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

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.

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.

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-bz-payday-maryland-20130818,0,4584170.story

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 They took about $300 in 3 transactions...I filed a complaint and got my money back within 2 business days since ACH was revoked.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.

@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

@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..

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-lender-lays-off-workers/

Are all payday loans illegal in NYS?

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-stymies-payday-empire/

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."

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."

I saw this in my mom's contract with Plain Green. Is this what you are talking about?

REMOTELY CREATED CHECK AUTHORIZATION: This Remotely Created Check Authorization applies only to Borrowers who have granted an ACH Authorization to Lender in connection with this Loan. If we are unable to process an ACH debit to your Bank Account or we do not receive a payment by the Payment Due Date, and provided that you have not revoked your ACH
Authorization, you authorize us and our agents, representatives, successors and assigns to create and submit remotely-created
checks for payment to us in the amount of each payment owing under this Agreement, including any returned payment charges or other amounts owing to us upon acceleration of this Loan as a result of your Default. Your typed signature below shall constitute
your authorization to us to authenticate remotely created checks, which are also known as demand drafts, telechecks, preauthorized
drafts, or paper drafts. If you believe we charged your Bank Account in a manner not contemplated by this authorization, then
please contact us. You authorize us to vary the amount of any preauthorized payment by remotely created check as needed to
repay installments and any other payments due under this Agreement. CHECK CONVERSION NOTIFICATION: When you provide a check as payment, you agree we can eith

I revoked ACH with a PDL and they're saying by doing so I authorize them to issue a bank draft for the total owed on the loan... in the Plain Green agreement quoted above I did notice this detail "provided that you have not revoked your ACH
Authorization, you authorize us and our agents, representatives, successors and assigns to create and submit remotely-created checks for payment"

but in my case the crooks implied that revoking ACH actually authorized them to issue a remotely created check... They have not done anything so far, they wanted $390...I said hell no! then they said $120 would be OK since I paid $180 on that stupid $300 loan already...it's been a few weeks already...no debit...nothing...I suspect they're having issues with the ACH network since NY and also Maryland, where I reside, have been aggressively telling banks to severe ties with ACH processors working for PDLs... tomorrow is payday so we'll see!

Was that a different one than Plain Green that did that. I hope they don't do anything to you tomorrow. Keep us updated and good luck!

@ Matt - so they are agreeing that you only owe $120 of the $300 loan.. That is what you wanted right? The control is up to you know to lay out how you will repay them, via money order is suggested and the time frame is what works for you!

they said they'd debit $120 unless I called to make arrangements...well I guess they were bluffing... I've been fighting multiple PDLs, revoked all their ACH... I got one entry today from one of them, my most recent and of course last PDL...once it clears I am calling my bank tomorrow, getting paperwork I need, faxing it back and waiting for my refund. This is exactly why I now schedule major bills in between paychecks in case I get some unauthorized ACHs which takes about 3 business days to get reversed.

What PDL was that? Plain Green?

Who were you unauthorized?

Matt...did you shut your bank account down as we advise??

no other PDL has touched my account in the last 6 weeks. The majority of them have issues using the ACH network anyways*... NY and MD have been looking at ACH processors as a way to prevent PDL from operating in their states. I will contact my bank tomorrow, and fax back paperwork immediately and I should see a refund by Tuesday hopefully...

*dated Aug 9th from one of my PDL : "Dear Valued Customer,
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"

My Credit Union refused to do ACH Revocation. Can't be done, will not do it, against policy and such. I did a web search for "ACH Revocation(financial institution)" and their own form for for doing a revocation was postedon the web along with a lot of other financial instutions forms. I would suggest anyone having this problem to do the search and see if their bank or cu has the form posted. Pretty hard for them to argue with their own form with their letterhead on it.

I guess they need to read up on the LAW. I got into an argument with my bank too, the lady said well you took that PDL you signed an agreement, there's nothing I can do... I was like "HELL NO!" and educated her on the LAW : federal law, Regulation E, Section 205.10, pre-authorized transfers...