Iowa laws & Internet payday loans

I agree with your course of action, I am going to go ahead and post some pdl steps that I wrote a long time ago, there are links available in this post which makes it a little easier and less research. Good luck and keep us posted!

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

[quote]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Here are a couple of addresses for you that I had filed.

United Cash Loans
3531 P Street NW
Miami, OK 74355
Telephone:800-230-9480
gphillips at unitedcashloans.com
United Cash Loans are part of MNE and are not licensed anywhere.
UCL (800) 279-8511
3531 P Street, NW
PO Box 111
Miami, OK 74355

USFastCash
3531 P Street NW , PO Box 111
Miami, OK 74355
Attention: Collection Department

USFastCash
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: [email]customerservice@usfastcash.com[/email]
US Fast Cash Compliance Department
Fax: 1-800-470-6614
Email: compliancedepartment(at)usfastcash.com

Arrowhead Investments
PO Box 415040
Kansas City, MO 64141

Total Lending Center Inc
1909 Surrey Ct
Columbia, MO 65203
573-446-9200

Total Lending Center, Inc.
10975 Benson Dr Ste 350
Overland Park, KS 66210
913-491-5300
866-412-2369 phone
866-379-7667 fax

Thank you Shazzer!

I'm heading into my bank today to talk to my banker and the bank manager. I'll keep you posted about what happens next.

You can also contact the Iowa Division of Banking at 515/281-4014.

Thank you for the Iowa Division of Banking info. I will call them tomorrow.

So I talked to my banker today and she told me that it takes 30 days to revoke ACH authorizations, and it is 30 days from when the PDL companies receive the letter revoking authorization. She also said if I signed a contract and owe this money, that I can not revoke ACH authorizations.

I was also wondering, how does revoking ACH authorizations work if you bounce a payment to the PDL company? Will I have to wait until after the bounced payment clears before I can revoke ACH authorizations for future transactions?

I'm going to wait until after I talk to the Iowa Division of Banking to go ahead with closing my checking account. I want to make sure closing my bank account now is not going to hurt me more later. But I did block all debits from coming out of my account until I get back with my banker tomorrow.

Thanks for all the help and advice. I feel like I'm finally getting some help without being judged or being made to feel guilty.

Wow! I have to say that as a fellow Iowa resident, I am P**SED OFF that your bank would continue to work FOR the ILLEGAL payday loan companies (sorry I didn't see if any of the above were legal for you). The online lenders are illegal in Iowa.

I would talk to Stewart McKee from the IDOB today. I would tell him exactly what your banker said and who your banker is. He will tell you that what they said is a bunch of crap. He will tell you to do the steps outlined above by Shazzers. He will tell you that all of these online payday loan companies are illegal in Iowa and to work with them through e-mail and US postal service to pay back what you owe.

As far as bouncing on payments--who cares if they are illegal. Toss out the word "illegal" if you have to because, in effect, these online lenders are illegally lending to Iowa residents--Stewart will contact your bank if you need him to, I'm certain. He's a good guy. The bank can't go around protecting them with their, "We have to wait 30 days" crap. What is the bank afraid of? Not working WITH the illegal lenders? Tell them you need to transfer your bank account immediately to a different number or you will take your business elsewhere. Seriously, this is complete BS! My bank gave me all my money back on ACH authorizations I revoked 3 DAYS prior to their withdrawal...my bank gave me all fees back from NSF fees, all the money back, a new account number and they continue to contact me of suspicious ACH debits from my account before they go through. Why? Because that is what a bank should do--provide their customers with PROTECTION and SERVICE.

Sorry if I sound angry at you... I'm not. You DO have rights and your bank p**ses me off.

I'm going through this mess in Iowa with much success so keep in touch.

Ok, now I see they are all illegal.

Good luck with your situation and please contact Stewart McKee ASAP at the IDOB.

Just remember a few things:

A. The IDOB does not regulate credit unions.

B. The IDOB does not regulate Federally Chartered Banks

C. If the bank or CU is within the regulations of the state, they cannot be forced to change thier policy.

With that said, call Stuart and try a different branch to speak to the manager. The manager at one of my bank branches will do nothing for the customer, but going to a the next one down the street or even speaking to the Teller Supervisor will provide different results.

Where in Iowa are you and who do you bank with?

PDL Owner,
Good advice and insight. I forgot about credit unions and I'm not familiar with all the laws "in the biz". Thanks for stepping in.

I was lucky my bank was so helpful and I get so steamed when I hear these stories where someone from a bank says, "We will let these ACH authorizations through even if you do not want them." Of course I don't advocate anyone skipping out on what they morally and legally owe--the principle balance in this case.

