banks want me to clear the charges first

You will have to arrange some money and clear the charges with your bank as soon as possible. Otherwise, the payday loan lenders will keep hitting your account and add more charges on it. You will have to choose one way out.

You can also talk to your lenders and explain the present financial situation. Tell them that you are undergoing some financial problems and as a result can offer the amount you propose. Request them to revise the plan so that your payments become slightly easier.

In any case, you will have to arrange some money so that you can clear the bank charges and close the checking account. Presently, I can only see this solution to be the possible option for you.

I simply took 25 dollars to a different bank entirely
opena new account there..then deal with the loss department of your old bank
Put stop payments on the ACH charges - the 18 dollars that might cost - will be cheaper than a 25.00 nSF charge (at least at WAMU)

I thouhgt about opening a new account but my bank is threatening to take me to court over the insuffiencent fee charges and unless I can clear the account they continue to pile on charges. What a mess I have.

Now that does not seem right!!! You informed your bank of your problem and they left it open and NSF's are accumulating?

I would work something out with them to roll back some of the NSF's to the point of when you 1st requested it to be closed. They should have at least froze it.

Unfortunately Banks are not a creditor you want to owe money to. They have their own database that other banks check before issuing new accounts. Even if you successfully opened a new one the new bank may close the account when the info from the old bank surfaces.

Working out a payment plan with your old bank will definetly help. They probably will not report you as long as your are making steady payments and showing good faith in settling the account.

But I would definetly make as many phone calls/letters as it takes to the main branch to get some of the charges reversed.

joyfordream

At some point, you will be really strapped for cash. You will have to eventually make a deposit into your account to bring it down to a zero balance. At that point, you can change your account number. The sooner you do this the better, otherwise you will keep getting NSF charges from your bank. Speak with a manager from your financial instituion. Perhaps, if you prove that you can set up direct deposit from your employer, maybe then they'll accept the request for a new account number.

Keep us updated on the situation.

Regards-
Mike

Quote:

I would think that the bank would reverse at least some of the NSF or overdraft charges if you explained it to them...I have had somewhat similar situations with my bank and if you call and really explain the situation they will usually work with you, at least they should freeze the ACH charges or something.

I spoke with the bank manager and sheis going to work with me to get this straightened out. They won't remove any nsf charges but they at least won't allow anymore charges to the account.

This is still much better because now you will have some control over the growing charges. Pay regularly so that they don't take away this benefit from you. Once you have paid everything, you will be able to change your account.

That is a step in the right direction, at least.

~Mary

yes, it is. The manager is going to see if she can trace the debits that are on there and then we'll see if there is anything else that can be done to help. I at least finally feel hopeful.

This forum tends to do that to you! :) There are many helpful people here who have been in similar situations and can guide you in the right direction. I know I'm so very thankful for many great people here! Keep posting and asking questions and keep us posted on what happens.

~Mary