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? about what happens after closed bank account

Date: Sat, 11/17/2007 - 15:41
Submitted by brynmcg on Sat, 11/17/2007 - 15:41
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I contacted my bank and am in the process of closing it. I want to open brand new account in a different institution. Can the payday loans retrieve information for that bank and start hitting it for payments even though I have contacted them numerous times revoking the ach withdrawal and imposed new payment method via money order to pay the loan.
I am scared - am i wrong to feel this way. The language of my contract with payday loan yes is the following:

However, if you timely revoke this authorization, to effect ACH debit entries before the loan is paid in full, you authorize us to prepare and submit one or more checks drawn on your Account on or after the due date of your loan. This authorization to prepare and submit checks on your behalf may not be revoked by you until such time as the loan is paid in full. You authorize us to collect the payments due by using your debit card information that you provided to us (this will be done as a POS transaction). This may be done in one or multiple amounts using various debits until the amount you owe is paid in full.
Additionally, if the account you have provided to us for your ACH debit has been closed or funds are not available at the time of our scheduled debit, you authorize us to debit any account that you hold that we have information. If your Account is with us, you authorize us to deduct the payment from your Account on the day the loan comes due.
thanks for your help.


When you revoke ach authorization make sure you state that you revoke from any account not just the one. Do not give out your new account information. If you send them payment make sure you use money orders not personal checks. There have been occasions that PDLs have gotten new account info but it is rare. 9 times out of 10 it is because another PDL has the new account info and they do share information. If under the chance that they do get your new account info, go to the bank immediately and file fraudalaunt charges because you did not give them authorization to do so.


Submitted by pybasj on Sat, 11/17/2007 - 16:53

pybasj

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BRy, If you opened a new account in an unrelated bank, do not worry about the PDLs hitting your new account. You did not give them the new info did you? Do not apply for any new loans, as that will be a way for your info to get out.There have been instances of accounts being hit, but they are few and far between. Just be safe , and do not give anyone your new account info.


Submitted by kashzan on Mon, 11/19/2007 - 04:42

kashzan

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