I'm Still Confused

The agreements are not binding and they are not entitled to anything anytime. YOu are paying them back at your convenience as you should morally return what was deposited into your account.

What do I do then? I can't close my bank account or I won't be able to get my money out of my bank account Friday.

I was born and raised in NY and still live there some parts of the year... are you upstate, in the city, or on the island?? Who is your bank? You should have sent ACH revocation letters to these lenders and given a copy to your bank. Your bank MUST revoke their payments under reg E of the FDIC.

I live in the southern tier like five mins from the PA border. My bank is Community Bank NA. I haven't sent anybody anything or gone to my bank yet. Like I said this is all very confusing for me. I guess I just still don't understand how I can just not pay them. I mean....I borrowed money from them I want to at least pay that back; I just can't at the moment. So I'm supposed to send them all an email saying they no longer are allowed access to my bank account and I'll pay them the amount that I borrowed when I can? Do I pay the service fee or just the original amount they sent me? How do I pay them if I won't let them take it from my account. My brain feels like it's going to pop.:(

Because in our state any loan with an interest rate over 16% is null and void and therefore unenforceable. Payday loans themselves are also specifically illegal. You pay them back what was deposited into your account at your convenience on your own schedule. So if that is 10 dollars a week so be it.

You owe them principal only, no fees, no interest. Read the link out illegal lenders in my signature line, it gives you all the information you need to know. Add up all your payments so far, subtract them from the amount borrowed...that is how much you owe, if anything. Anything owed to them should be paid by money order thru the mail. Do the ach and wage assignment revocations and close your bank account.

You will probably get emails from then trying to confuse you. And STAY OFF THE PHONE!!!!

Thanks guys....I'll give it a shot....I'll post back with my progress or anymore questions.

No! DOn't give it a shot, do it! You are in the right here and you will win once you convince them you know the laws.

In the breakroom in the old department I worked in the boss had the Yoda quote "There is no try, only do" --- think of that :)

My bank refuses to do the ACH revocation and to close my account. They won't switch it to deposit only either. I have a negative balance so they won't close the account and I'm on a payment recovery plan. They say that I authorized the payments so there's nothing they can do about it. They say that Reg E only applies to UNauthorized things. They're saying I'm stuck and i'm SoL. What do I do now. I've already emailed the lenders saying that the ACH has been revoked. I'm freaking out. They said they'll put a stop payment on it for 60 days but they'd be 30$ each. I'm really really freaking out.

Your bank is bullshitting you... YOU DECIDE What is authorized and what is not. The second YOU say something is UNAUTHORIZED reg E applies. This is why I am quitting the financial industry when I get my masters.

Bank of America said this to me as we'll. because I signed a paper I authorized it and they couldn't do fraud or the ach thing. I had to do TWO stop payments, which cost $30. BofA sucks balls!! I just get intimidated easily with this type of stuff. Arg...it's like the payday loans and the big banks ate working together...

Quote:

So what do I do now? I called the FDIC and they sent me over to OCC and the OCC says to file a complaint against the bank. So I just have to let the lenders put me further in debt and have an insane negative balance on my bank account? It's already negative 400$'s.....Is there some technical term I can throw at the bank to get them to do the ACH revocation? My bank was extremely rude to me when I went in and asked them to do this. I don't relish the thought of walking back in there just to deal with the same uncooperative attitude. I'm already not going to get a paycheck this week because of all of this; and my landlord says if I don't pay him on time to consider it my 30 day notice.

Get a paper check

The technical term is that you revoked ACH authorization and that they are failing to follow regulation E. Do you know of another brach nearby? I've heard of some members getting better luck going to another branch.

All of the other local branches say that I have to do anything like that at the main branch where I opened the account. I'm to the point where it doesn't much matter anyway. I'm too far in debt to pull myself out myself without financial help. I can't get a real loan anywhere because I'm in debt. Nobody will help me and I'm unbelievably despondent. I'm just giving up. Thanks for the help with the payday loans guys. Good luck to you all. Hopefully things work out better for you all than they have for me.

BOA said the same to me. The manager actually recommended that I let them write off the account and have them report it to Chexsytems; so that is what I have decided to do.

I then opened a bank at TD (the smaller ones wouldn't take me) and rerouted everything there. I had to get a paper check and go to, ironically, a storefront check cashing/payday loan shop to cash my check. I paid $30, but places like Wal Mart wouldn't cash it due to the amount and me having no past check cashing experience with them.

It worked, and after one snafu I am still trying to work out (a side job deposited into my BOA account); but other then that, it was about a 3 hour pain in the tuckus, but that was it. So worth it to have that first, and now second, paycheck back!

This is disgusting... if this were me I'd be pounding the doors of the banks corporate office down...