Need to stop ACHs so I can get out of this mess
Date: Tue, 06/23/2009 - 17:14
CashNetUSA ($300)
MyPayDayLoan.com ($600)
East Side Lenders ($1000)
I have every intention of paying these off, but I can't have them keep taking the money out of my bank account. I'm in CA.
My questions are:
1) Even if the contract states that I can't revoke the ACH authorization, can I still do so?
2) My understanding is that I revoke the ACH authorization, close the bank account and reopen a new one? Is that correct?
3) What are the possible consequences of doing so? Just collections? How can I tell if they can (or will) garnish my wages?
Thanks,
Wil
1) Whether you can revoke an ACH is a matter of federal law and
1) Whether you can revoke an ACH is a matter of federal law and NACHA rules. The contract doesn't trump federal law.
2) That's best. These guys didn't care about the law when they made you the loan. Don't count on them to curl up and hide when you send the revocation. The revocation letter is YOUR proof that the debits were unauthorized if they get into your new account and you have to file fraud affidavits with your bank.
CashNetUSA is licensed but as a matter of policy they don't sue or even use arbitration. They sell the debt after a year or so, though, so no guarantees what the buyer will do. The others aren't licensed. They'll huff and they'll puff but won't take legal action.
I should have put a #3 right before "CashNetUSA" to make clear t
I should have put a #3 right before "CashNetUSA" to make clear that goes with your 3rd qustion.
So, if I understand correctly, because the other two loaned more
So, if I understand correctly, because the other two loaned more than $300 or aren't licensed, the loans were illegal? I see a way out of this then, I'm going to check with the department of corporations and my bank and see if I can't get this stopped. Unfortunately my payday is on Tuesday so I don't know if I'll have enough time.
You can have your bank put a freeze/hold on your account so noth
You can have your bank put a freeze/hold on your account so nothing can be taken out. Open another account...if your paycheck on Tuesday goes into the old account, the bank can either transfer it to your new account or lift the hold so you can take the money out yourself. Once your direct deposit successfully goes into your new account, close the old one.
Ok, that's a fantastic idea. I'll talk to the bank today, I'm wa
Ok, that's a fantastic idea. I'll talk to the bank today, I'm waiting to hear back from DFI to verify the other two loans are illegal. CashNet I think I can deal with, it's not due until my other payday and they don't behave like these other two have
I don't think Eastside Lenders is legal...do a search on this si
I don't think Eastside Lenders is legal...do a search on this site (upper right) for your other 2 PDL's...I'm sure you'll find a ton of stuff about them.
my bank will not stop my ACH debits. They said that they can onl
my bank will not stop my ACH debits. They said that they can only "block" or "freeze" my account or any debits if they have a court order. they won't even put me on "deposit only", despite me begging them to do so so that I don't rack up returned item charges every time they attempt a debit. i can't close my account with a negative balance (which I have because of the multiple debits the payday loan companies have attempted that racked up over $1000 in return item fees from my bank). my bank manager said i have to continue to let them attempt to debit my account & continue to rack up returned debit charges even though I revoked my permission, and when I can afford to pay all of the return item fees (which will be thousands by then) then I can close my account. i have spoken to several people at my bank and they basically say "hang in there" or "my heart bleeds for you" and tell me until i can pay all these fees to close my account there is nothing they can do. the manager even suggested i take out ANOTHER payday loan to pay the bank charges to close my account! i feel broken and hopeless over this. i hope it works out better for you, because I'm screwed.
DFI in CA says MyPayDayLoan.com is licensed in CA, but I'm not s
DFI in CA says MyPayDayLoan.com is licensed in CA, but I'm not sure it's the *same* one that is based in Costa Rica. I'm going to do some research I need to close that account ASAP
Time to Switch
Desparate times bring about desparate measures...go to another bank and open up a new account.
I went to another bank, opened up another account, and faxed the information on the new account to my employer all at the same time.
Until you bank charges you off, or you are listed negatively in the Chexs system you can open acccounts all over town.
The people you bank with sound as predatory as the PDL people that are preying on you. Go get another account, janeg, and I wish you the best of luck
I would push the bank. I would keep going higher and higher up t
I would push the bank. I would keep going higher and higher up the chain of command (manager, than corporate, etc.) Tell them this is a fraud situation and demand your account to be blocked. I do not know if these loans are legal or what your state laws are concerning bank accounts but if it were me, I would keep going higher up.
PNC did that to me, I had almost $1,000.00 in overdraft fees and was reported to chex systems.
I manage a bank and what your bank said to you is BS. At your r
I manage a bank and what your bank said to you is BS. At your request they MUST close your account--tell them there has been fraud on your account and that you will work out a payment plan with them once it is closed. I agree with going higher and higher up the chain of command...even the president to get this done as quickly as possible. They will probably report you to chexsystems once they close it, so open a new account elsewhere immediately. Once they have your account closed they should be able to work with you on repaying the money. Send them a set amount each month and they will be happy. Hope this helps
Journeesmom You are correct,you can open a new account, but as
Journeesmom
You are correct,you can open a new account, but as soon as your new bank does a sweep and finds you in chex system, they will close your account. You will not be able to open another one. You need to arrangements to pay the bank the over draft amount.
Desperate times do not call for running out on obligations, but rather making affordable arrangements to take care of them.
@"Rivetgeek" Get your own name, douchbag or at least stop b
@"Rivetgeek"
Get your own name, douchbag or at least stop being such a whiny pathetic pansy with mine.
-The original Rivetgeek.