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Tried doing ACH Revocation and this is how it went

Welcome to an online chat session at Bank of America. Please hold while we connect you to the next available Bank of America Online Banking Specialist. Your chat may be monitored and recorded for quality purposes. Your current wait time is approximately 0 minutes. Thank you for your patience.
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Roxanne: Hello! Thank you for being a valued Bank of America customer! My name is Roxanne I will be delighted to assist you with your Personal Savings and Checking accounts. May I have your complete name?
You: Nathan Joe
Roxanne: Hello Nathan
Roxanne: How may I help you today?
You: Yes I have called several times and am having trouble doing an ACH Revocation to several accounts I have found to be operating illegally and want to stop ACH transactions immediately
Roxanne: I understand that you would like to place a Stop payment on the Automated clearing house transaction
Roxanne: I will certainly check this for you.
Roxanne: May I please know the amount of the transaction that you are referring to?
You: there are several, three for 90.00, one for 120.00 and one for 225.00
Roxanne: May I please know the date of $225.00 posted to the account
You: It is going to be posted tomarrow 4-26-2013
Roxanne: Please allow me few minutes while I check this for you.
You: Also it is not a stop payment which carries a fee, it is revoking ACH transactions completely which there should be no fee for as stated by REG E which is part of the FDIC
Roxanne: Could you please provide me with the merchant name for $90.00 and $120.00?
You: Vince Enterprises, Cactus Lending, L. GP Midland Companies, Loan Shop Online
Roxanne: One moment pleas
Roxanne: I apologize for the typo error.
Roxanne: Please*
You: No Problem, so far you have been the only helpful Bank of America associate i have been in contact with
Roxanne: Thank you so much
Roxanne: I have checked the details for you and I am glad to inform you that I will be able to place the Stop payment on these Automated clearing house transactions. There is a fee of $30.00 charged for placing a Stop payment.
Roxanne: Is that fine with you?
You: Is that for each transaction
Roxanne: Yes, Nathan.
Roxanne: It is for each Stop payment.
You: I am not doing a stop payment i am tryning to do a ACH Revocation which takes away the ability completely for them to try and ACH my account, I have already sent these merchants my ACH revocation letter, and this service should be free according to this
You: ACH revocation is Federal Law...REG E, which is part of the FDIC!!! http://www.fdic.gov/regulations/laws...fdic6500205.10 § 205.10 Preauthorized transfers. (c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
Roxanne: Please allow me few minutes while I check this for you.
You: Thank You
Roxanne: You are welcome.
Roxanne: May I please know whether you wish to place a cancel the transactions are going to be presented towards the account Or would you like to remove the Stop payment that is placed?
You: I dont understand your question sorry
Roxanne: May I please know whether you wish to place a Stop payment on the transaction that is going to be presented by the merchant?
You: Yes
Roxanne: Thank you for confirming.
Last text message receivedRoxanne: Nathan, for placing the Stop payment there will be a fee of $30.00 charged
You: Ok I will pay the fee, but iam going to print this chat for records to show my local branch manager tomarrow that i tried doing the ACH Revocation which should carry no fee




Yes I have sent all the PDL the ACH revocation letter before I went to the bank


Sub: #11 posted on Sat, 04/27/2013 - 09:09

njoe njoe

(Posts: 19 | Credits: )

Good - let us know how it goes when you go back to the bank.. remember to talk to a manager only and then keep going up the chain or close your account once and for all with BofA and go some where else...


Sub: #12 posted on Sat, 04/27/2013 - 14:20

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: )

No luck again at BOA, spoke to a the branch manager and explained my situation nut she said that I need a document from a lawyer to do ach revocation.


Sub: #13 posted on Mon, 04/29/2013 - 15:40

Unregistered


WHAT? I would close my account and take my business some where else.. You need nothing from a lawyer to do an ACH authorization revocation .. She is nuts... It is your right..why are you are doing it is none of their business - you are just doing it.. You have the right to decide if you allow people in your bank account and if you don't want them in their any more it is your right.I am searching BofA's site for the info as soon as I find I will put here for you... But I would seriously think about changing banks!


Sub: #14 posted on Mon, 04/29/2013 - 16:12

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: )

Yeah I just closed my account but she said if they try and take money again my accounts gonna pop.back open, I was frustrated so I said I don't care close it, she even said I can't put my account on deposit only


Sub: #15 posted on Mon, 04/29/2013 - 16:16

Unregistered


I couldn't find on their site - I am sure it is in their terms and disclosures, it has to be.. bu this might help to print out and take with you:


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 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]


A stop payment order applies only to one transaction, the May payment of your life insurance premium, for example. ACH rules require that once a payment has been stopped and returned the stop payment expires. However, if the account is subject to Reg E, the consumer's stop payment order - "ACH authorization revocation" has no expiration under the regulation. In my opinion, that trumps the NACHA (ACH) rule, but it does only apply to a consumer account and only to one transaction (and any resubmission of that transaction). To revoke an authorization for a series of recurring ACH items, the receiver (your customer) must notify the originator that the authorization is revoked. Once notified of the revocation, the originator has no authority to submit further transactions. If the receiver is a consumer and notifies you (the receiving depository institution or RDFI) that he or she has revoked or is revoking the authorization, you are required by Reg E to block all future transfers under that authorization. You are allowed to require your customer to provide documentation of the revocation (such as a copy of it) within 14 days and if you don't get the documentation, you are permitted to lift the block on future transfers under the original authorization until you do get a copy of the revocation.


Sub: #16 posted on Mon, 04/29/2013 - 16:20

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: )

HelpinAZ I wish I could take you into the bank with me, hahaha its gets me frustrated when I read about other peoples banks on this forum that were more than willing to help them with no problems.


Sub: #17 posted on Mon, 04/29/2013 - 18:46

njoe njoe

(Posts: 19 | Credits: )

She sounds like and idiot.. It is called a hard block for a compromised account..I bank at Chase they did in a matter of moments - I was on the phone with a personal banked and got it done, they had my new account open before I even got to the branch. All I had to do was tell them if there was anything out on the old that I wished to allow through and to move all funds to the new account.. In a few days they moved my DD for me to the new - monitored the old for 30 day and shut it down. BofA - the reason I left there about 7 years ago is they put a 3 day hold on a cash deposit - yeap I said Cash Deposit!!!


Sub: #18 posted on Mon, 04/29/2013 - 18:51

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: )

I can't believe the BS Bank of America is putting you through. All you have to do is revoke ACH with illegal lenders as indicated in their (illegal) loan documents, usually by FAX or email 3 days before next scheduled debit. If you revoke ACH they must stop debiting your account. Then you immediately notify your local branch, I like fax plus a certified letter just to be sure. There's no fees, this is not a stop payment, it's a an ACH revocation. Also some banks say the only way is to close the account, BS! however since PDL are shady companies they may still try to debit your account, and overdraw it. That said once ACH is revoked, if they take money...the bank must investigate and reverse the transaction. It happened to me, and within a week funds were returned. When an ACH is returned, your bank is asking the PDL for their money back since they reimburse you first and then ask PDL. Believe me PDLs do not want to have banks on their backs asking for refund of fraudulent ACH debits.


Sub: #19 posted on Wed, 08/14/2013 - 13:29

Matt Matt

(Posts: 36 | Credits: )

@ Matt you are responding to a post from 4 months ago - and a lot of banks are this way if you don't do the steps the right way!!


Sub: #20 posted on Wed, 08/14/2013 - 13:32

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: )


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