LoanPointUsa? New Jersey?

Yes, The money that you paid in finances charges goes towards the loan amount. You borrowed 600.00 and repaid 360.00 and only owe them 240.00. Please be sure your account is closed . Otherwise they will go in and take everything you have.
After your account is closed, let them know that because they are illegal you will only pay what you borrowed.

Do I absolutely have to close out my account? I cannot just send a letter stating that it is illegal and demand that they can no longer draft money from my account? Thank you.

please close it, at the very least put a hard block on it. they will keep going in regardless of what you tell them. blocking them will not work neither as they have millions of names to go under. they are part of geneva roth. i live in NJ and had a loan with them, they are horrible,

I wish I never had to take out this stupid payday loan :( I've had the same account for 8 years :(

I have Loan point USA, I am in Florida, I had 2 loans, one I paid off, but ended up paying the loan off for 600 and over 1000 in fees before that. I now have a new loan for 600, that I have paid 360 on. Do I owe them anymore? Since I so over paid in fees on the first loan I ever had with them? Thanks

So I contacted my bank, and the idiot I spoke to told me they cannot block anything, nor change my account number until I have paid off that payday loan. I explained to this person that it is absolutely illegal for them to continue taking out money out of my account and they said well all kinds of proof. I'm SO done with this bank. 8 years at this bank and this is what they do. It's like the idiots are on the payday loan crooks side.

One more thing, I contacted Loan Point USA and let them know that by law they MUST apply whatever payments I have made towards the balance owed. The lady I spoke to says she cannot speak about the legalities of anything over the phone, and because I did the loan over the internet it was not in my state, I MUST pay them back 780.00. I smell B.S.

missk, keep going up the chain of command. that is crazy, they can too block it and the loan is none of their buisness, anyway. you have the right to revoke ach debits, ask to speak to the fraud department.. keep asking, someone will help you, i had trouble, too but i had to keep asking..
but you could also print out the state statute..

New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

You have the right to revoke ach withdrawls
show this to your branch manager. Its the law
er the Electronic Funds Transfer Act:

Quote:
???? 205.10 Preauthorized transfers.

(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(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.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.

[Codified to 12 C.F.R. ???? 205.10]

[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]

Well I also contacted NJ State Banking and they said because I authorized the ach, there is nothing really that can be done unless I contact an attorney..I'm to the point where I'm just going to pay the stupid 780 and totally forget about these stupid payday loans.

guest is right (are you sure you are not a member?) i would print that out, and keep going up the chain of command.. that is beyond crazy that they will not help you!

Perhaps I am !!!!!

You know, I think I may fight with my bank, because this just isn't right at all.

Well, print out the law that I posted, and the bank has no choice but to comply.

missk84, it isn't right at all. I would go directly to the branch manager if I were you.

i agree, please keep us posted - geneva roth will take out everything you have.

Well my bank contacted me this morning and they said in order for them to put a stop on Loanpoint they would have to return the deposit that was made on 5/21/09. Um is this correct or not?

i doubt that's correct. did you call corporate yet? is there another branch that you could speak to? perhaps the fraud department? this loan is not legal and this is fraud. i know their office is not much help but perhaps showing that you reported them to the attorney general might help? or department of banking and finance?

I called and spoke to someone in the fraud department just now and she says she's not familiar with ACH rules and will contact me back. I told her all I simply wanted to do is stop them from going back into my account.

please keep calling until someone listens to you. regardless of if she is familar with ach rules, fraud is fraud and they will clear out your account.. last year, they actually tried to take over 2 grand out of mine for a $300 loan. luckily my bank blocked it. i am not trying to scare you, it is just important for you to keep pushing.

Your bank is 100% wrong. Please print out the ach banking laws and bring them to the manager at the bank.
You have the right to revoke ach transactions.

Where can I find the ach banking laws?

I want to thank everyone by the way for being super encouraging and helpful.

Just out of curiosity what bank is this? Its not BofA is it? Also I was'nt really clear from reading your posts but have you tried actually going into the branch and talking to someone in person or are you just calling the callcenter? I would avoid trying to call in and actually go in and talk with them in person if you have'nt done that.

resqume1, good question - my guess was also Bank of America, please let us know!
they really are in the wrong here, 100% wrong. i agree, i would call corporate but i would go in person, perhaps to another branch and keep pushing until they listen. they are wrong, not you.

Missk84
The laws are on this thread I posted them for you yesterday

Oops probably should of mentioned which bank it is! I have a credit union bank account. unfortunately i can't just walk into the branch, because my bank is in long island, and I recently moved out to jersey. I've been talking to the main corporate office this whole time! I'm disgusted at how they're treating everything.