I wish everyone's experience with this situation was as smooth as mine has been *knocks on wood* ;-)

Marasimo,
How are you holding up?

Hi everyone!

I talked to Stuart McKee at IDOB, thank you so much for giving me his name. He was very helpful and supportive and told me that it sounded like my bank's 30 day notice was extreme. He recommended going in again and talking to my banker and if that didn't work, asking for the bank manager.

I bank at Bankers Trust and I live in Des Moines. I hope that the next time I go in, I have better luck because I have liked Bankers Trust up to this point. I'm taking all my documentation in with me too.

Right now I'm trying to decide how to get my bank account stable and closed. My balance is negative, but I should be back in the clear after my paycheck next week. It's going to be the NSF fees that keep hurting me until then. I'm worried that the PDLs will keep trying to pull money out and I will keep getting charged NSF fees. I was going to switch my direct deposit to the new account at Bankers Trust, but now I think it may be wiser to do a papar paycheck until I'm sure my old account is completely closed.

Great plan, up to changing banks! Bankers Trust is a top notch bank that you want to keep a relationship with.

Good luck!

Thanks PDL Owner!

I really do like Bankers Trust. I don't want to change banks at all and hopefully that won't be necessary. I'm just unsure if I should keep dealing with the relationship banker I've been talking to or if I should just go ahead and talk to the bank manager. The person helping me now is the one who said to revoke ACH authorization takes 30 days. I guess I will see what happens when I talk to her tomorrow and then if it doesn't go well, I'll ask to speak with the bank manager or go to a different branch for help.

I don't suppose anyone out there dealing with this problem banks at Bankers Trust? It would be great to talk to someone at the bank who has maybe dealt with similiar situations.

Hi everyone,

I have a quick question - if the bank cannot close my account until my negative balance is reconciled, can I still put a stop to the ACH transactions? My bank keeps posting the PDL's ACH transactions to my account and then they return them the next day. I keep raking up NSF fees. I'm worried that the PDL's will keep attempting multiple daily ACH transactions to withdrawal money and I will keep getting charged the fees.

Any advise on how to pursue this issue with my bank? The last time I spoke with my banker she said my account would be closed. Then she told me that everything presented to my account would be returned. But it doesn't look like my account has been closed yet. So Monday I'm going to have to talk to my banker again. Any advise on how to pursue this with my bank?

Thanks!

If they are taking the money and then putting it back, I would say that you have a good argument for waiving the fees. Explain your situation and let them know that you have considered changing bamks, but would prefer not to.

Good Luck!

Thank you PDL Owner. Tomorrow is when the loans may try to post again. I will see what happens next.

I heard back from 4 of these companies and they are willing to work with me and accept payments for the principal amount of the loans that I may still owe. All four have also assured me, in writing, that no more ACH transactions will be attempted by their companies.

I'm still waiting on responses from United Cash Loans, USFast Cash and OutbackBucks.com. I have a feeling they will all three attempt to withdrawal more money tomorrow. But so far, things are looking better then they did two weeks ago.

Thank you again everyone for your help and I will continue to post about my progress. Wouldn't it be great if I could get this all cleared up before the New Year? I'm crossing my fingers and hoping for the best!

I have a huge problem. I have a "wonderful" ex that while we were together decided to get a payday loan over the internet from Loan Point USA for $600.00. He used all of my information with bank account and everything...which recently was totally closed out and changed...but this was in June and he told me that $180 was only going to come out until it was paid and a fee of $100 was also paid.

Since I have closed that account, they can no longer debit money out of my account, but called me just yesterday and my account has been closed for over a month.

They asked for my entire ss# and seriously do they think I am a moron??? Hell no!!! So, I decided to investigate how much I really did pay the losers. I was negligent for awhile on my bank account....bad for me, but I now have everything together and when I added it all up.....I paid them $1,800.00!!!!!!!!!!!!!!!! OMG!!! I need to figure out a way to get that money back....that is three times over! Please someone reply very quickly cuz I need to serious help. Thanks so much

Marasimo - see if your bank will let you continue to deposit to your account but not withdrawal. My CU did that 2 weeks ago and it helped me out. My direct deposit goes in tomorrow wich will make my account positive. Then I will be closing that account and opening a new one.

Have you contacted the AG office in Iowa? I am here in Iowa, too, and sent letters to the PDLs but didn't follow through with the AG or any other groups. Just curious as one PDL owes me a refund of $960 and I am trying to decide how to proceed after they replied back saying I still owe $390 but they are willing to settle for $0.