account overdrawn $3000 on payday

Date: Thu, 03/28/2013 - 14:24

Submitted by anonymous
on Thu, 03/28/2013 - 14:24

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have 10 Payday loans out and I have been unable to pay them back. I tried to get my bank to stop the ACHs to no avail. I asked them to freeze all ACHs and they will not. I just had a $1250 derect deposit from my employer and because of the payday loans and overdraft fees. I now have -$3000 in the bank with no way to close or change the account I asked my employer to not direct deposit my check, this week, but I should have done it weeks in advance and didn't. I am about to run out of food and my rent will be past due soon. I did not get anything out of last paycheck either due to this. I tried to take a personal loan out, but my credit score is so low that no-one will even consider me. I do have a 401k to borrow against, but I need to get a previous loan paid off to get a new one. I guess my question is, are there any legitimate financial institutions that can get me a loan for $4500? I would pay it back in 1 month, as I will be able to borrow $20,000 from my 401K once I get it. I am almost ready to go to a loan shark to get this done. I need cash now.

To add to this, I am separated from my wife, but still support financially her, and have no help at all. I have nowhere to turn. I am at my whit's end.

Which state do you reside in

Which state do you reside in and who did you borrow from? Please list out the lenders with the amounts borrowed and repaid currently. That would help us establish if you are dealing with illegal lenders.
As for borrowing against your 401(k), I highly discourage the idea although you will need some money to clear the bank O/D.
As for the bank, you need to talk to the branch manager or somebody higher up the chain. Tellers and PAs are in most cases idiots pushing margins. ACH is Federal, Reg E and your bank cannot refuse to revoke ACH if you tell them to. Also, you need to revoke ACH with the lenders as well. In the mean time, in order to stop the bleed, put your bank account on 'Deposit Only' status. That would prevent people from siphoning funds out of your account.

lrhall41

Submitted by Steve Barris on Thu, 03/28/2013 - 21:14

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No legitimate financial

No legitimate financial institution would give you 4,500 dollars. You need to just work with higher level support at your bank to block these lenders and get those fees refunded. Report them as unauthorized transactions for the reason that they pulled more than you agrees.

lrhall41

Submitted by waffles on Fri, 03/29/2013 - 00:19

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