Is it possible to revoke ACH authorization on legal CSO's and PDL's in Texas to stop the withdraws from your bank account so that you can have some barganing leverage?
According to the electronic
funds transfer act, you can revoke ANY type of ACH transaction...legal
or otherwise. Just give them PDL/CSO written notice once the account is
closed.
It is always best to use
registered mail. Faxes get tossed by accident or on purpose all the
time. In my office I am constantly picking up other peoples
faxes
No its not legal for the bank
to not allow you to stop a preauthorized ACH.
[quote]Regulation E
Sec. 205.10 Preauthorized
(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.[/quote]
If your bank doesn't allow you , file a compliant with the The Office of
the Comptroller of the Currency
I have 2 or 3 companies that continue putting transactions through on
one of my accounts. I've sent them letters revoking ACH authorization,
requesting debt validation, etc, and have been 110% ignored. Today I
called my bank, Bank of America, to talk to their fraud people about
disputing these transactions because they are wracking up overdraft
fees.
So what they tell me is that they can only dispute transactions that
have actually posted, not transactions that were not processed due to
insufficient funds. What????
I said "So even if they're operating illegally, there's nothing you can
do to dispute these transactions?"
She replies "Yes, unfortunately the only thing we can do is get the
vendor to admit they're processing these in error".
Long story short, unless the companies debiting my account admit to Bank
of America that these transactions were in error. WTF? They're
literally telling me that the second you give a company your checking
information, they're welcome to try robbing you as much as they want to,
as long as the transaction doesn't go through. They told me if I can't
work it out with the vendor, I should call a lawyer.
Does anyone have specific legal code I can cite? It seems like there's
something very wrong with this. I've talked to 3 different people at
the bank and they're all telling me the same
thing.
Requiring them as the only form of payment accepted is a violation of Federal Law.
Sub: #1 posted on Tue, 07/15/2008 - 10:05
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Sub: #2 posted on Tue, 07/15/2008 - 10:12
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Sub: #3 posted on Tue, 07/15/2008 - 10:13
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Sub: #4 posted on Tue, 07/15/2008 - 10:25
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Sub: #5 posted on Tue, 07/15/2008 - 10:33
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Sub: #6 posted on Thu, 09/18/2008 - 17:23
Sub: #7 posted on Wed, 08/26/2009 - 10:46
Sub: #8 posted on Wed, 08/26/2009 - 10:50
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[quote]Regulation E
Sec. 205.10 Preauthorized
(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.[/quote]
If your bank doesn't allow you , file a compliant with the The Office of the Comptroller of the Currency
Sub: #9 posted on Thu, 08/27/2009 - 06:39
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(Posts: 1817 | Credits: )
I have 2 or 3 companies that continue putting transactions through on one of my accounts. I've sent them letters revoking ACH authorization, requesting debt validation, etc, and have been 110% ignored. Today I called my bank, Bank of America, to talk to their fraud people about disputing these transactions because they are wracking up overdraft fees.
So what they tell me is that they can only dispute transactions that have actually posted, not transactions that were not processed due to insufficient funds. What????
I said "So even if they're operating illegally, there's nothing you can do to dispute these transactions?"
She replies "Yes, unfortunately the only thing we can do is get the vendor to admit they're processing these in error".
Long story short, unless the companies debiting my account admit to Bank of America that these transactions were in error. WTF? They're literally telling me that the second you give a company your checking information, they're welcome to try robbing you as much as they want to, as long as the transaction doesn't go through. They told me if I can't work it out with the vendor, I should call a lawyer.
Does anyone have specific legal code I can cite? It seems like there's something very wrong with this. I've talked to 3 different people at the bank and they're all telling me the same thing.
Sub: #10 posted on Fri, 03/19/2010 - 06:49