Please walk me through the steps
Date: Mon, 07/04/2011 - 09:25
So I am asking the exact procedures here to accomplish this.
I know that first I need to get to the bank. I have been in the bank before and have had opposition in regards to either closing or blocking a debit. Maybe I am asking for the wrong thing from the bank rep. When asked have I spoken to the companies to stop the debits, I explained that they don't work like that. They continously take money out and at times more than what they were suppose to.
Believe me it would be very simple if I could just close my bank account. However my summer pay for July and August is going into my acct. I wasn't made aware of making changes having to be made by May 15. So mentioning this now is pointless.
But I need to have my account open. The process of getting my money if my account was closed is long and time consuming and will take 10 business days possibly more to get a live check. I can't live without my check as I'm living paycheck to paycheck.
So what exactly do I come in and tell the bank rep? What do I need to show him? What do I ask so that there's only money going in and not out? I will on every payday just withdraw my money and make out money orders or just take the cash and put it into a new acct at a different small bank than Chase which is where all my money goes now.
And after the bank issue is handled and secured, what next? Do I start writing letters to each of the PDL's?
So what do I write and who else do I start to send letters to?
So what's the order of how to proceed?
Any assistance will be most appreciated
Payday lending is prohibited in the State of New York. Thus, you
Payday lending is prohibited in the State of New York. Thus, you'll be liable for paying only the principal balance to them. To know how you can deal with the illegal and unlicensed payday lenders, check out the given page: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html .
Lending of payday loan is not legal in New York. So, you are onl
Lending of payday loan is not legal in New York. So, you are only required to pay the principal amount to your lenders. If you have over paid them, then ask them to return the extra money. You can again request the bank branch manager to put a hard debit check on your account.
Did you talk to the bank manager when you tried to close/block y
Did you talk to the bank manager when you tried to close/block your accounts? I can't imagine they wouldn't at least put your account on "deposit only" status for you. If you provide the names of the PDLS you borrowed from, the amounts of the loans, and how much you've paid back, the people here can better assist you.
In New York State...there is hope...
http://www.debtconsolidationcare.com/paydayloan/ny-contractsign.html
I am in New York. Indeed, you are only liable, morally, for the principle of the money you received. Since the contracts they had you "sign" hold you to a rate that is well over the legal limit for rates on loans in NY, it is null and void, and not enforceable.
Click the link at the top of my post here to read my thread on dealing with NY and PDL's. I had several myself, and was in the same boat, and now I have my life back, and a better understanding of how to budget and do things correctly so PDL's are not necessary to survive.
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So what exactly do I come in and tell the bank rep? What do I need to show him? What do I ask so that there's only money going in and not out? I will on every payday just withdraw my money and make out money orders or just take the cash and put it into a new acct at a different small bank than Chase which is where all my money goes now. |
I was lucky and got mine done over the phone, and caught it before my next check went in. My bank experience was surprisingly smooth. What I would do is go to your branch, and ask to speak to the Branch Manager. The number one person in charge there...not a teller or Assistant. The main person. Tell that person that you are being illegally debited by companies and need to ensure the account is marked to only allow deposits, but NOT to allow ACH transactions or electronic check writing. They CAN do this....some might fight it, but it can be done. It would be much easier if you could just close your account. I would think that your HR department would be able to assist better than they are, considering the circumstances.
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And after the bank issue is handled and secured, what next? Do I start writing letters to each of the PDL's? |
I address this in my thread. I sent each PDL company emails to begin to every email address I had for them. If you have real mail addresses, send them paper copies Certified Mail. Feel free to use the verbiage I have in my thread. It's written for NY State. Just be sure to change the names and addresses and companies :)
Seriously...read my thread. I had 8 or 9 PDL's, and really only hear from one of them now, and it's just a sporadic phone call. There is hope....I owe the success of getting out of the fire to this website...so I want to share it with anyone from NY I see posting...
Mike W.
Thank you so far to those answering my questions. Some people ha
Thank you so far to those answering my questions. Some people have asked me to post my PDL's, original amounts and how much I've paid so far. So here it is...
