Bank refuses to revoke ACH
Date: Thu, 04/18/2013 - 09:39
They have to revoke ACH.
They have to revoke ACH. Talk to a branch manager, not a teller. It is federal law!!
ACH revocation is Federal Law
ACH revocation is Federal Law...REG E, which is part of the FDIC!!!
http://www.fdic.gov/regulations/laws...fdic6500205.10
§ 205.10 Preauthorized transfers.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
You do not have to pay a stop payment fee. If you notify the creditor that you are revoking ACH priveleges, your bank should cover you. Go into the branch and ask to speak to a bank manager and hand deliver a copy of the ACH revocation you sent.
It was the bank manager i
It was the bank manager i spoke too. She tried to claim they can't stop payment or revoke ACH or even change my account to deposit only because i willingly gave these lenders NY account information so they have every right to access my account. I'll be opening a new account elsewhere ..i just hope these pdl companies don't try to take money out before my account closes..i already sent them ACH revocation letters via email as the thread stickied in this forum said to do.
This bank is in the wrong - I
This bank is in the wrong - I would print out the language in Reg E that gives you the right to revoke ACH and highlight it, attach it to copies of the ACH revocation letters and go back to the bank and hand to the bank manager. Maybe she needs a refresher course. Ask her to please add it to your file so that you can have any ACH's the allow to go through reversed.
It is REG E of the FDIC..
It is REG E of the FDIC...banking law. Look at this thread
http://www.debtconsolidationcare.com/paydayloan/federalregulationsconcerning-achrevocation.html
Print the thread and march back down to your bank. If the manager refuses, tell her to get the district manager on the phone. She will have him on her cell phone....the one the bank provided. Dont let her try to tell you that he cannot be reach.
What bank is it?? Can you go into another branch???
It's really sad
It's really sad that some of the banks and the people running them that we entrust our money with don't have a clue what the regulations say. (Sorry to hijack the thread)
yup, it is sad that the
yup, it is sad that the managers are not being trained properly, especially in this day and age of ID theft and accounts being compromised.
A lot of these branch
A lot of these branch managers are extremely underqualified... It's becoming a job for people who have random business degrees and can't find anything else. They don't know much about banking in general and the ones who do are usually sent elsewhere in the company. When I used to work for the bank the managers I saw when I was in the field were all sales experts not bank experts. The back room of most banks have goals up like "8 new HELOC this month" etc
Here's an update: my account
Here's an update: my account is now overdrawn almost $400 sad considering it was in the positive when i tried to revoke ACH. Also i just got an email telling me my account is overdrawn, i guess my bank didn't close my account like they said they would. I'll be damned if i got to eat these overdraft charges and what not because the bank wouldn't listen nor would these lenders listen or abide by the ACH revocations i sent them.
Might be time
It might be time to get the state banking commission/financing authority for your state involved if the bank refused your request.
You have the right to revoke
You have the right to revoke ANY ACH transaction - legal or otherwise pursuant to Reg E of the Electronic Funds Transfer Act. See this link
http://www.wisegeek.com/what-is-the-electronic-funds-transfer-act.htm#did-you-know
You need to go back to the branch with a copy of Reg E and copies of the ACH revocations you sent to the PDL companies and DEMAND they reverse the ACH charges they allowed along with all subsequent NSF fees that were caused by their incompetence. If they refuse to follow federal law, contact your state Attorney General and Banking Commission and get them involved. It is obvious they do not understand federal law. It's your account, you have rights to control your account and they cannot tell you you cannot place a stop payment on ACH transactions.