ACH revoke letter.. question

Date: Mon, 02/09/2009 - 18:33

Submitted by timothy.ly
on Mon, 02/09/2009 - 18:33

Posts: 59 Credits: [Donate]

Total Replies: 9

How many times do you have to send a company an ACH revoke letter? do you have to send it every time a payment due date is coming up or is just once enough. I had a PDL company email and say "Unfortunately we did not receive your ACH revoke in time and your bank account has been debited. Please send an ACH revoke within 3 days of your payment being due. Well since my bank won't close my account.. they are going to keep trying to debit it.. will I have to send an ACH revoke letter everytime a payment is coming due? Thanks

and how many times are the PDL companies allowed to try and debi

and how many times are the PDL companies allowed to try and debit the account before the bank won't let them anymore?

lrhall41

Submitted by timothy.ly on Mon, 02/09/2009 - 18:33

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reply

unfortunately illegal lenders ignore those letters.the only way to truly stop them is to close your account and open a new one.you send the letters to give to the banks mostly so when these pdl's debit again you can get the money back.an illegal pdl doesn't care about the law.the letter gives you legal ammunition to use against them.again close your account before sending the letters.the pdl's will leave you in a sea of NSF ink before you know it.

lrhall41

Submitted by paulmergel on Mon, 02/09/2009 - 18:38

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Well I already am in that sea of NSF fees... my bank won't clos

Well I already am in that sea of NSF fees... my bank won't close my account.. they keep reopening it everytime a PDL hits it.

lrhall41

Submitted by timothy.ly on Mon, 02/09/2009 - 18:49

( Posts: 59 | Credits: )

REPLY

speak to the manager and nobody else.have the account put on DEPOSITS ONLY status.that way nothing will be debited.it is a way for you to get the account up to clear.what bank is this?

lrhall41

Submitted by paulmergel on Mon, 02/09/2009 - 18:52

( Posts: 15514 | Credits: )

If you are not getting anywhere with your bank manager, go to a

If you are not getting anywhere with your bank manager, go to a different branch until you find the right person to help. I banked with them this can be done.

lrhall41

Submitted by kfstaff24 on Mon, 02/09/2009 - 19:16

( Posts: 1448 | Credits: )

The revocation of the ACH is your right. The bank has to follow

The revocation of the ACH is your right. The bank has to follow the FDIC Federal Law and Regulations.

Go here.

Scroll down to 205.10, Preauthorized Transfers.

Quote:

(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.

Make sure you show the bank you revoked the ACH. The dated email should do. You have given them the written notice. Also write out a revocation letter for the bank and give it to them as well. Include the regulation statement.

Send out the revocation section again to all the lenders.

Make sure you express to the bank that the PDLs that are debiting your account are illegal and they helping these companies commit fraud.

BoA is such a pain in the butt when it comes to helping their customers. All they care about are the NSF. Makes me want to choke them and I have never even had an account with them.