Letters to PDL's

I would call the bank today - and tell them to secure the account for deposit only, as a compromised account, and to answer the other question yes!, they will try and pull money in any amount they can and under any name - some of them operate under more than one name. Stop payments are not the answer due to this .. the account needs to be secure by deposit only or closed completely, remember when opening the new one to not have them linked in any way.

Hope this helps, keep us posted.

I already went to the bank. They said they can't do a deposit only account because I agreed to the terms of the PDL. The most they will do is place the stop payment and that's only for the exact amount. I am pulling all of my money out of the account today so when they release the PDL holds I can completely close and go to another bank.

Good Idea to change banks, but in the mean time they have no choice on the other due to it being federal regulations that allow you to revoke ACH - who do you bank with?

Suntrust

After reading their ;SUNTRUST ONLINE SERVICES AGREEMENT AND DISCLOSURE , from their website. - I would defiantly be changing banks... I could not find what I was looking for on it anywhere!


This is what I found on mine.

Electronic Funds Transfer Service Terms: Chase Bank
STOP PAYMENT FOR PREAUTHORIZED (REPEATING)
TRANSFERS
If you have arranged, in advance, to make repeating payments out of
your personal account, you can stop any of those payments.
1. Please visit your local Chase branch or call us at the telephone
number listed on the back cover in time for us to receive your
request three or more business days before the payment is
scheduled to be made. (Note: If the preauthorized transfer was
scheduled through our online banking services, see your Online
Service Agreement or call Online Banking Customer Service at
the telephone number on the back cover for information on
stopping payments that are pending or in process.)
2. You must tell us if the payment is a recurring debit card
transaction or an ACH payment and must give us the bank
account number, the exact amount of the payment, and the
designated payee name. I was not asked for these - I reported fraud on my account and had my account locked down as compromised. You also must notify the payee that you
have withdrawn your authorization for the repeating electronic
payments. I did provide copies of my letters to my banker, to keep on file in case anything made its way through.
3. Your stop payment is effective for a minimum of 18 months
or until we have determined that the ACH transaction is no
longer occurring, whichever is longer. They have my account on hard lock for 60 days and then will close automatically with no chance of it reopening.
4. A Stop Payment fee will apply.I was not charged a fee of any type - you have to ask for the right thing...
If these regular payments vary in amount, the payee will tell you, With whom we are dealing this is why I opted for the hard block on my account10 days before each payment, when it will be made and how much it will be. You may choose to get this notice from your payee only when the payment would differ by more than a certain amount from the previous
payment, or when the amount would fall outside certain limits that you
set.
If you place a stop payment three or more business days before the
transfer is scheduled, and we still pay, we will be responsible for your
losses or damages."

They did charge me to place the stop payments. They also said I didn't need to send them the revocation letters, that the stop payments were in effect for 6 months.

So should I send the letters today or Monday? Can they debit my account over the weekend?

I sounds as they treated your request as a stop payment, what you were doing is revoking ACH authorization - who did you talk to in the bank, you may need to go back and talk to a manager, not a teller - revoking your ACH authorization is allowed under federal law.. I would only send the letters out to the "lenders" if your bank account is secure - they will attempt to run debits.. they can not be trusted.. and it does not sound like your bank is helping.. If they are treating as stop payments, they are only looking for specific names and amounts. -- They need to put your account on deposit only immediately..

Not sure how else to explain this..

Ok thanks. I'm going to them today and show the wonderful letters to my bank.

Maybe this will help - what I told my bank was that I was revoking ACH due to fraud that these places were continuing to withdraw after what was authorized. My bank - Chase put my account on hard restriction due to Fraudulent ACH or Electronic Checks. The account stays on restricted status for 60 days and then will auto close on day 61.. We opened a new account not linked in any way to the old account. Nothing gets through the old account - it is like a brick wall... so keep in mind if you have a charge you wish to allow or a check out - make sure they note that to allow it to go through.. also anything already pending when goes into effect will go through - so you want to be careful.

Remember your right to revoke ACH authorization is federal law.. Even if you owe debt the bank has no right to tell you how you must pay it, if they are trying the are not different than the illegal lenders. I still think that from what I seen on your banks page, or what I didn't see, that it may be better for you to go to a different bank.

Now if I remember right you said that there were charges from the "lenders" already pending, what is your bank saying about them?

you can also show them this at the bank..
quote from Electronic Funds Transfer Act
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e]

This is an excerpt from the response I got from Safe-Loan about my revocation:

We would like to mention that when you signed your loan agreement, you acknowledged and contractually agreed to that fact that we are a Costa Rica Company that registers and operates under Costa Rican law. Because of this, we do not maintain a location in the State of North Carolina. As stated in your loan agreement, the loan was provided in accordance with the laws that govern licensed lenders in Costa Rica. Your loan was approved and funded in Costa Rica.

How so I respond to this? I have closed my accounts with my bank and given letters to my employer so they can't garnish my paycheck.

I have yet to hear back from My Cash Now or West River Cash.

You do not reside in Costa Rica. Your state laws apply.

But what should I send them in response to that?

State something to the effect that you are not a resident of Costa Rica, therefore, their laws do not apply to you. Your state laws prevail.

Also, did you get everything straightened out with your bank?