What to do when illegal payday loan lenders trap you
I had trouble with my bank as well. I went to another branch 10 days later (and another paycheck gone). A much more pleasant mananger helped me close my account. I talked to her on the phone today and her manager told her she should not have closed it. They are not reopening it...I just don't understand why they care. Don't give up and be sure it is done before your next payday. You have done nothing wrong. They made me feel like I was trying to rob them at the first branch. So much for small towns being friendly. I drove into the city.
Wow that's almost what I said to the guy, word for word. I said my account was compromised, I want to revoke ACH authorization, and make my current account deposit only until my direct deposit can be changed over to a new account. I'm going back to the bank tomorrow morning when the doors open to speak with the manager. Also, this guy said that it doesn't matter that these companies are not licensed to lend in Arizona because I signed a contract. Now I understand why you stress the fact that it has to be a manager, and only a manager, that you speak with. Now I'm really considering switching to another bank. I already have been frustrated with them and their ridiculous fees that they refuse to budge on.
Thank you for your continued help and advice.
Well I just left Bank of America. The person I spoke with was not helpful at all. He talked like he'd never heard of revoking ACH and that it wasn't possible. He kept talking about doing stop payments even though I said that is not what I want to do, I want to stop ACH. Would it be worth it to go to another branch or can this been done over the phone with BofA's customer support? It was frustrating, when I said I wanted to do what you advised me to, he acted like those possibilities don't exist.
may need to speak to a bank manager.. I had no problem with Chase. Tell them your account was compromised - you are revoking all ACH authorizations and you want to close your current account or have it put on hard block for deposit only. when you open the new account it needs to be linked in no way to the other -- or since is is BofA you could just close that account and open at another bank.. jk- but if they refuse to help you, they may leave you no other choice!
Thank you for your answers, just knowing that gives me some relief. After reading many posts, I understand the importance of closing my bank account, I only hesitate because I receive my paycheck through direct deposit. Do you have any advice on how to handle that?
Follow the link in my signature below on how to deal with unlicensed illegal lenders step by step by OhioGal. How much did you borrow and how much have you already paid - you are only morally obligated to pay back principal..
Glad to help - keep us posted! As for the DD issue see if they can shut down your DD and issue a paper check until can get rerouted to new account.. Or have your bank restrict your current account for deposit only - due to it being compromised and you are revoking your ACH authorizations. They should be able to put on deposit only status until the DD clears and then just move it to the new account for you - Make sure the new account is not linked in any way..
Your detailed response is extremely helpful, thank you so much! Tomorrow, I will go to Bank of America and do exactly as you said. After that, I will follow the steps by OhioGal. I'll report back with updates. Thanks again!
Yeah, I could see my old one for like 60 days, they left it on hard block for 61 days to see if they could see if they illegals would try after I revoked ACH, so that I could file complaints if they did...
All of your lenders are illegal. So you owe principal only. Don’t pay them an extra dime other than the principal. Ask them for a refund if you have overpaid them. Close down your old bank account and open a new one.
Sorry for not posting the past few days, I was a little busy. Even though I had revoked ACH authorization, all four went through Friday morning. I knew I was cutting it close by getting it revoked the day before they were set to go through, so I was prepared for that to happen. I'm just broke until next payday. This is what I'm looking at now: VIP Loan Shop - $500 (paid $525), White Hills Cash - $375 (paid $225), Blue Thread Lending - $350 (paid $315), Zip19 - $225 (paid $269). I sent off my emails stating that ACH was being revoked and received responses from White Hills and Blue Thread. Both agreed on the amount due and gave me contact info to make payment. I am going to send a new email to VIP Loan Shop and Zip19 now that I have over-paid the principal. I believe everything is good to go with my new bank account. The bank assured me that the two are not linked to each other. Also, everything should be changed over with my direct deposit by payday.
Keep us posted on how it goes with the bank this morning. and it doesn't matter what you signed as a contract - you still have every right under federal law to revoke ACH authorizations.. Banks can not tell you how to pay your bills!
Glad to hear that this trip to the bank went well.. just need to talk to the right person.. and don't worry about typos - I just blame it on the computer.. LOL.
Today's trip to the bank went much better, the way out should have gone yesterday. The woman I spoke with asked just a few questions and had it taken care of with a couple mouse clicks. She also made my account deposit only until I get my direct deposit changed. Now I can send the companies the emails I have written.Thanks again everyone for your help and support, I'll post again when I have more to report.
OK little confused if you bank closed your account down on the 10th and she was aware that you were revoking ACH as of that date..nothing should have hit your old account in anyway... other than your deposit... the bank should be liable if they let the charges go through.. Why did they allow the account back open? are they going to continue to allow this to happen?
Yes it is done now. I was worried because I could still see my old account when I logged in on my bank's website, so I went in there today and made sure that it was completely shut down. What's interesting is that VIP tried to withdraw $650 from my old account via an electronic check. When I logged into their site tonight, I saw that it said that I do not have any current loans with them. I feel like I can breathe a little easier now I know they can't anymore of my money until I give it to them.