Question about banking/debit practices

Lashley, I will do a search on the sample letter. Hang in there! Tell me one thing.. you are sending your check to the mortgage company and on the other side they are doing a direct debit from your checking account. Have you verified if the check you send them are getting cashed? If this happening, then you are spending twice the amount than the actual. Just curious!!

No there aren't double dipping but they run the check through as a ACH debit the day the receive the check. I want them to run the check like a regular check

Alot of companies deal with checks like that now-a-days, they get their money quicker and probably a lot less bounced checks. You may want to check with your bank to see if you can stop ACH activities from that company but it will cost you. I don't think they are under any obligation to run it through like a normal check anymore, but I'm not sure.

Maybe Tiffany can give some info here. I read in one previous post that she works in a bank.

Alot of financial institutions are converting paper checks into ACH debits because the transactions clear quicker and also it has something to do with the new "Check 21" feature. "Check 21" is a federal law for financial institutions that took effect in October of 2004. It doesn't change the way people or businesses write checks, but it allows the checks to be processed quicker. Banks can scan paper checks and send images for electronic processing.

Ashley06,
Did you get the info from your bank as to why they are converting your paper check into ACH debits? Does it have to do the "Check 21" feature?

Brownsugar is right. With the new law checks are going through quicker. I remember seeing a news story on this when the law was passed. They were warning people to make sure they had the money in their account because with the new law checks would be going through much quicker and the person wouldn't have that delay to get their money in the account to cover the check.

Ashley it is a federal law the checks clear quicker. Wells Fargo does that to me. Sometimes it is a pain. If you have a big company you can usually schedule it online when you want it taken out. KYSIDE38

I guess I have to get with the picture when it comes to the banking undustry, does someone have a shoebox they can donate to me because I am going to put what little money i have in it and bury it in my backyard