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Revoking ACH authorizes ACH...?? Makes no sense

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Got this from a PDL to which I sent ACH revocation.

"Per the loan agreement,(which is attached above) by revoking authorization for the lender to process payment from the account you in turn are authorizing the lender to prepare a payment to payoff the account when the loan comes due."




Which is why it is important to close your account when you revoke your ACH authorization.


I do not believe it is legal; once you revoke your authorization it is revoked, but that won't stop them from trying.


Sub: #1 posted on Sat, 08/24/2013 - 18:21

Scubus Scubus

(Posts: 44 | Credits: 5.82)

Illegal lenders will twist everything around to suit THEIR needs. ACH revocation means NO more ach's.....not help themselves to the entire balance,.


This is why it is important that you CLOSE your bank account.


Sub: #2 posted on Sat, 08/24/2013 - 18:58

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.15)

I've noticed that since early August ACH from PDL haven't been working, I got a couple emails asking me to use alternative methods of payment. It appears that the State of Maryland* is attempting to prevent PDL from using ACH, I know for a fact Boulevard Cash, NationalPayLoan, CR Fast Cash are down and can't process ACH transactions right now. Western Sky has also announced it's laying off its entire workforce. Something's brewing... Thanks again for all the advice!


*http://www.baltimoresun.com/business/money/bs-b z-payday-maryland-2013081...


Sub: #3 posted on Mon, 08/26/2013 - 23:07

Matt Matt

(Posts: 36 | Credits: 5.04)

The branch manager is lazy so he tells me to close my account...However I am going to call the bank Fraud division to see about putting a block on some ACH. So far only MyCashNow attempted to debit my account after revocation. They took about $300 in 3 transactions...I filed a complaint and got my money back within 2 business days since ACH was revoked. The risk is to have the account overdrawn if PDL start going crazy and taking money all at once. I think I am also lucky that Maryland is attempting to block PDL from using Banks and ACH... since early august no PDL has touched my account.


Sub: #4 posted on Mon, 08/26/2013 - 23:12

Matt Matt

(Posts: 36 | Credits: 5.04)

@Matt, also MD Commission has issued a cease and desist against MyCashNow....now have to wait to see what happens...I am from MD too and we are very lucky


Sub: #5 posted on Tue, 08/27/2013 - 00:24

bingonut bingonut

(Posts: 1433 | Credits: 168.82)

@Matt - your branch manager is not being lazy - telling you to close your account is the same thing we are telling you - it is the only safe way to keep them completely out of your old account.. When you open a new one you will still want to make sure not linked in any way to the old one.. And yes at the same time they can hard block the account to all transactions and in 30 -60 days they will close the account - due to it being compromised .. So either way close the old account and open a new one..


Sub: #6 posted on Tue, 08/27/2013 - 00:45

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: 288.1)

mycashnow.com website is down too... I am going to tell my other PDLs about this. Now I know why MyCashNow called me last week saying they were stopping ALL collections activities against me. I was also about to sue their collection agency Silver River Management for FDCPA violations. Today Mobiloan threatened me with a "charge off" I said go for it! can't collect on illegal PDL so the "charge off" is going nowhere and if some CA or JDB contacts me I will tell them to leave me alone or I will get one of those "only pay if you win" FDCPA lawyer and sue them for up to $1,0000. Slowly getting out of PDL hell and never going back! Lucky I am in Maryland indeed.


http://www.timesfreepress.com/news/2013/aug/17/payday-lend er-lays-off-wo...


Sub: #7 posted on Wed, 08/28/2013 - 19:59

Matt Matt

(Posts: 36 | Credits: 5.04)

Are all payday loans illegal in NYS?

Sub: #8 posted on Mon, 09/02/2013 - 21:40

Unregistered


I wonder if this news article has anything to do with what's been going on:

http://www.timesfreepress.com/news/2013/aug/27/a-letter-st ymies-payday-e...

Sub: #9 posted on Tue, 09/03/2013 - 21:12

wearetheborg wearetheborg

(Posts: 23 | Credits: 4.28)

NACHA warns : "consumers have significant protections provided by Regulation E
and the NACHA Rules, and are much better insulated against questionable transactions through
the ACH Network than when third parties use “remotely created checks” to debit consumers’
accounts."

Sub: #10 posted on Thu, 09/05/2013 - 23:45

Matt Matt

(Posts: 36 | Credits: 5.04)

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