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NACHA Rules

Date: Tue, 08/21/2007 - 05:31

Submitted by Frogpatch
on Tue, 08/21/2007 - 05:31

Posts: 5381 Credits: [Donate]

Total Replies: 8


I was reading that the National Clearinghouse Association has a rule regarding ACH withdrawals that limits the amount of attempts after return for non sufficient funds to three times incuding the original. Can anyone give me any further information on this and how it applies in the cases of Internet Payday Lenders who won't stop and banks who will not protect you. I was reading also that you can file a complaint with the NACHA. Anyone had any experience with this?


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. :-)


lrhall41

Submitted by eleroo on Tue, 08/21/2007 - 08:17

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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.


lrhall41

Submitted by goudah2424 on Tue, 08/21/2007 - 08:27

( Posts: 7935 | Credits: )


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.


lrhall41

Submitted by Frogpatch on Tue, 08/21/2007 - 08:41

( Posts: 5381 | Credits: )


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!


lrhall41

Submitted by goudah2424 on Wed, 09/05/2007 - 08:04

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