need help with payday loans

I had the same problem - I put a stop payment on all the automatic withdrawals from my accountand put a deposit only/credit only on the account. I checked my account this morning and there was a minus $2513!! I called the bank this morning and the rep said that when the bank does the closings tonight they will do the stop payments and my account will go back to the -500. Whew and I told the rep I went into the bank to do deposit only thing she said it didn't show but she put in this morning - maybe you should call your bank and do the stop payment thing I didn't get the charge for this. I am also going with T & C and they will start process on Monday after receiving the fee. I also changed bank accounts and will be getting a paper check for awhile until these payday loans stop calling or T&C takes care of them!! Hope this helps...

what bank do you have? i didnt tell them to do a deposit/credit thing only when i closed my account so i dont know how much they can help me. My direct deposit went through from work so i dont know what they can do. can they still do a stop payment after the payments have went through?

fka22

You need to talk to your financial instition regarding the payday loans that went through after closing your account. They will accept deposits on that acccount, usually being your direct deposit, but will ask you which checks you would like to clear. It was their fault. Call them and ask to speak with a manager.

It appears, that if the payday loans have already been paid, all that can be offered is an apology. Perhaps, T&C can accept partial payments. Don't let this little bump in the road scare you. It's just a bump, and at least you have one less payday loan to worry about.

Everything will pan out. Keep your head high!

Regards-
Mike

Mikey is right. Your bank has to correct this error. The account was closed and once an account is closed, nothing is suppose to hit the account. Go straight to the branch manager of your bank, explain what has happened and request the funds be reversed.

thanks for the advice. i will go and talk to the bank after work or try and call them during my lunch hour. i just hope i get the money back because i really need it to setup debt consolidation with T&C and also pay for other bills.

Deleted by PDL Associate

[quote=(Tammy)]The account was closed and once an account is closed, nothing is suppose to hit the account.[/quote]

Well Tammy, I also want to add that if you close an account and having pending checks, you're suppose to have the funds in there to cover those checks.

But usually, the financial institution will ask you what pending checks do you have that need to be covered (and that you want to clear.) All the other checks will be sent back with "account closed".

It's the same with credit card accounts. You can't close your credit card account on the day you use it last, and not expect to be charged for the merchandise when it goes through 48 hours later.

She's stuck paying that payday loan, however if there were any NSF incurred, perhaps those can be taken care of.

Regards-
Mike

my direct deposit is going to be reversed though because i asked payroll earlier this week that i wanted a papercheck so now im not sure what to do. should i tell payroll that the bank account opened back up and to cancel the reversal? or should i let it happen and have a negative balance? i really do need that money right now. especialy to start debt consolidation with T&C.

That is a true and vaild point Mikey. I had forgotten about if there were any other pending checks/debits that funds had to be available for this.

When I called my bank and told them the situation that I was having they were very understanding and didn't charge my anything for doing the stop payments.

fka, site down with your bank and explain what is going on, perhaps they will waive the nsf fees aor you can make arrangements to pay them back.. typically banks will not close a negative account either, but they may be willing to work with you, sit down and talk to your bank manager

i already went in and tried talking to them. all i can really do is put stop payments and then pay $20 per item. how would i go about ensuring theres no future debits?

I stopped payment on all my automatic withdrawals ( i had 17 auatomatic withdrawals paydays and a couple of other items - the payday loans and my bank did b=not charge me thank goodness. I then wenet to the bankand asked to have a deposit only put on my account - I found out this morning that didn't work because my account was overdrawn $2500. When I called the bank this morning the rep said that the balance will go back to the negative $500 after the bank does their accounting tonight and find out that there are stop payments on the account. My bank there is 6 months on stop payment. The rep also put the credit/deposit only on my account. I did bank with Bank of America I have a new checking account at another bank. Stupid me told one of the payday loans the new checking account number - guess I need to tell the bank to stop payment on that one?