Drowning in NY
Date: Sun, 07/03/2011 - 23:16
I have more than 10 payday loans out. And yes, I am embarrassed, but its not like I took the money to go on vacation I needed them to pay bills and keep food on the table.
Here is my experience. Some of my PDL's with all the fees and interest, I know I've paid more than the original amount given. Some others with all the fees and interest paid up are just about close to the original amount given.
With all the fees my entire check basically goes to pay the fees on these PDL's so now my rent and other pertinent bills are suffering.
I have 2 bank accounts with Chase. Last week, I went to speak with someone about closing one of the accounts. He said that he would close it once my pending debit transactions i.e. grocery shopping would post to the account. But he did however transfer my money from one account to the other. So on paper this acct showed a zero balance. But just as the bank rep, waited for these debits to clear, 2 PDL's - My Cash Now and Discount Advances debited my account causing my account to go in the negative and my bank hit me with 3 NSF's each costing $34 each. Now had this rep close my account when I asked him to, I would not be negative with this acct.
I am upset at that but mostly I am upset about the following and need some advice.
My other account for Chase, is where my paycheck is direct deposited. I so badly want to close this other acct but my paycheck goes directly in there. I'm a teacher and I asked my payroll dept if they could give me a live check and they said that I couldn't stop my direct deposit because all the paychecks for the summer have been done. I would have to wait to September to make the changes.
So if I did close my acct, my employer would have to wait 3 days or so to realize that the direct deposit of my check didn't go through. Then I would have to call them and wait for them to issue a paper or live check. The whole process could take 10 business days.
So I need to be able to have my acct open so that my summer checks - July 15, July 29, August 15 and August 31 go through.
So is there anyway that I can request the bank to block these companies from continously taking money out?
Do I say it is fraud? One PDL said that $164 fee will come out my acct and they debited $414. When I reported it to the bank rep, he said that it was pending and I should see what the company does. I contacted the company and they blamed it on a computer glitch. They also said that I would need to fax them a copy of my bank statement showing that the amount was indeed taken out. I faxed it on Friday, so I'm awaiting what they plan to do. The company is bottom dollar payday.
I feel that if the bank rep investigated the issue with bottom dollar when I told him they debited the wrong amount, this wouldn't have happened. Its like everyone is waiting for the other person to do something first before taking care of the issue.
I had other unauthorized debits to my account as well not from PDL's.
What should I tell this bank rep? Can I have my account accept only deposits like my check until I can close this account for good?
I just want to have my account back, it feels like I'm in quicksand getting no where. Advice please.
You may discuss with your bank rep about putting a freeze on you
You may discuss with your bank rep about putting a freeze on your bank account. That way, only check and cash deposits will be allowed, but it will restrict any withdrawal from your account. Your pay check can still be deposited directly to your account, but the lenders can't get your account debited any more.
reply
So can my bank freeze my account? Can I just tell them I only want my money going in? Will I be able to go to the bank and withdraw my own money to like pay my rent and bills? I will just withdraw my check and only leave $10 in there.
When I went in last week to ask that my account be closed, I felt like I was being interrogated on how to deal with my own money. The bank rep at the bank sat me down, pulled up my accts and wanted to know why I wanted to close it. I tried to explain without getiing into so much details that I had companies taking out money via ACH and I wanted it to stop. He looked at might acct and said "you're busy." I didn't appreciate the comment but I said nothing. He asked if I tried to call the companies to ask them to stop and I tried to explain that they don't operate that way, they just debit and apparently they debit and take incorrect amounts as well.
Should I ask to speak to a different rep at the bank? Or does it really matter?
Should I bring in the laws stating that payday lending is illegal? Should I bring in an aresenal of paperwork to prove to the bank that I mean business? I've had this account for 6 years, always had direct deposit and never a problem - doesn't that count for something?
Isn't it my right to handle my account accordingly? I can't pay my bills and its like I've got no help.
the manager
you should see the manager and nobody else.yes if it helps bring in any papers you think will get this done,but again see the manager.if your account is negative the manager will put the account on DEPOSITS ONLY status so it can be bought back to even then close it.if it isn't negative they will discuss options for closing the account,but only they can do that not a rep.
