Do I have to close my checking account to stop PDL's?

sorry to say,but that is the option.stop payments don't work as they can debit different ways,and a HARD BLOCK is temporary.some banks will allow you to close your old account.open a new one,and not have it linked to the old one.even re-route direct deposit.you can check into that.

I have to agree w/ paulmergel; if you put a stop payment on your account for one company name, odds are good they'll put the debit through on another name. Read the sticky on this forum re. closing your account and when you go to the bank, talk to the manager; they've more than likely heard of similiar situations.

I battled PDL's without closing my account but it was very hard. I was able to do it because I also worked at the bank so I was able to see and catch anything that was trying to clear my account. When I caught one trying to debit my account even after I revoked their authorization I was able to go to a banker or manager and have them block the transaction. The only way you can stop them without closing the account is what Paul mentioned and that is a hard block and not every bank will do that. They are temporary and you would have to leave it on for a long time to make sure they won't try to debit the account later. I had to have a banker or manager remove the block for a second anytime I wanted to get money out.

what if all they have is paper check and not ACH privileges

A stop payment will work on a paper check because you know the exact amount, who it was written to and the check number, however your bank will charge you a fee for each check you want to stop. Closing the account will also stop a paper check.

Some companies can "convert" a paper check to an electronic transaction. For instance, if I make a payment at Kohls with a paper check, my receipt states that the funds will be withdrawn electronically. I wouldn't trust any PDL - they are out to screw everyone.

If it's a direct deposit you're worried about, they can put a block against any electronic transactions and just let the direct deposit come through until you're able to transfer the direct deposits to another account.

When I got caught up in this mess, my bank put a block on ALL electronic transactions/bill pay etc. except for the direct deposit. I opened a new account and once the direct deposit hit, I transferred the funds to the new account until the direct deposit was sent to the new account. Once that happened I closed the account. And boy did I start getting e-mails/phone calls from the PDLs!

The safest way to guard your money is to close the account.

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I agree, it's not necessarily safe to rely on a stop payment on a paper check; I use a check to pay some of my personal bills and the payment is still recorded as a debit from my checking account. Personal opinion only, I think closing the checking account is the best bet.

My payment of $121 was due today, and I called and said I just don't have it. She asked why and i said I have no money. She says "why didn't you come in last week, you got paid didn't you" and I said yes but I had to pay my mortgage. She said "Well unfortunately that's not my problem". if your not here on your due date, your check will be deposited. Told her I could make a double payment next week. She said I can give you until tomorrow. Well unbeknownst to her, when ONE more check clears tomorrow morning, I will be closing my account, placing a noe ACH/Electronic Transaction restriction on it, and walking out of my credit union with $45 in my hand to live on until next Thursday. Think that makes me sad....NOPE. Cuz they aint getting a dime of my $45 or next weeks check. What they will be getting in a notice that I am filing there account under Chapter 128 and kissing them goodbye (after a lenghty battle I am sure, but no more $350 payments every two weeks!!!!) She threatened me with court today too....I have never defaulted and was apalled that I called to make arrangements and no help. Same at the other place last week. She asked the manager of the place from across the store, if we coul;d make arrangements. Others could hear them telling me I would be defaulted and my check would deposit and bounce. IN FRONT OF OTHER CUSTOMERS. One guy walked in and I said I hope you are not here for a loan cuz they suck....He laughed and said "Payin them off and done!" and we high fived in front of EVERYONE! Okay I am DONE! Sorry to vent....feel better now though :)

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And she had the gumption to ask if I remembered her from High School. I do, but I didnt care for her then, with her snotty attitude and now she totes around town acting like she is a successful businesswoman since she runs this hole in the wall store.

That may be your only option, OP. Close the 'old' one and open a 'new' one. If the PDL's don't have your 'new' account, they can't do anything. Also.....they can't take money from a closed account, either.

