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The Importance of Closing Your Bank Account

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I had an experience last week that I'd like to share, to emphasize the importance of closing your bank account if you have PDL's with illegal lenders.
I joined the forum some time ago, and thanks to the advice here, all of the illegal PDL's I had are gone. I did have to tolerate some harassment from some of them, but it does stop eventually. As far as the legal PDL's, I was able to pay most of them off, or reach a settlement. The rest, thanks to Wisconsin Chapter 128, are in the Wisconsin debt payoff program, where you can pay off the lender with no further interest over a three year period.
I can't begin to emphasize how important it is to close your bank account, and do not give any lender your new account information. Although I closed my account back in February, and haven't heard from any of the illegal PDLs in several months, I started getting a surge of calls and emails last week from various lenders that are listed as "illegal" on this forum. Not to mention, several suspicious telemarketing calls from people with foreign accents either offering me a loan or saying i signed up for free products on their website (I have not recently signed up anywhere at all!!)
I am going to take a good guess that my information was shared or sold. There were three hits on my CLOSED bank account from last February, each of them electronic checks ranging from from $9.99 to $39.99.
Thank God I closed that account and listened to the advice on this forum. There is light at the end of the tunnel, and I am almost out of the hole.

You're absolutely correct. It is indeed very important to close your bank account. Thanks for sharing your experience.

Sub: #1 posted on Tue, 10/30/2012 - 10:41


More importantly, everybody should revoke all kinds of ACH authorization BEFORE closing a checking account. The reason is simple: If the illegal lender still retains the ACH authorization, they will go on hitting the 'closed' account and they would be returned for no funds. On the other side, you will be racking up NSF fees and it sometimes so happens that these 'closed' accounts get reopened after it has been hit by a few ACH debits. Reason is simple, the bank just wants to collect on the NSF charges.

Sub: #2 posted on Tue, 10/30/2012 - 10:46

Steve Barris Steve Barris

(Posts: 1045 | Credits: 198.03)

This is great advice. I have a similar problem. Where can I find a ACH revoke form?

Sub: #3 posted on Tue, 10/30/2012 - 10:56

macgowansc macgowansc

(Posts: 10 | Credits: 3)

There is no such thing as an ACH revocation form. You simply send the PDL a letter that states

I hereby revoke ACH rights on account #____________ effective immediately.

Sub: #4 posted on Tue, 10/30/2012 - 18:26

Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.14)

I recently closed my bank account, but how do you know when the account is closed that someone tried to make a withdraw?  And when someone tries to make a withdraw, we aren't charged a NSF fee, are we?

Sub: #5 posted on Thu, 01/03/2013 - 06:03

Sally Sally

(Posts: 69 | Credits: 7.49)

If you have done an ACH revocation, the withdrawal is unauthorized.  You are not NSF since you did not authorize the transaction

Sub: #6 posted on Thu, 01/03/2013 - 09:43

Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.14)

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