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I hate my bank!!!

Date: Tue, 03/21/2006 - 12:54

Submitted by iloveteaching
on Tue, 03/21/2006 - 12:54

Posts: 150 Credits: [Donate]

Total Replies: 29


So today I was off work and I took all the great advice you guys have given. Went to the bank and attempted to put stop payments on payday loan debits because after all, according to regualtion e I have the right to request stop payments on preauthorized drafts, right? Well apparently my credit union doesn't know or either doesn't believe this as they insist that they cannot stop payment on an auto debit and can only do something after the debit has gone through. Have any of you ever heard of anything like this? T&C keeps telling me to have all auto withdrawals stopped but they won't do that either. Again, I can't close the account as we would lose our vehicles. I can't take this.


im going thru the same thing! your not alone :wink:
i cant stop my drafts thru the bank and my nsf fees are up to 750.00..... :cry: they said that can continue for up to 90 days so i said forget it and im going to leave it alone for now...i have enough going on without them giving me stress....


lrhall41

Submitted by on Tue, 03/21/2006 - 12:59

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That sure doesn't sound right to me. Maybe because it is a credit union, they have some kind of different regulations, I do not know. Is there any way you can open a new account and call your auto finance people and explain the situation, maybe have the auto withdrawls changed over to the new account? Hopefully you can work something out. Oh, and welcome to the forum, if I haven't said so already :)

~Mary


lrhall41

Submitted by Mary on Tue, 03/21/2006 - 13:05

( Posts: 1344 | Credits: )


How about this one? I went into my credit union last week to start this process and they told me that my account was so far in the negative that there was nothing they could do. Well I know its in the negative, that's why I went in there. I had moved all of my money into my savings account and have sent them a letter not to allow my savings account act as overdraft protection, guess what - how about I looked at my account today and they have moved over all of my money to take care of the negative checkings - I KNOW I should have taken my money out long time ago - I had already opened a new account elsewhere but had not moved my cash yet thinking they would honor my letter I sent. I was furious - then the representative I talked to today told me that they would do me a "favor" and give me back half of it.


lrhall41

Submitted by nicole on Tue, 03/21/2006 - 13:10

( Posts: 46 | Credits: )


So how do I keep my account from getting into the negative? They won't stop the debits, so I have no recourse. Just called T&C and they STILL haven't called any of the creditors (not that it will do any good when they try because the lenders won't make arrangements until payments have been returned). I am at the end of my rope. It's a good thing that I don't have to work this week (Spring Break) or else I would never be able to concentrate on teaching with all of this going on.


lrhall41

Submitted by iloveteaching on Tue, 03/21/2006 - 13:18

( Posts: 150 | Credits: )


I have heard that T&C might be a little slow at first, but I would call them with your concerns and let them know that time is a factor here. They will probably suggest to freeze the account in question. I can't imagine that your bank will not allow a freeze on the account considering the fact that they know the circumstances. I would immediately call your auto finance company and see if they can work with you on changing the account.

~Mary


lrhall41

Submitted by Mary on Tue, 03/21/2006 - 13:23

( Posts: 1344 | Credits: )


The T&C rep said that I might have to let the bank charges build up and then consolidate the old bank account with T&C. Why are all of the options so dire? Maybe I should try having them to freeze all withdrawals. That is about the only thing I haven't requested only because nothing else has worked. I don't know. I am about to ask T&C to call my bank (Even though I know they can't). For the first time in this whole ordeal, I feel truly helpless.


lrhall41

Submitted by iloveteaching on Tue, 03/21/2006 - 13:37

( Posts: 150 | Credits: )


I have heard of that working: putting a freeze on all withdrawls. That would be about the only suggestion I have for you...just make sure you contact the auto folks so that you don't end up wiht a late payment with them. And take a deep breath....everything will work out OK here, sometimes it just takes some work and of course, a little frustration. Don't forget to breathe! :)

~Mary


lrhall41

Submitted by Mary on Tue, 03/21/2006 - 13:41

( Posts: 1344 | Credits: )


this is a letter I drafted today. I'll keep al of you posted on the outcome:

Quote:

March 21, 2006

Washington Mutual bank
ATTN: Customer Relations
P.O. Box 834 Mailstop ??? CPC1201
Stockton, CA 95202


RE: - Account XXXXXXXXXX


To Whom it May Concern:

My account was recently closed by WAMU with a negative balance of 2555.00. I am writing because to date, I have received no cooperation or satisfaction with your Loss Recovery Department regarding the circumstances leading to this closure. So some history:

I had authorized a few internet payday loan companies to take predetermined amounts from my account electronically through ACH.

This started in June ???05. As the months passed, these companies began to take unauthorized amounts from my account and at different dates. If you review my account all the way back to July, you can see the detrimental affect this began to have on my account. To be clear, what was once authorized by me was now out of control and in breach of my agreement with said companies. Soon I was drowning ??? as soon as my paycheck was deposited, it was taken out and I was overdrawn again. I could not maintain a positive balance for more than 24 hours because of these companies and their unauthorized charge amounts. I finally got some professional help to pull myself out of this. But this process is a long and arduous one. If you have any knowledge of internet payday lenders, you will know they do this often ??? taking unauthorized amounts from people's bank accounts at unauthorized dates. This is a nationwide problem, and they are being banned all over the country. Many of the companies hitting my account are operating without a license, are in trouble with the Attorney General's offices in many states and are close to being shut down. Class Action Lawsuits are being filed, etc. But again, all of that takes time, so I was counseled to ask my bank for help ??? to explain the situation to you and have you help me change my account number or SOMETHING.

