member profile picture
Posts: 1
Credits: 43.4
[Donate]

i have a bank account with union bank of California and i have too pdl one with cash net usa and one with magnum z if i close the account, can they open it again?




I'm giving you certain information that one of our moderator Goudah2424 has given in another thread

Quote:
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.


But don't worry there is a possible way out too: -

Quote:
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.


Despite of all the above mentioned facts, I still consider closing of bank account to be the best policy: -

Quote:
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.


To know more please go through: -

IMPORTANT - Read before closing your bank account due to pdl

Closed account - now what?

Sub: #1 posted on Tue, 08/05/2008 - 15:54

phoenix phoenix
Moderators
(Posts: 1444 | Credits: 275.38)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 0.860 seconds.