PDL getting new bank acct info??!!
Date: Tue, 12/15/2009 - 23:11
I have defaulted on a loan with a storefront PDL.
I was going to renew my loan so I first gave them by updated bank acct information. The employee told me they couldn't do a rollover so I was not able to pay and renew the loan.
They still have the old check from the old account, but they now have my information for my new acct.
Can they attempt to get money from this new account even tho I didn't write a check or sign any documents authorizing them to?
They might since payday lenders would go to any extent to collec
They might since payday lenders would go to any extent to collect money. You should make the bank manager aware of this issue.
Hopefully PDLowner will be around to reply to this, I am going t
Hopefully PDLowner will be around to reply to this, I am going to send him a PM and ask that he read this thread.
i am editing this because i realized it is a storefront. my firs
i am editing this because i realized it is a storefront. my first instinct was to close the account but shazzers is correct, PDLOwner would have the information. perhaps make your bank aware that there might be some unauthorized activity going on?
Based on the fact that the customer provided the account informa
Based on the fact that the customer provided the account information, it would be my opinion that if the funds are available that they could collect them. There is an ACH agreement for the transaction. They may have an "out", but I am not sure in this situation.
I had a situation last year where a customer called in and provi
I had a situation last year where a customer called in and provided us with their new banking info to take ACH payments. Several months went by, and the customer subsequently disputed (through their bank) all the payments we had taken out of that account. Their bank contacted our bank, and our bank wanted proof of the authorization, so I faxed back the signed ACH agreement. My bank's opinion was that since the original ACH authorization had a different account number listed (remember that the customer had called in new account #'s by phone), we had no specific authorization to debit the new account, and had to give all the money back.
And so we gave the money back, reversed those payments, and subsequently repossessed the vehicle for non-payment.
That forced a policy change in that any time a customer wants to update their banking info, we now require it to be in writing and no longer accept such requests by phone.
Moral of my story is that, if your bank is on your side, you may have recourse to get the money back since you did not specifically authorize them to debit your new account.
