ACH REVOCATION

Have you overpaid these pdl's based upon your state laws interest rates? If I am understanding this correctly, then heck yeah, if you've overpaid the lenders, you're entitled to your money. Have you already sent revocation letters? What state are you in?

I'm in Nebraska. Not sure what the interest rates are by our state law; only saw where it specified that they could only charge $15 per $100 borrowed. Thanks for the response!

Do you know if these are legal lenders? If you have calculated the amount owed and paid them what they are legally entitled to, then yes, I would definitely opt to get my money back. Just make sure you secure your account though, because pdl's have been known to change their names and continue debiting your account. What are the names of these lenders?

Nebraska requires internet based pdl's to be licensed by your state.

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I haven't done the revocation letters yet because I am waiting for Friday to hit - the day they'll first reject from the bank. They're ready to go, though, and I think I've rounded up all addresses. There's one that I applied for ages ago that went in the bank last week - I'm having them return that deposit.

The bank won't care about state licenses and such, if the pdl can prove that they did have authorization to debit your account on those past dates, the charges will come back on you.

It would be dishonest, and illegal to lie to your bank and say these companies did not have your authorization to debit when they did.

They are United Cash Loans, Impact cash, Little Loan Shop,
Money & More, and M1y. United Cash, Impact Cash, and Little Loan were all $300 and I've paid each $500 or a little over. So, the way I'm reading the Nebraska statute, anything over $345 could be revoked? Although, I don't think I'm going to do that - I'm just thinking that anything paid in August, which would be like $140/each, that I might have them credit? Don't want to tick them off too bad. But, am I blowing my stance if I don't recoup the whole thing, per law?

Banks only question is whether or not the company had authorization to debit your account when they did. It doesn't matter to them if the company is legally licensed or not.

There is a good chance if you have the charges reversed, that the investigation will come back against you and you will have to pay the bank back for any charges they reversed.

Okay - that was my other question.....if by revoking the ACH, am I saying that they don't have my authorization now, as opposed to I have just realized it's not even legal? That helps to clarify for me - I do not want to be dishonest - just don't want to be raped any longer.

Also, it isn't $15 per $100, it's 15% of the face value of the check. So if you borrowed $100, the fee would be $17.65.

Per the banking laws, you cannot honestly and legally recoup the past transactions. That would be lying, as they did that authorization to debit.

Okay, thanks. I understand that now. Just wasn't initially sure if the revocation was because they were overcharging, per my state's laws, or because I was now refusing to incur more charges. I have no desire to do anything unethical, just want to make sure that I'm understanding everything correctly. I did not tell them that I did not authorize previously; I simply told them that the activity was illegal in our state, and that is when they offered to go back and credit.......I will make it clear to them that I only want to activate revocation as of the current date. Thanks again.

Yeah, you are revoking because you don't authorize the company to take anymore money out of your account.

so, even though they are operating outside of the parameters set within our state, I have no recourse to recoup the addtl funds, is that correct?

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okay - and one more question (sorry!).....is it really safer to close the account, and will that make them strike back with more of a vengence?