illegal payday company's go by so many different names it's hard to keep track of who's who.

But if they do go through on your checking account with a different name you have every right to dispute it with your bank. As you said, your bank is doing everything possible to help. They SHOULD catch it. If not contact the branch manager if/when it happens, and they'll reverse the deposits/fees etc.

While I'm awaiting my tax refund, which now won't be direct deposited until the 30th, I have to leave my account account open until then for this deposit to come through. In the meantime I zeroed out the account and opened another while putting stop payments and holds on all the debits from pdl's that are due to come in on the 27th. If any of them come through they will be returned because the funds aren't there. Does anyone know if the bank can link the two accounts together just for deposits? I'm going to call Bank of America in the morning to see if that 's possible but I was hoping someone out there has some knowledge on this.