payday loan help
Date: Thu, 06/10/2010 - 17:30
Nationwide Cash-borrowed 500.00 paid 500 in rollover fees bal owed in my opinion 0.00
Southern Financial borrowed 400.00 paid 942.00 in rollover fees and 1 50.00 by down bal owed 0.00
Paradise cash advance 400.00 paid 400.00 in rollover fees bal owed 0.00
National Group 200.00 paid 0.00 Bal owed 200.00
First Bank of Delaware installment loan borrowed 600.00 paid 493.75 bal owed 106.25???
or paid 147.00 bal owed 453.00
That's ridiculous, they CAN and MUST stop the ACH's if you reque
That's ridiculous, they CAN and MUST stop the ACH's if you request they do so, that is a federal law, print this out (below) and take it back into the bank, speak to the branch manager (no one else will do), and tell them you want to place ACH blocks on the following companies (list them). But I am here to tell you, once you revoke the ACH' and these payday lenders find out, they will change their names and hit your account again and again and again, it's an uphill battle, that's why it is important to CLOSE YOUR ACCOUNT!
Electronic Funds Transfer Act
[QUOTE]907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e]
[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980]
[/QUOTE]