I began to call WAMU customer service and the Loss Recovery Department for help in this matter. I inquired as to what my options were. I was informed that the ONLY thing that I could do was issue stop payments (expensive) to each company for a specific amount only (at 18.00 each). No, WAMU could not change my account number, no, WAMU could not block the charges/companies/any and all electronic debits (absolutely untrue I later learned). This was a weak option, as the companies in question were varying the withdrawal amounts (they know how to get around stop payments), and WAMU needed the exact amount as well as the company name. Nonetheless, I called back and issued a number of stop payments ??? this served to make me even more overdrawn than I already was, but what could I do?

As suspected, the stop payments did little good, and I called again to try and enlist the help of you, my financial institution. Again, I was told stop payments were my only option ???period.

Then I was informed by outside counsel that there WAS another option: I could have stopped all ACH debits from my account ??? all electronic withdrawals could have been blocked. By this point, I was already 2300.00 overdrawn and my account was going to be closed by you and I was going to now be submitted into the Chexsystem.

I am absolutely dismayed by this situation. When I called to speak with representatives of your bank, my financial institution, and asked over and over again what I could do to stop these unauthorized charges, I feel as though your loss department was negligent in providing me with information that could have helped me ??? I should have been informed that I could stop all electronic debits. It seems now as though WAMU was interested in taking my money in fees and had little interest in how this was impacting me, the customer.

In my final conversation with Sandra in Loss Management, on 3/17/06 (in which she yelled at me) she did finally concede that yes, I could have gone into a branch and stopped all electronic debits - little good that does me now. Had this even been mentioned as an option at any point, I would have immediately taken care of the problem, got my account into a positive balance, and changed account numbers. No-one wants to live like this, accruing bank fees and constantly being overdrawn. I tried to help myself, but without knowing my options, what could I do? I am not versed in banking laws and policies ??? I am/was your customer though, and entitled to know what could have been done to protect myself and my income.

I am a person who pays my debts???however, I feel as though the 2555.00 ALL in bank fees that could have been avoided is exorbitant at best. At the time, I had no idea about Article E, but I do now and I feel as though your Loss Recovery Department was negligent in helping me with a real problem. I implore you to reconsider this amount owed???it is something that could have been avoided and now has the potential of ruining my credit and having a severely negative impact on my life.

As well, before sending this letter, I called customer service to verify the correct address: to add insult to injury, it turns out that Sandra (the one who yelled at me) in fact gave me an incorrect address: she provided me with the following:
Customer Fullfillment
P.O. Box 201079 Mailstop STA2LOS

Maryanne in customer service, who was an angel, (and verified that all ACH debits could indeed have been blocked), filed a complaint letter against Sandra for her unprofessional demeanor in dealing with me and providing me with an incorrect address to which I could forward my case to you.




Rachel Kaiser
See contact information above


lrhall41

Submitted by rkai93 on Tue, 03/21/2006 - 13:45

( Posts: 117 | Credits: )


That is an excellent letter Rachel, I hope that you get some progress out of this. I haven't had any problems with WaMu, but just knowing that you were treated so badly and given wrong information abouthow to handle the situation really upsets me. Keep us posted on what response you receive, I would be really interested to hear it!

~Mary


lrhall41

Submitted by Mary on Tue, 03/21/2006 - 13:49

( Posts: 1344 | Credits: )


thanks mary...when I hung up with Maryanne today, she just confirmed how badly they treated me - like I was a cash machine for THEM. And then for that other one to give me a wrong address????

Thanks to this website, I learned I had more options...it was just too late. I hope my experience will help others...they payday loans are just the beginning....


lrhall41

Submitted by rkai93 on Tue, 03/21/2006 - 13:51

( Posts: 117 | Credits: )


It sounds like the mean lady just had it out for you for some reason. How shameful! And to give you the wrong address...that is just nasty behavior.

As soon as you deal with the payday loan situation, we will be here for you to work on the rest! I have already made a lot of progress on repairing my credit, and I haven't been at it for that long. We are here for you!!

