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This includes vital information including federal regulations concerning ACH revocation.

Once you do an ACH revocation to a payday lender, you need to give a copy to your bank. Talk to a branch manager...not a teller, not a loan officer and not a personal banker. You want the branch manager and get a copy of her business card for your records.

ACH revocation is Federal Law...REG E, which is part of the FDIC!!!

§ 205.10 Preauthorized transfers.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.

You do not have to pay a stop payment fee. If you notify the creditor that you are revoking ACH priveleges, your bank should cover your back. I do not recommend doing anything orally....always do it in writing to have a paper trail. If a branch allows an ach to go thru, THEY are responsible for recovering the funds and must NOT charge you any NSF fees.

I have been reading on here all the info on revoking an ACH. Well from Wednesday I have been trying to zero out my account as advised from my bank and wait 24 hours before closing. Today I have been hit with more charges. My bank says for me to revoke an ACH the document must be notarized and submit to their legal dept.. They will then contact the lender to determine if I did sign a contract and if I did I am in jeopardy of loosing my account and possibly facing jail time and fines. All she keeps repeating is that I signed a contract, and they are obligated to carry out the contract terms.

Please advise.....

Sub: #1 posted on Fri, 05/10/2013 - 07:29

Kervin Rene Kervin Rene

(Posts: 7 | Credits: )

Your bank is full of shit...there is nothing in the federal regs that require this. Who the hell where you talking to? Talk only to a branch manager and if this is who you talked to, tell her to get her district manager on the phone. She will have the number on cell phone. The manager needs to read the regs!!!

How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

Sub: #2 posted on Fri, 05/10/2013 - 07:38

Moderators Cum Industry Expert
(Posts: 17271 | Credits: )

if some moron at your bank said jail time they should be jailed for criminal stupidity.REG E is a federal law and they can be penalized for not complying with it.what is the name of this stupid bank?sounds like one that needs a nice lawsuit for not complying with REG E.

giving hope to the hopeless,help to the helpless,and hap to the hapless.

Sub: #3 posted on Fri, 05/10/2013 - 07:45

paulmergel paulmergel
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what does USAA stand for?they have no concept of anything.what a crapass bank.i would just find another bank,and keep any docs related to this for when you take action against about a bunch of idiots.

giving hope to the hopeless,help to the helpless,and hap to the hapless.

Sub: #4 posted on Fri, 05/10/2013 - 10:14

paulmergel paulmergel
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(Posts: 15512 | Credits: )

I did some searching and I see you're not the first one to have the same problem with this bank. If I were you, I'd issue a complaint with your state banking commission. Any bank whose advertising is aimed at the U.S. military should know better. :(

Sub: #5 posted on Fri, 05/10/2013 - 12:00

wearetheborg wearetheborg

(Posts: 23 | Credits: )

Bank of America will not close out an account automatically...they say that you can get to a zero balance but if any ACH's hit it reopens the account...I think their time frame was 90 days.....such crap.....

Sub: #6 posted on Fri, 05/10/2013 - 17:15

Caught in the trap Caught in the trap

(Posts: 2 | Credits: )

OK so after reading the advice from the form for like the 85th time. I finally got the courage to go ahead and submit the documents USAA requested to accept an ACH Revocation(notarized document with account info from lender). So I submitted my docs and letters to USAA and all three of my lenders: VIP CASH, GRENTERPRISES, & WTJ CAPITAL/Incline Services Corp.

The same day i got two responses back so far VIP CASH:

David Cobbett

7:17 PM (13 hours ago)

to me

Mr. XXX - thank you for your email. I have frozen all activity on your account. Please allow me a day to review your account and determine the refund amount. You account is considered paid-in-full and once a refund is processed I will permanently archive all of your account information.

Please feel free to contact me if you have any questions or concerns.



Also GREnterprises responded:

I am able to send you a refund, but in order to do so, I would need to fax

you paperwork that you would need to sign and fax back.

Do you have a fax machine available or would you prefer that I email the


Please advise

So I am waiting on a response from the third lender.

For everyone on the forum, thank you all for your support and your role in providing me with the info to tackle this head on. I will post more updates as I get them.

Thanks again...

Sub: #7 posted on Fri, 05/24/2013 - 06:58

Kervin Rene Kervin Rene

(Posts: 7 | Credits: )

I am seriously in a bad situation with multiple loans. I intentionally took them out with the means to pay them back but one after one I found myself in a HOLE OF DEBT!!! I have 7 online loans and reside in the State of Louisiana. I have contacted the Finance Dept and AG office both state that the company have to abide to the state laws but do not have to reside in the state I think thats right. I have been trying to overcome this for over two years now and I am at a point I feel like I will never be free from these loans.

1. Pay Day One - $700 total if pay back all interest - $694.20 = $1,394.20 - Paid $152.68 on 5/13/13

2. SpotLoan - $800 5 months 9 payments left total due - $1012.52

3. Cashnet USA - $225 + $45 =$270

4. CashCure - $650 + 143= $793

5. MB Processing - need to get the amount

6. Quick Credit 911 - need the amount

7. Cash Central - $800 +200 = $1000 + $20 ACH return fee = $1020

Sub: #8 posted on Thu, 05/30/2013 - 09:10

AngieD AngieD

(Posts: 2 | Credits: )

I have Wells Fargo trying to charge me fees too...

Sub: #9 posted on Thu, 05/30/2013 - 11:34

AngieSmMu AngieSmMu

(Posts: 6 | Credits: )

I have 3 online payday loans at this time. And I'm not sure if they are legal in my state. I am in Pennsylvania.

Custom payday loan - borrows $450, paid back $540 to date. Just in fees to rollover.

Westriver Cash - borrowed $350, paid back $420 to date. Just in fees to rollover.

Harvestmoon - borrowed $300, paid back $560 to date. Just in fees to rollover.

If anyone can help on what I can do I would very much appreciate it. I just want to know if they are legal or not. If not then I can go ahead and start sending letter cause I'm paid up as far as I'm concerned. Thank you ahead of time.

Sub: #10 posted on Thu, 05/30/2013 - 12:51

fweezy fweezy

(Posts: 3 | Credits: )

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