I'm scared!!

I wonder if BOA is apart of this scam and getting their percentage. Do not put any money in your account and call the Division of Financial Institution in your state to complain about Bank of America. This bank is a joke. Do it immediately. Are you dealing with Credit Protection Depot who is trying to collect for My Cash Now.

BOA is becoming almost as bad as these pdl companies. If I were you, I would be tempted to write a nice little article about them to The Consumerist, and inform BOA you are going to do so. I would also send a few heart wrenching letters to some of their executives, explain that no one is willing to help you find a solution. If you want some email addresses for some of the top execs of BOA send me a PM. Sometimes you have to go straight to the top for a resolution.

I'm dealing with both of them, but I was only going to send to email to MCN since CPD isn't the lender, just the collector (still unlicensed and illegal, anyways).

I'm ready to tell Bank of America that my checkbook was stolen to get them to freeze the acct, but I have a feeling they'd tell me that the preauthorized transactions (which they won't let me deauthorize) can still go through. And to think they got $20 Billion from the government. I paid the taxes that paid for your dumb bailout! Jerks.

I just post recently that I searched the BBB site in NV for Credit Protection Depot and the company is out of business. I called the NV Division of Financial Institutions and they informed that no company by the name of Credit Protection Depot, Inc. operates out of NV. She asked that I filed a complaint at www.fid.state.nv.us so they can further investigate. Also, I am not sure what state you are in but file a complaint immediately with the Financial Division against My Cash Now and Bank of America for allowing them to debit your account. You can get proof from the Financial Division that this company is illegal and show it to BOA.

Check out alicat response regarding BOA at Payday Loan Troubles postiing. It appears BOA helped her perhaps she can give you some info.

Hello, World today was my 1st time ever applying for a payday loan i submittED an application with USACASHSERVCES.COM I submitted all the correct info on my application!! Then i call to check the status of my application and i was told my aplication had been rejected because of supiciouses of FRAUD!! I put all the correct information on my application.! I don't no what there talking about!!! I'm glad i found this website i will not take out any cash advances ill borrow from my Mom instead.This website is great!!!!! DO ANY1 KNOW WHY THEY MAY HAVE SAID THIS????

Yes, we saved another one. Good Job Community! And to the guest, no I have no idea why they rejected your application. Consider it a divine intervention for stopping you for making a big mistake.

I am having the exact same trouble with BOA.. not sure what to do.. have sent emails to the executives. In the meantime I'm racking up overdraft fees for the PDLs being returned on this account. Will BOA ever close my account on their own accord? How long will they keep an account open that is the negative? or will the fees just keep piling up?

If BofA closes your account due to significant overdrafts, they will tell you first and try to work out a negotiation. If you can't get it back to a positive balance within their time frame or at least try to get it back so they know you're serious, they will close the account and report you to ChexSystems. Which means you will not be able to open another account for 5 years with any bank that uses ChexSystems. And a lot of them do.

well that's fine with me at this point. I am sick and tired of using banks.. If I can't use one for five years that would be okay with me with the way things have been going. I use Netspend now for my direct deposits.

Department of Financial Institutions and also cc your senators - Reid and Ensign (though Ensign may not do much).

You can also send a letter to the Senate committee on Finance as they are grilling bank executives this week.

These practices by BoA need to be daylighted.

Contact the Executive Chairman and Chief Executive Officer of BOA, Kenneth D. Lewis. Complain about the lack of customer service you are receiving. Fax a letter to him, you can do that free from the net at fax free.com, the corporate headquarters fax. # is: 704-386-6699.

It is your right to revoke any ach debits. Your bank should know the law. Show them this
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]

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