Here they are again
You have the right to revoke ach withdrawls
show this to your branch manager. Its the law
er the Electronic Funds Transfer Act:

Quote:
???? 205.10 Preauthorized transfers.

(a) Preauthorized transfers to consumer's account--(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:
(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or
(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or
(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement.
{{10-30-98 p.7369}}
(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.
(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer.
(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.
(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.
(d) Notice of transfers varying in amount--(1) Notice. When a preauthorized electronic fund transfer from the consumer's accounts will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.
(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.
(e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit.

[Codified to 12 C.F.R. ???? 205.10]

[Section 205.10 added at 44 Fed. Reg. 59471, October 15, 1979; amended at 45 Fed. Reg. 8265, February 6, 1980, effective May 10, 1980; 61 Fed. Reg. 19672, May 2, 1996]

Even in NY, payday loans are still illegal!! What else could the poster do?? Contact the ACH processor? i know geneva roth's processor is somewhere on this board.. should this bank be reported? i would report them, personally.

I will def report them if nothing is done. This is ridiculous!

i would seriously report them if this is not finished after this weekend.. perhaps that will motivate them to follow the law. :roll:
this is an outrage, what they are doing is wrong.

I agree...contact the ACH processor...tell them LoanPoint is illegal and is continuing to hit your account.

This topic has been covered many times...try searching using the box above...type in ACH Processors...I know there will be much info you can use....even type in LoanPoint ACH Processor...see what comes up.

I agree, i know their processor is on here somewhere - i did a quick search and did not find it but i clearly remember seeing it around here. the ACH processor can help but I would still push the bank.

So I called the fraud department back, once again and I read to her the electronic funds act, as well as offered to fax over a copy. She finally said that they will go ahead and stop payment for these people. She also warned me that they are probably going to try to go into my account other ways. Ugh what a mess.

they really will go in your account in other ways. she really should have put a hard block on your account - debit only. better yet, she should have closed the account and made it so ACH will not reopen it. blocking them will not help :( is there anyway you can call them back and ask for it to be permanetly closed without chances of being reopened?

She also let me know that if they go into my account other ways, just call and they will reverse it. They won't close out the account.

Missk84, just curious but why won't they close this account? personally i would not even want to bank with them after this. i guess if they do not mind reversing it than it is okay, but will they charge you for this?

Stopping payment will not help one bit. They will just use another name, or a different amount to get into your account.

If they use another name to get in, the bank will make you prove that it is the same company

i agree with guest. i do not mind to keep pressing this issue but this is not right.

Actually, lots of banks on long Island are open on Saturday, and some even on Sunday. I would make it my business to find out if your bank is open , and I would get there in person.

The banks will be closed THIS saturday - July 4th holiday.

IMHO, you should close that account ASAP. Even tho the bank said they will reverse it, you need to consider the impact if the PDL debits your account and you have other charges coming thru...it will cause overdrafts from the bank, returned checks back to those you wrote checks to and they in turn will charge you o/d fees, late fees, and the list keeps coming...then while you're sorting this out, if you have direct deposit, it will be applied to the bank o/d account, leaving you possibly nothing, and then the PDL will submit AGAIN under another name or form and the cycle continues!! THAT'S WHAT WE MEAN WHEN WE SAY "PDL HELL"!!

Close the account if you can and open another.

I forgot its July 4. Anyway, her bank refuses to close the account. That is why the op is having such a hard time.

i also think maybe it is time to go in person? i do not see how they can refuse to close the account?

I wish we had the name of the bank.Some are open on The weekend on Long Island.
At this point I would think because of all the money involved, it would be worthwhile to take some time off from work to visit the bank

i agree, if it were me, i would go - nowhere in nj is too too far from long island.

Exactly correct. Car, bus , train no matter I would be there. Potentially there is a lot of money at stake here. Can not be done correctly over the phone.

:shock: "Nowhere in NJ is too too far from Long Island??? " You have to go thru or around the City to get to NJ!! It could take hours if traffic is jammed!!

Was wondering why the bank won't close the account? Did the OP have items pending?

i know how bad the traffic is but i really would try to find a way.. i lost a thousand dollars one time because of payday loans and was reported to chex systems :(

Bea, I agree. Actually if you go at certain times it really is not that bad. I have made the trip often. Regardless of the amount of time to get there, it is well worth it. whats better, sitting in traffic or the loss of a lot of money

I wish I could go up to the bank, but unfortunately I don't have a car right now. There is no bus that runs from here to Long Island.