Mon, 08/20/2012 21:50
This includes vital information including federal regulations concerning ACH revocation.
Once you do an ACH revocation to a payday lender, you need to give a copy to your bank. Talk to a branch manager...not a teller, not a loan officer and not a personal banker. You want the branch manager and get a copy of her business card for your records.
ACH revocation is Federal Law...REG E, which is part of the FDIC!!!
Â§ 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.
You do not have to pay a stop payment fee. If you notify the creditor that you are revoking ACH priveleges, your bank should cover your back. I do not recommend doing anything orally....always do it in writing to have a paper trail. If a branch allows an ach to go thru, THEY are responsible for recovering the funds and must NOT charge you any NSF fees.