Should I close or change my checking account?
Date: Wed, 07/22/2009 - 07:27
I have paid the face value of these loans two-fold, and am now scheduled to have nearly $800 withdrawn from my checking account. That is more then my paycheck. I need my paycheck to pay my regular bills (car payment, insurance, cell phone).
My question is, what happens if I go to the bank and change my account number? Will they still be able to debit my account? What do I have to tell the bank?
Any help would be greatly appreciated. Trust me, I have learned my payday loan lesson.
Hi there, my suggestion would be to change banks altogether. If
Hi there, my suggestion would be to change banks altogether. If you insist on remaining at the same bank close your current one and open a completely different account. I am moving this to the payday loan help forum so more people will see it.
Please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
Shazzers is right! Close the account at your bank and go to a t
Shazzers is right! Close the account at your bank and go to a totally different bank and open a new account. Do NOT give the PDL companies your new account number!
Fill out and give your current bank a copy of the "revoke ach transactions" letter found in the "do it yourself" section (green tab top of this page). Even though you are closing your account, some banks will still let outstanding transactions pass through, usually for a 2 week period. My old bank was that way. So the revocation letter will cover your butt.
You will also need to send each PDL company the revoke ach transactions letter. I emailed mine, and then backed them up by sending a paper copy via USPS.
Once you have your funds secured at your new bank and the revocations letters in place, call the PDLs and invoke EPPs (Extended Payment Plans).
Can you please list:
PDL loan companies
internet or storefront
original amount borrowed-amount paid back
What state you are in
Some of the PDL companies my not be legal & licensed and therefore you would only owe the original principal amount borrowed with no interest fees. So by listing the above we may be able to help you better.
And just an FYI - if you do close your account and open another.
And just an FYI - if you do close your account and open another...if you EVER take out another PDL (we hope not), be aware that many PDL's share information, so if you provide your new bank account number, chances are, the OLD PDL place may get your new acct number and may try to debit your account.
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