CAn Someone Tell me What this means?
Date: Wed, 03/31/2010 - 10:53
I have a restraint on my checking account, a pdl tried to send in payment and I can see it on my account but it has yet to clear. When I contacted the bank this is the response
Subject: Re: Checking Acct Inquiry (personal info deleted for your safety - Jason
Date: 03/31/2010
Thank you for contacting HSBC Bank USA, N.A., the world's local bank.
At the time of this correspondence, there is a block placed on the
account. When an automatic payment is set up, the payment will be
processed irrespective of the restraint placed on the account.
So this means they will pay it anyways?
You'd probably better contact the bank and make sure; that's wha
You'd probably better contact the bank and make sure; that's what it looks like to me, but I could be wrong. (talk to someone as high up the chain of commmand at the bank as you can get)
it seems that way to me, too. but ach can be revoked anytime, i
it seems that way to me, too. but ach can be revoked anytime, i would call corporate.
ACH revocations are done by sending something in writing to the
ACH revocations are done by sending something in writing to the lender, not by putting a stop payment on. What this means is you send a revocation letter and hope the lender stops debiting. Believe it or not, a lot do. But if someone debits anyway you take your copy of the letter to the bank immediately and fill out a fraud affidavit (because of the now unauthorized debit). Then the bank has to contact the federal reserve to get the money credited back to your account. Since banks love their NSF fees they'll give you a hard time, but if you stick to your guns eventually you will win.
Your financial institution is responsible for honoring your revo
Your financial institution is responsible for honoring your revocation, but first you must notify the lender in writing, take a copy of the revocation to your bank.
[QUOTE]?? 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.[/QUOTE]
