closing bank account/wage assignment cease letters?
Date: Mon, 04/06/2009 - 08:57
Steps we've taken:
1. Given names of PDL companies and exact amounts of ACH's to be debited from each of our account and blocked them
2. found out that even if we close our accounts, PDL company can still give a diff amount or change company name to get money and account will open.
3. Opened a new bank account at Bank of America
Questions:
1. With my husband's account in the slight negative and him getting paid on 4/10, we need the money to go into the account so we can pay overdue rent/bills. We will transfer the automatic paycheck deposit into our new account which the PDLC can't touch.
2. I'm planning on doing the same thing -- closing our joint account (where my paycheck will go in on 4/15)
BIG QUESTION:
1. Should I send the Wage Assignment Cease letters now to the PDL companies even if we can't close our bank accounts until 4/10 and 4/15?
**My fear is they'll keep trying to enter the closed account and get us overdrafted***
2. How do I deal with a legal payday loan company (and since CSO's are legal in FL -- how do I find out what mine are?) vs. an illegal PDLC?
I just don't know what to do next....and have looked here but can't find these answers...
Thanks!!!!!
Jen :shock:
Blocking only the names and amounts will not do very much. Thes
Blocking only the names and amounts will not do very much. These pdls will simply use another name , or change the amounts. As long as your account is open they will stop at nothing to get your money.
Either get a hard block on the entire account or close it asap
I know that but I have to have the money deposited first. Do I s
I know that but I have to have the money deposited first. Do I send the wage cease letters now or wait until the accounts are closed?
this is where my bank (td bank) messed up.. a hard block will al
this is where my bank (td bank) messed up.. a hard block will allow the paycheck to come in, it will just take a day longer. i was told otherwise and ended up paying the (in my case) Illegal lenders even more money..
on a block it will accept deposits, it will just hold them for 24 hours.. after mine was badly messed up this was explained to me by my bank's corporate office.
what you need to know before you close your account
what you need to know before you close your account
Okay first BoA can be hard to work with. Even if you close the a
Okay first BoA can be hard to work with. Even if you close the account when the ACH hit they will open it back up.
You have to be clear that it is to close and not reopen.
Many posters here have had major problems with them. The only way that some were able to get help was to file a complaint. My best advice to you is to speak directly to a bank manager. Do not take no for an answer.
You have the legal right to revoke any ACH three days before it is due to post. Write up your letters to the illegal PDLs. You can find an example here. Scroll to the 13th post to find it. Change the information on the letter to reflect your information and state laws. The letter includes the ACH revocation and wage assignement revocation statements.
Take them to the bank with the federal law that states you can revoke the ACH. You can find that here under 3(c).
Tell the bank manager that you have been dealing with these illegal lenders and although you have sent them those letters they are still debiting your account illegally and you want it closed down to stop them. You want it frozen solid. No ACH withdrawls what so ever from any company.
Do not take no from an answer. Demand they close it. It is your right and if they don't you are going to report them. Be ready for them to deny your request and give you the run around. Stand your ground.
BoA are horrible when it comes to these things.
If you want to open a new account with them then that is your right but I suggest you find a new bank.
After the account is frozen/closed then send out the letters to the PDLs.
If you send the letter before your account is closed they will debt many times each and for all kinds of amounts.
For the legal lenders. Once you account is secure you can make payment arrangments with them.
For the illegal lenders you only owe what you borrowed. Any fees or rollover charges go toward that amount.
BofA policies on changing joint account to trust account
My husband changed our joint checking account at BofA without my signature. He changed it to a trust account and BoA went ahead a did the change without my signature or knowledge. is this legal?