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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?




Quote:
Originally Posted by Anonymous
Does anyone know if these laws have changed?
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.

Oh yes, the infamous BOA, they have no idea what they are doing, all they care about is making money off of you. The ONLY thing you can do to protect yourself is CLOSE THAT ACCOUNT!! You need to speak directly to the branch manager, the tellers and other employees can't and won't help you!

Sub: #11 posted on Fri, 03/19/2010 - 08:19

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Every ACH authorization for recurring transactions is required to included revocation information. Because the authorization is a contract, you can only revoke the authorization in the manner specified in the authorization itself.

Most authorizations will say, do it it writing, send to a specific address, send by traceable courier, etc. The bottom line is that if you try to revoke in any manner not specified in the authorization itself, then you have not revoked it. Even if you close the account, sure, you'll stop the transactions, but the authorization is still in full force.

Remember this...an properly executed ACH authorization is a contract between you and the merchant. By signing it, you agree to it's terms. All of it's terms, including how you can revoke it.

I wish you luck.
Solicitation removed!

Sub: #12 posted on Fri, 07/09/2010 - 09:10

Unregistered


[QUOTE=Anonymous;721376]Every ACH authorization for recurring transactions is required to included revocation information. Because the authorization is a contract, you can only revoke the authorization in the manner specified in the authorization itself.

Most authorizations will say, do it it writing, send to a specific address, send by traceable courier, etc. The bottom line is that if you try to revoke in any manner not specified in the authorization itself, then you have not revoked it. Even if you close the account, sure, you'll stop the transactions, but the authorization is still in full force.

Remember this...an properly executed ACH authorization is a contract between you and the merchant. By signing it, you agree to it's terms. All of it's terms, including how you can revoke it.

I wish you luck.
Solicitation removed![/QUOTE]
I think you are speaking about merchants, which is totally different than the discussion here.

Sub: #13 posted on Fri, 07/09/2010 - 09:18

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Quote:
Originally Posted by Anonymous
Is it legal for a bank to refuse to accept an ACH Notice of Revocation of Authorization Agreement?


The Financial Institution is required to accept the NRAA in good faith - so if they have a reason to believe you are attempting to commit fraud, yes, they can refuse to accept the form. Otherwise, the account holder is signing the form under penalty of perjury and the FI is no longer liable for the transaction in question.

In other words, if the FI thinks you are lying, they can refuse. But if you sign the form and they accept it, you are responsible for resolving the matter - whether you owe the money or not.

If the FI accepts the signed form, they are obligated to act on it within 1 business day (so if you sign in Friday afternoon, it may not take affect until Monday.)

Sub: #14 posted on Fri, 09/10/2010 - 08:12

Unregistered


BofA can place a Stop Payment or Revoked Authorization on your account to prevent future attempts to withdraw funds. About prior withdrawals, however, they are correct - since no transaction occured, there is nothing to return to the vendor. Your NSF fee, however, is another matter. That was charged by BofA and - if they care about customer service - can be refunded by them directly. The second choice is to contact the vendor who caused the NSFs and have them refund all erronous fees.

My FI often requests that you attempt - in writing, certified return receipt - to get the vendor to acknowledge their error and refund the fees. If the vendor does not respond, then after two weeks, my FI will refund the fees.



Quote:
Originally Posted by Anonymous
Does anyone know if these laws have changed?
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: #15 posted on Fri, 09/10/2010 - 08:19

Unregistered



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