Does anyone know what banks in TN that opens an account for anyone? I have checked online but am having no success and I would really like to get one set up today to inform HR of my new direct deposit. Thank you all for your help.

I haven't had to close my checking. I sent the pdls an ach revokation letter and when they debited my account my bank manager said to bring in the letter and she will credit back this money. She said I had 60 days to report any unauthorized ach transaction. I then went in the bank signed an affidavit form they had and my money was credited the next day without any fees. Shouldn't all banks do this?

some banks don't do that.B of A is one.plus you want to do that for the next year?because these pdl's won't stop trying to debit.it will be a headache in the long run.

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Which bank do you have?

Yes, you need to close your account. Payday lenders are "legit companies" in the same way that Hostess Cakes are "food". They have no regard for the EFTA and will use any sleezy, illegal method in the book to clean your account (did you know that debiting in varying amounts without written notification is a Federal crime? Well, they don't.). It's far better to go through the hassle of switching your direct deposit than it to go through the hassle of finding out those animals have cleared out your account just before your rent check is due.

I live in TN and have 5 PDL's. They are
VIP ( Qloot)
Dollar Quick
Cashnet USA
RBT loans
Vince Enterprises
Does anyone know if they are legit and have license in the state they lend? Thanks to everyone in your help!

ok. I applied for a PDL from a company that I forgot I did not pay back over a year ago. I had closed my account and opened another one to stop them from taking money. Now they have my new account info, but no signed agreement with me to take from that account. My question is, can they take money from my new account for the unpaid loan from over a year ago?

I have read all the comments and I agree with the borrowers. To repay a loan immediately, they are very sneaky. If you don't follow the rules of sending email or fax saying pay in full prior to the three day time frame, then they just roll the loan over and take interest out and they can do that for four months in a row, then they can take $50 a month out and the monthly interest or cost of rolling the loan over. To repay a $200 loan, you will pay a horrendous fee by the time you get the principal paid off as they take small bites of payments for the principal and charge you full fees for rolling over the loan they call it, not necessarily interest. I can't find how to contact one of my loans that is debiting my account $l20 a month and OneClickCash is just rolling over my loan and I emailed them. This is driving me crazy and they debit it when I don't have my money in my a account and cause me to have NSF fees several times. They start on 6th of month and the tenth is usually when my money finally gets in my account. I WILL NOT USE THIS TYPE OF LOAN AGAIN. I WAS IN A BIND AND STARTED USING IT TO BAIL ME OUT BEFORE MY BIG CHECKS WOULD COME IN DUE TO PAYMENTS DUE BEFORE I GOT PAID. WELL, IT JUST MAKES IT WORSE. SO I AM GOING TO SAVE AHEAD AND HAVE A RESERVE SO I AM PAYING ON TIME WITH MY OWN MONEY. ALSO I FIND I AM SPENDING MONEY OF THNGS I DON'T NEED AND THROWING IT AWAY. KINDA SABATOGING MYSELF. MUST LIKE THE CRISIS THING. BUT I AM GOING TO STOP THIS INSANITY. I HATE CHANGING MY BANK ACCOUNT, I JUST WANT TO PAY THESE LOANS OFF. I CAN HARDLY WAIT. BUYER BEWARE. I DON'T THINK THESE LOANS ARE LEGAL IN OREGON, BUT I AM NOT SURE DUE TO HOW THEY EXPLAIN THE PERCENTAGES AND APR'S YIKES. HOW ABOUT PLAIN LANGUAGE. SEEMS LIKE THE LOAN COMPANIES ARE RIPPING OFF EVERYONE OF US AT THE MOST VULNERABLE TIMES OF OUR LLIVES. THEY DON'T NEED TO CHARGE THAT MUCH INTEREST FOR $200 TO $500 OR $1,000 LOANS, ITS RIDICULOUS. MAYBE I SHOULD START A LOAN COMPANY. HM, HM. NOW THAT IS AN IDEA.