PDL and Bank Early Access Loan Help
Date: Fri, 06/21/2013 - 12:16
I have 2 PDLs Cash Taxi and Red Leaf Lending along with 5/3 Banks Early Access of which is a PDL form of loan that is attached to my
Personal chexking account.
I asked 5/3 bank to allow me to revoke the 2 PDL ACHs but was told I have to pay $35 for a stop check good for 60 days but the PDL can change their amount by only cents and run the debit through. I believe both CDLs are illegal in Ohio based on loans only good for 2 weeks and the interest rate if I understand correctly. The bank also said I ccanot close the account until the early access loan is paid off although Insaid on payday it normally would deduct the balance owed from my direct deposit pay but the 2 PDLs debit and leave the account without funds so i cant pay the early acess because of the PDL debits. They said sorry and nothing they can do. So I have changed my direct deposit pay to another acct with same bank but its a joint acct with my husband hoping that would at least save my pay and I could pay part on each loan and still function but I am not sure that will work because the PDLs threaten they will keep hitting my acct
Any ideas or suggestions?
Thank you
Personal chexking account.
I asked 5/3 bank to allow me to revoke the 2 PDL ACHs but was told I have to pay $35 for a stop check good for 60 days but the PDL can change their amount by only cents and run the debit through. I believe both CDLs are illegal in Ohio based on loans only good for 2 weeks and the interest rate if I understand correctly. The bank also said I ccanot close the account until the early access loan is paid off although Insaid on payday it normally would deduct the balance owed from my direct deposit pay but the 2 PDLs debit and leave the account without funds so i cant pay the early acess because of the PDL debits. They said sorry and nothing they can do. So I have changed my direct deposit pay to another acct with same bank but its a joint acct with my husband hoping that would at least save my pay and I could pay part on each loan and still function but I am not sure that will work because the PDLs threaten they will keep hitting my acct
Any ideas or suggestions?
Thank you
Well for starters, you do not
Well for starters, you do not ask your bank for an ACH revocation. You tell the payday lenders in writing that you revoking ACH rights and then give a copy of this to your bank. The bank must honor this revocation without charge. Were you talking to a branch manager?? Do not discuss this with a teller or personal banker....branch manager only.
