Banks, freezes, and ACH holds question
Date: Thu, 07/23/2009 - 09:23
Just read the part about needing to notify the bank 3 business days prior to an ACH debit to place a hold on it (Fed Reg.) -
Now... does that time frame apply if I'm going to do a fraud hold, freeze, deposit-only restriction, or whatever's decided on my account to prevent pdl bleeding? Most of my ipdl debits are scheduled for Wed. (7/29), and I was planning to talk to my bank on Mon. (7/27) to get things rolling.
Here's my post with the full info of my situation:
http://www.debtconsolidationcare.com/paydayloan/northwayfinancial-magnumcashadvance.html
Thanks in advance!
not totally sure....at my bank a fraud hold is immedate. Call
not totally sure....at my bank a fraud hold is immedate.
Call your bank and ask them if you put a fraud hold, freeze, deposit only restriction on your account how long it takes to go into effect. I have found that banks have different policies.
Yes! However it is encouraged to secure your account before you
Yes! However it is encouraged to secure your account before you notify the PDL. If you are dealing with Illegal lenders they may try and debit the account upon notification of the ACH revocation request.
Read HERE for more information regarding this matter.
I screwed up and send the payday loan companies a letter to revo
I screwed up and send the payday loan companies a letter to revoke ach agreement first. 7 of the 9 loan companies all debited my account at the same time. The loans were not due for payment for another week. That didnt matter. They debited the full amount owed.
I am sorry to hear that. This happens when dealing with alot of
I am sorry to hear that. This happens when dealing with alot of Illegal lenders. An ACH revocation can trigger them to debit your account unauthorized. :(
Read below concerning your rights to ACH revocation.
[quote]
Electronic Funds Transfer Act
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e]
[/quote]
@Cool Abyss- Don't worry - securing my acct. is #1 on my list o
@Cool Abyss-
Don't worry - securing my acct. is #1 on my list of things to do. Unfortunately, it'll be Mon. before I can do it (work schedule).