logo

Debtconsolidationcare.com - the USA consumer forum

Bank of America

Date: Mon, 01/19/2009 - 10:32

Submitted by anonymous
on Mon, 01/19/2009 - 10:32

Posts: 202330 Credits: [Donate]

Total Replies: 9


I bank with Bank of America and have been with them for over 20 years. I'm getting ready to close my account and open a new one with them but I'm worried about my ACH's coming through and the old account being reopened. I've read some horror stories about some of the banks when this is done. How can they reopen the old account when it is closed. CLOSED IS CLOSED!! How long does it take for a pdl to realize that a stop payment has been placed on an ACH?


Quote:

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more headaches!
Source: - http://www.debtconsolidationcare.com/paydayloan/close-account.html .


lrhall41

Submitted by phoenix on Mon, 01/19/2009 - 21:21

( Posts: 1445 | Credits: )


Putting a stop payment on a pdl will do no good at all. They each use so many different names, that if they can not debit using one name they will simpy go in under another name. Some will even use a check rather than an ach. The only way to be safe is to close the account and be sure it will not open to allow anything to go thru.
BOA is known for reopening closed accounts.


lrhall41

Submitted by on Tue, 01/20/2009 - 05:13

( Posts: | Credits: )