Alternative to Closing Account

You should be able to request that they freeze the account. That way, only credits are allowed, and no more debits until you get things straightened out. Talk to your credit union branch manager and see if they will work with you. Keep us posted!

~Mary

~Mary, will putting a stop check on the ones I wrote for the PDL's work? Since there is a stop check the bank won't charge NSF fees right?

That might work, but there is a fee for each stop payment I believe. Hopefully somebody here will have a better answer for you, this is definitely not my area of expertise!! I'm sorry that I can't be of more help :(

~Mary

Thanks anyhoo. Actually when I put the stop check on the bank only charged me one fee as they were consecutive checks. I'm just hoping that will actually stop the checks and there won't be any other weird fees to worry about.

That's great that they didn't charge you per check, that could really add up. I would keep in contact with your bank as more questions come up.

~Mary

I just tried calling the phone number listed on this site, to get information about trying to consolidate my payday loans, and the lady said they don't help w/ that. Does anyone know if setting up debt consolidation goes as a negative "mark" on your credit report? I've been reading these remarks all day and really want to get things taken care of as soon as possible.

Consolidation will help you get a good credit in the long run. Credit scoring models consider regular payments as a most important influencing factor and consolidation ensures regular payments. Temporarily your report might show that accounts are under consolidation, but that does not hurt your score.

This site helps you to consolidate all your unsecured debts and offer free counseling. You can register here to receive more information on payday loan consolidation.

Thank you Stan. Will someone contact me, now that I have registered? By doing the consolidation of payday loans, will I be also consolidating my car loan as well? (I'm not past due on my car payment)
In regards to the topic Mary and Nicole were discussing: I had a BofA checking account. All of my PDL were being debited from that account. I had an accident and wasn't working. I called all of the PDL company's and explained this to them and asked that they don't debit my account. I also let BofA know that I wanted to close my account or put a freeze on it. Well, BofA didn't close my account, nor did they freeze it and the PDL's attempted to debit my account. This caused OD fees, this went on for a couple of months, causing my account to go $1300 negative. Oh BofA finally closed the account and turned it over to a collection agency. The worst part was that I worked at BofA at the time and was injured on the job...so much for helping your employee.

You do not have to consolidate your car payment if you don't want to.

Just get all the bills you want to consolidate together and discuss it with the counselor.

I have BofA, and they worked with me very well. They put a hold on my account the day before PDL debits were supposed to go through, and so when the co's tried to debit the account, all the charges bounced back to them (returned) with no fees. I didn't get charged fees because I went into the bank to put the hold on the account the day before. They would have closed the account for me, but my paycheck was scheduled to go through direct deposit the same day, so I had to keep it open...but i'm closing it now that all the charges were reversed!

Help, what do I do? My bank, BofA, won't close my account because it's overdrawn. And they can't freeze it either. I've started with TC and first payment was received on Monday 4/3. The loan companies are starting to debt my account odd amounts. Anyone else have BofA and not able to freeze your account of all debits.