I have been doing research on the subject and acco
Date: Thu, 03/17/2011 - 11:01
I have been doing research on the subject and according to PA state law, payday loans are illegal for our state. Also in doing my research, I was told to close my bank account, however, it is not possible as I have outstanding legitimate checks that need to clear. I have placed stop payments on each, but my bank stated there was no guarantee that the payments could actually be stopped. I also sent emails and faxes to each company stating that I revoke my permission to withdraw from my account. I received a nasty email from one of the companies stating basically that they can do whatever they want because they are on a Native American reservation. Now what???
well for one the EFT(electronic funds transfer act)states you ca
well for one the EFT(electronic funds transfer act)states you can revoke someone's access to your account at anytime.if you sent ACH revocation letters to these pdl's then your bank should not honor them.see the bank manager about this nobody else as they are the only ones who can truly block,or secure the account.as for the pdl claiming they are a "tribal loan"big deal while they are.that just means they are the equvalent of a foreign pdl.meaning they are totally illegal.again see your branch manager and get that account secured.
Quote:I received a nasty email from one of the companies stating
Quote:
I received a nasty email from one of the companies stating basically that they can do whatever they want because they are on a Native American reservation. Now what??? |
What they are probably trying to tell you is they are exempt from the state laws because they are located on a reservation, so they follow the tribal laws, however, you are exempt from their tribal laws, and that is exactly what you should tell them.
As far as stopping payments on your illegal lenders, I am quite sure you are being charged for doing that and it isn't necessary. All you need to do is write a list of the lenders and at the bottom of this list state: you hereby revoke their rights to debt any of your personal accounts, per the EFTA law, regulation E. If the bank still tells you that they can't stop those debits then they will be in big trouble because as long as you have it in writing (keep a copy and have the bank manager sign off on your copy) they (the bank) MUST honor your request, that is a federal law, period. Make sure you sign it, and make darn sure you insist on giving the list to the branch manager. Know your rights.
Understand that this is only a temporary fix, it will probably only work one time, illegal lenders will change their name and debit your account again and again, and if the name they use is not listed on your EFTA revocation, the bank does NOT have to honor it.
That is why it is VERY important you close that account asap.
That is why it is VERY important you close that account asap.