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Can some one tell me the difference between an ACH and a EFT - I am trying to also deal with Ace Cash Express a store front loan in AZ on a registration loan - trying to make sure if I default and force to allow me into collections if the EFT or ACH will run through some how on my restricted account.. The bank still has it on restricted statues for now.. they say it is like a wall that nothing can penetrate... I am just trying to make sure that if they attach a check number to this there is no way that it can sneak through..

Any help will be appreciated! I have next week to decide to pay the interest amount of $220 to roll it for another month or let it default and go into collection, where my payments will really start to pay off the amount owed.. ... just want to make sure there is no way this can be forced through my restricted account...




An ACH is an EFT, but an EFT is not inherently an ACH. It's not worth explaining - bottom line is you revoked it.

Sub: #1 posted on Sat, 10/06/2012 - 21:01

waffles waffles
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I am speaking of one of the local store fronts, I know that if I default then I allow it to go to collections, when I start paying then it actually starts to pay off my bal..

I have to draft them a letter and send to them via mail which I will do on Tuesday - I will still take in a copy to my bank branch on Monday - since they will be open..

So, once I have told the bank that I am revoking ACH/ EFT then it shouldn't really matter where it comes in from since the hard block is on my account - deposit only and all?

Sub: #2 posted on Sun, 10/07/2012 - 04:13

HelpinAZ HelpinAZ
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It depends on what kind of money you have. An EPP is the better option in terms of ease and less stress, and it may cost less in the long run too. The difference is it must be paid in full max over 5 paydays. Whereas collections is more flexible

Sub: #3 posted on Sun, 10/07/2012 - 10:19

waffles waffles
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Defiantly not in the position for the EPP they offered.. next 4 paychecks $425.61 each so like $$851.22 a month - I think not.. The collections may make it so I have to pay a little more but, at least it will be more flexible - basically they said if I am coming in a paying anything then I would be OK, it is when I am not making an attempt that it becomes a problem. or at least that is what they said now... I still need to revoke their EFT/ACH auth - I will be mailing it out on Tuesday - the payment is not suppose to hit until Saturday -- but I will take the hard copy to my bank tomorrow.. Do you think I need to send it over night or just that I have done it will be ok,.. My bank account is still on restricted hard block.. so nothing is supposed to go through, I know they will make 3 attempts. they left it on hard block to ensure that it didn't pop back open...

Sub: #4 posted on Sun, 10/07/2012 - 13:35

HelpinAZ HelpinAZ
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Why do you do things so delayed? Just send it out now..

Sub: #5 posted on Sun, 10/07/2012 - 21:12

waffles waffles
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I will be mailing out tomorrow, Post office closed today - I didn't really think I was doing delayed, I was waiting to see what they would come up with for a payment plan. Also, I didn't realize that I would have to mail this one, I thought I could fax or email it... I was making sure I had my bases covered.. Ones that I am still making payments to is it better to go ahead and send them the letter also, or just keep making my smaller payments to get paid off I should have them all done by Jan.. With the exception on 1 at Speedy Cash - I am still deciding how to handle it.
The being unsure of everything and confusion on all is probably what is causing my stress. With all of you guys help here I am sure that I will make it through this process.

Sub: #6 posted on Mon, 10/08/2012 - 04:01

HelpinAZ HelpinAZ
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Just to clarify a little the others don't currently hit my account with ACH - but they do have authorizations that if I don't pay they could, I know that all of the contracts state voluntary and that I can stop at any time, So I will if you think a good idea go ahead and send letters to the others to revoke authorization to ACH, just so that it is already done in case I need to add someone else in.

Please, let me know what you think, I don't want you to think I am dragging my feet, it is just not know what I can and can't do - the rest are registration/ installment loans. Everything you are helping me with is greatly appreciated beyond your imagination. :)

Sub: #7 posted on Mon, 10/08/2012 - 04:13

HelpinAZ HelpinAZ
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