My cash now 350/523.00
Discount Advance 450/414.23
CCS 400/350.00
Sure Advance 400/1,008.00
Bottom Dollar 400/1,478.00 - This company debited 414.00 out my bank acct last week and when they were suppose to take $164. The company said it was a computer glitch, asked me to send my bank statement showing the amount, so far they've done nothing and my bank is of no help, I complained to them when it appeared as a pending ACH debit. I think they could have blocked it, but the next day the bank paid them the amount. To add insult to injury, this PDL has the nerve to say that I still owe $50 on 7/15
Anasazi 300/180.00
Arrowhead 300/45
Western Sky 500/95.63
Archway 100/60.00
Eastside 200/60
Cash Express/Gov Emp Credit 500/132.50
These other ones I havent made payments yet, they are the newest ones
Yellowdale 200
Loan Point USA 400
Plain Green 800
Fast Cash 150
If anyone can help me find the addresses to these places, it would really help.
I am going to try a different Chase branch today and see if they can do something with my account before next Friday when I have my direct deposit come in. I hope to god it works!
Bottom Line - Close Your Account!!!
About two years ago, I was in Payday Loan He!! It wasn't until I closed my bank account and opened a new one, that my new life began. What a wonderful feeling to be in control of your paycheck and money. Payday was always so stressful; and now I look forward to it. I was so thankful when I found this site. When it came to working with the legal lenders (those that were storefronts), I worked out extended payment plans with them. For all of the internet loans, if I over paid them, they never saw another dime from me. So, listen to someone who at one time had 10+ loans; there is life after the payday loan cycle. Close your account and open a new one.
I went to the bank today and explained my situation. The gentlem
I went to the bank today and explained my situation. The gentleman did not even know what a payday loan was. I had to explain. I also had to stress that the PDL companies was taking all my money, one company even took out more than what they were suppose to. I tried to explain that these companies dont respond to when you try to withdraw an ACH authorization.
To make a long story short, Chase could not convert my acct to a deposit only, he said they don't do that. So then I asked if there was a way to block or prevent any ACH debits/withdrawals. He even got on the phone with someone in a higher office and they explained to him that unless fraud was being committed then they could put the acct on a restrictive basis. He was like since I had a previous relationship with these companies then it couldn't be considered fraud.
I even tried to explain to this guy that, my direct deposit for my summer checks until August 31 has to go into my acct. I explained to him that HR for my job with the city will not change the info. He even suggested that I keep very small amounts in my acct and I explained that they companies already take my money as soon as it goes in the acct. There is chance of withdrawing my whole check in time! And even if I did keep small amounts in the acct, these PDL's would have me in the negative immediately.
So I said well I heard of people doing a block or a hard debit block and he said that Chase doesn't do that. So out of frustration and feeling defeated, I closed my acct today. Now it will be a nightmare to get my money.
As for my other acct with Chase, I pointed out that My Cash Now and Discount Advances took money out my acct and put it in the negative. I showed the man this and I asked him, how could Chase give these companies money if there was no money in the acct? He said it was done as a courtesy. Yeah a courtesy of $355 including NSF's! And I told him that they will try and debit this acct next week if its not closed or blocked, so he says they won't be able to receive funds on a negative balance acct. And I was like really? So what happened last week?
Thanks Chase for nothing which is why I opened up a new acct at a different bank a smaller community one! But I didn't tell the banker this when he offered to open up a new acct for me....simply furious is what I'm feeling now!
I would pursue this further, if I were you. You need to talk to
I would pursue this further, if I were you. You need to talk to the branch manager.
Your account DID have fraudulent activity, for one. Because these companies are doing business illegally, not licensed and taking the wrong amounts of money out, that's fraud.
Second, do you recall being sent anything regarding Regulation E? Recently, new regulations were put in place to prevent the "courtesy" overdraft. By law, you now have to opt in to this "service." If you didn't, and your bank paid it and charged you for it, they're in big trouble.