~Mary


lrhall41

Submitted by Mary on Tue, 03/21/2006 - 13:54

( Posts: 1344 | Credits: )


I know...that's what's so disturbing, though I don't think they are in cahoots with the payday lenders. I just think they see an opportunity to make money and they take the easy road - or else their employees are just to lazy to look past the obvious - no-one cared enough, on a human to human level to help me out. It's to date, the most distressing aspect of the payday loans situation.

this woman, Sandra, she yelled at me as though it wa HER perosnally that I owed the money. it's no tliek these charges were being paid and that's part of the bulk of my 2555.00 - it's ALL bank charges...amkes me sick that i allowe dmyself to get into this mess, and no-one at the "friendly" bank could take two minutes to explain options


lrhall41

Submitted by rkai93 on Tue, 03/21/2006 - 15:35

( Posts: 117 | Credits: )


iloveteaching,
I belong to a credit union also. I ultimately ended up changing my account with them, since the blocks got to be too expensive and those sneaky payday people managed to find a way around. But when I did do stop payments, I had to know the day the debit was coming through, because it had to be in their system. Then they could put the stop payment on it. For some reason I couldn't do these in advance, so it was a bit inconvenient. I know it's really embarrasing, but can you talk to a head teller or someone and give them a brief synopsis? I know my cu has always been pro customer, maybe they can wiggle a few rules for you. the entire process of changing my account took about 15 minutes for me..And I worried it to death the entire week before I did it! I too had my car loan, as well as my mortgage, direct debited. My account was $50 negative, I just paid that, they closed it, and immediately opened another for me and switched the car loan and mortgage payments over. Didn't even ask why. And here's why I love my cu: I was hesitant to change my account when I did because I was waiting for my tax refund to be deposited. Finally I couldn't wait any more, one more day and the payday people that I hadn't stop paid would hit again and I'd be even more negative. So I accepted the fact my IRS refund would be sent back to them and a paper check would be mailed...Right when I needed the money the most. Well, 2 days after changing accounts the bank called to say the IRS was trying to deposit a check, did I want this put into my new account? That's customer service! Hope this helps, good luck.


lrhall41

Submitted by finsfan13 on Tue, 03/21/2006 - 15:37

( Posts: 6919 | Credits: )


finfan
it's too late - they already closed my account and are in the process of sending to 3rd party collections, I guess. I sent the letter today, so I'll see what happens...
I will keep all of you posted as to the outcome.

JJ, you are a ray of light...even if the response is negative, the fact that you know someone who might be able to help gives me hope....if nothing can be done after exhausting all resources, at least I can say I tried, and maybe save someone else from this.....


lrhall41

Submitted by rkai93 on Tue, 03/21/2006 - 15:44

( Posts: 117 | Credits: )


I havae had no problem with my bank. I did stop payment on all automatic withdrawals and put a freeze (deposit only) on my account. I am in the negative 500+ but payday loans try to do automatic withdrawals = the bank lets them know the account is frozen so they don't know I put a stop payment on them. I have opened a new checking account with a different bank. I have 120 days to pay the bank the %00+ which I hope to do within a couple of months.


lrhall41

Submitted by oh2benc2 on Tue, 03/21/2006 - 15:46

( Posts: 284 | Credits: )


finsfan13,
Thanks for the post. Its good to see that this worked for someone. My credit union has changed my account number and brought the car loans over to the new account number. However, they are telling me that they will also honor the ach debits from the old accounts as if they were coming through the new one. I know this is so because one of my bills that was being debited from the old account went through and that's when I asked them (the cu) what was going on. They also say that they can't block electronic debits because they don't know when they are coming through. I can tell them the date they come through but they say they can only do something after the attempt to debit has been made. How does it work when you have a new account number and there is still activity on the old account? Do I just ask them to put the deposit only on the old?----Confusing


lrhall41

Submitted by iloveteaching on Tue, 03/21/2006 - 15:57

( Posts: 150 | Credits: )


I have a credit union and they didn't give me any trouble doing the stop pay on the ACH debits. They are the ones that even suggested that I change me account number with them, then they opened me up a new account. I though that if you requested a stop pay then your bank/credit union must abide by that. Do they have like a customer agreement which shows how much it is to stop? If it does then I don't see how they can deny that for you.


lrhall41

Submitted by landrylou on Tue, 03/21/2006 - 16:36

( Posts: 310 | Credits: )


wamu only allows stop payments if you have the specific dollar amount along with the company name....I seem to remember banking with Cal fed and security pacific some time ago when you could stop the name, or the amount. as well, wamu charged me upwards of 18.00/per payment.

I learned later i could block ALL electronic debits on the account, but by then it was too late...hence my letter.


lrhall41

Submitted by rkai93 on Tue, 03/21/2006 - 16:42

( Posts: 117 | Credits: )


The biggest problem people have is thinking that if they talk to someone on the telephone that they're actually doing something other than venting their spleen.

If you want to back out an invalid or fraudulent electronic funds transfer, you have to tell the bank or thrift institution IN WRITING within sixty days of the statement containing the error. They are required by federal law to do an independent investigation into the facts and back out the transaction, at their own expense if necessary (now you see why getting them to stop auto-debits is like pulling teeth), until they can resolve the problem.

Meanwhile, go to the small claims court and sue the unlicensed payday loan companies. Hire a lawyer for the time it takes to figure out what to sue them for in your state if necessary. Send the bank a subpoena for their records about the eft and documents relating to their investigation into the fraudulent transaction. If the bank won't resolve the issue in your favor, add the bank as a party to the suit, because they're conspiring with the loan company to defraud you. It ought to become clear to them that it would be cheaper to cancel the auto debits.


lrhall41

Submitted by Virginia-Legal-Defense on Tue, 03/21/2006 - 18:42

( Posts: 260 | Credits: )