Incorporated Business Account
Date: Tue, 01/25/2011 - 12:09
I currently have two internet payday loans, one with Loan Point USA for $600 that I have more than paid back in interest and another with Ideal Gelt for $750. I took these loans out in my personal name and, like a fool, linked them to my Corporation's Business Account, as that was my only bank account. Now I am in a MUCH worse position as interest fees are being taken out every week and causing NSF fees to stack up, as Compass Bank will continue paying these debits whether the money is in the account or not because of it being a business account. That helps Compass get their truck loads of money out of their customers as Compass Bank is known for their shady processing methods, but that's another issue. I am to the point now that I can't afford necessary supplies for my business, pay the rent to keep it open, or even pay my taxes! This, combined with current economic factors, is making it where my business is on the verge of sinking. There is a moral obligation to repay loans, but if I don't find a way soon to hold them off from taking out of this account, my business will not be around much longer. And since every penny I make goes into this account before I can have access to it, by the time I pay these sharks every week and the resulting NSF fees, there is no money left to even draw a paycheck to help my family survive. Is there a way I can dispute this with my bank or get them to stop paying these charges? If so, what point(s) should I argue with my bank, as Compass rarely helps their customers without some arguement. If anyone has any reliable knowledge on this matter, PLEASE HELP!! Thank you in advance
You can place a hard debit block on that account by contacting t
You can place a hard debit block on that account by contacting the bank manager. This may help you stopping Compass Bank from taking out money from your account.