Bank of America

How did you try contacting them??? Did you go into a branch and talk to a branch manager.

You do have to notify the payday lenders first....then give a copy of that revocation to the bank. It is NOT a stop payment and there is no charge. It is an unauthorized ach...they simply return it.

I called and spoke to a customer service rep, i dont know the steps as i am new to this

Where do i get a copy of the revocation to take to the bank

You are the one that sends the revocation. Check SOAPLADY's signature. Step 2 is where you submit the revocation. (I was confused too at first). I would recommend going into the bank and speaking with someone in person and explaining your situation. Personally, I switched banks completely, but I'm sure BOA would be more than willing to work with you. Again, follow the steps in SOAPLADY's signature, I followed them earlier today and have already had success.

I clicked on her name and what am i looking for on her page

Does anybody have a template or a sample of the ach revocation letter im supposed to take to my bank

follow the steps in this link (located in her signature):
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

There are 2 sample letters located there as well. I used the 2nd one as it turns out that all online lenders are illegal in VA. Just customize it to your situation.

I had 7 payday loans out and have already had 3 responses, all lenders that have responded have voided my loans and I now owe nothing. Please note though that on all of my loans I had already paid the principal balance (the initial loan amount). I have even been given a $70 refund by one of the companies, so ask for a refund even if the odds of being granted one are against you.

Additionally, I am not familiar with New Mexico's law on payday loans, but check the sticky's on this board, there is a plethora of information on state laws.

You also want let the bank know that your account has been compromised - you need to revoke all ACH authorizations from the lenders and shut down the old account and open a new one..

Here is the link that is the link if you can not find on how to deal with... http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

New Mexico Payday Loan Laws -
State Legal Status Lending of payday loan is considered legal (-low cost) in the State of New Mexico. However, Online lenders must be licensed in New Mexico.

Loan Specifications
Maximun Amount of Loan - $2500
Term of Loan - 14-35 days. But this period can be a shorter one in case of written agreement.
Maximum Rate of Finance and Fees- $15.50 per $100; verification fee of $.50 per $100
Finance Charge on $100 loan for a 14 day period - $16
APR for $100 loan for a 14 day period - 417.14%

Debt Limits
Maximum Number of outstanding loans permitted at a time - Total capped at 25% pf monthly gross income
Permissible number of Rollovers - None
Cooling-off Period -10 days
Repayment Plan - Yes repayment can be done in equal installments over a period of 130 days.

Limits of Collection
Collection Fees - One time NSF fee of $15 per loan
Criminal Action - Prohibited

File your Complaint and get Information
Regulator - You can check here to see if licensed to lend in NM /strong>New Mexico Financial Institutions Division - http://www.rld.state.nm.us/financialinstitutions/
Address - 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone - (505)476-4885