NACHA Rules
Date: Tue, 08/21/2007 - 05:31
NACHA is a non profit association that represents banks. So it
NACHA is a non profit association that represents banks. So it wouldn't be a law that they can only present 3 times, more of a guideline . . . . I'm trying to find some sort of law regarding this.
Good find Frogpatch. I think that if it isn't a law then it shou
Good find Frogpatch. I think that if it isn't a law then it should be. I've read of pdls attempting to debit up to 11 times from accounts that present with non-sufficient funds. Not only does this further indebt the consumer to the pdl, but also gets them into real trouble with their bank. Thanks for the post. :-)
Okay, I've done some more reading . . . . Everything I've found
Okay, I've done some more reading . . . . Everything I've found says the 3 times, although that isn't law. BUT - I don't know how this would apply to internet payday lenders because they will break up the payment, and do all thier tricks.
I think the ipdl's can make an argument that it isn't just one transaction.
I have an email out to the FDIC. It may take a while for them to get back to me, but I will post the response once I get one.
I guess them doing the rollover and principal debits separately
I guess them doing the rollover and principal debits separately is just one of their tricks to get around the ach rule of thumb.
Thanks Goudah! I have had cashnet debiting my account for months
Thanks Goudah! I have had cashnet debiting my account for months on the 15th and 30th. The account was on deposit only then taken off. It was then frozen and unfrozen. Now they won't freeze it until its in the black. Route 66 is still hitting it also. I am going to call and try to get an address for fraud at lunch time today so I can send them a certified letter with copies of my notices to Cash Net. I don't need anything for Route 66 because they have nothing. This should be interesting.
Okay! Finally got my reply from the FDIC. Here it is: S
Okay! Finally got my reply from the FDIC. Here it is:
So there are NO federal laws limiting the number of times a company can hit your account by ACH. It would be each state's individual laws that would regulate that. Great . . . . . 50 more different answers!
Thanks Goudah! That was me above. Logged out again.
Thanks Goudah! That was me above. Logged out again.