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ACH System down for online lenders

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Does anyone know why the ACH system is down for online lending?
It has been down since August 29th, and no one knows when it will be back up and running.
I searched for news articles, but I'm not getting much. I am wondering if they were shut down (wishful thinking) or what is going on.
Does anyone else have more information?

The national ach clearing house and national banks were all put on notice to stop processing ach transactions for certain online lenders. Who are your lenders?

Sub: #1 posted on Fri, 09/06/2013 - 23:14

momofthree27 momofthree27

(Posts: 358 | Credits: 46.68)

I dont have any loans at the moment, but I called WTJ Capital- they wont answer the phone, George Promise-said there system is down and said it would be next week and it was only their system (brainwashed employee) and Stone Canyon Lending said it was all online lenders and she didn't know when it would be back up, but they keep getting told its being fixed and will be back up shortly.

Sub: #2 posted on Fri, 09/06/2013 - 23:18

neighbor neighbor

(Posts: 28 | Credits: 4.47)

"Unfortunately we are experiencing technical difficulties with our bank and will not be able to process payments for your upcoming due date. The charges due will be pulled from your account early next week. If you would like to pay over the phone using a credit or debit card you may give us a call. Your payment will be processed ASAP please make sure the funds are available."

Sub: #3 posted on Fri, 09/06/2013 - 23:50

Matt Matt

(Posts: 36 | Credits: 5.04)

This article should help you understand what is going on 6/layoffs-hit-chattanooga-b.... It is not all lenders -- only ones that are believed to be operating illegal/unregistered, etc. So, if I were you and my lender is stating they can't process payments I would take it as a sign that they are probably illegal. You need to secure your bank account and revoke all ACH and offer to pay any principal you still owe via money order or cashier's check only and have them provide a mailing address. Should they refuse to give you a mailing address, then they don't get their money. Follow instructions in sticky on dealing with illegal lenders.

Sub: #4 posted on Sat, 09/07/2013 - 01:32

momofthree27 momofthree27

(Posts: 358 | Credits: 46.68)

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