Bank help!
Date: Wed, 02/22/2006 - 15:07
I am one of those sould who has payday loan upon payday loan. Irecently have gone with debt consolidation and feel that there finally light at the end of this tunnel. I opened a new account at a new back, and for the first time in a year, have made it a month paying bills and maintaining a postive balance.
my problem is Washington Mutual: I am 2300.00 overdrawn becuase the payday loan companies conitue to hit my account. Every day, WAMU charges me 25.00 5x - 125.00 a day. I cant put stoppayments on the payday loan people, cause they keep changing the amount. Wamu will not close the account while it is in negative balance...even if i had 2300 sitting around, the second i deposit it, it would be gone to the payday loan companies..... WAMU will not change the account number..(why would they? they make 125.00 a day on me). i told them i would be happy to begin apyments to them immediately if they would only change account numbers or clsoe the account - they will not do either.
I need some serious advise....please help me - i see no solution right now
If I had been in this situation, my understanding is that I am n
If I had been in this situation, my understanding is that I am not able to save any money because the charges are growing from both ends. WAMU is unshaken and payday loan companies are making debits with different amounts.
If I have understood it in the right way, I will suggest you to take the help of your bank. Tell them to block the ID code of all the payday loan companies. If the code gets blocked, the company won't be able to make debits with different amounts. This way, you have stopped the payday lenders from taking your money out. Negotiate with WAMU and pay them off. Get your consolidation company work with the payday lenders.
Please let me if I understood your situation correctly.
yes, you did understand
But WAMU is maintaining that they can and will do nothing - the only way to do a stop payment is to have thecomapny name and the amount of moeny you are stopping.
the Payday companies are oily - they change the amount for this very reason...so you can spend 18.00 on a stop payment, but if the amount changes, even by a penny, it won't get stopped.
any other suggestions?
You can't stop the debits on different amounts when you are putt
You can't stop the debits on different amounts when you are putting a stop payment. But if the bank blocks the ID code of the company, no debits can be made in anyway and even with different amounts. This has been successful with many people here. Talk to your bank and they will assist you in this matter.
Your bank has it. Basically, all banks allot an ID for the compa
Your bank has it. Basically, all banks allot an ID for the company in their system that does the transactions with them. After you have requested them, they will look into their system and block the code. Now, the blocked company won't be able to make any sort of debits.
another question
has anyone ever had their bank account closed by the bank? WAMU said if I don't have a postive balance by 3/11 they will close my account and refer me to collections AND that it will be reported to check systems???? Apparently check systems means it stays on your credit report for 5 years and you cannot open anew account.......has anyone had this happen and can you offer me any advise???
Yes, the bank can close the account based on its own policies an
Yes, the bank can close the account based on its own policies and procedures. Due to numerous overdrafts, they can close the account 'with cause'. This implies that you have turned from a valued customer to a liability.
These procedures are according to the Fair Credit Reporting Act. Negative information will stay in the chexsystem for five years and opening a new account might become tougher. Paying off the debt will be a sensible move.
i will never be able to get 2300.00 before march 11th. I alre
i will never be able to get 2300.00 before march 11th.
I already have a new bank account, so i guess it could be worse..
they are currently taking 125.00/day in NSFs...how can that be a liabilty? they are making a killing off me right now
Have you considered talking to a debt counselor? Take profession
Have you considered talking to a debt counselor? Take professional help and discuss the matter with the consultant. Don't let it worsen further. In the meantime, I will also suggest you to go through the contract thoroughly.