PNC Bank
Date: Thu, 08/26/2010 - 08:24
PNC Bank
I haven't and you also didn't have to close the account. They ha
I haven't and you also didn't have to close the account. They have a permanent block feature that you can use on your account against the payday lenders that you have loans with. They did that for me and so far I have had no issues. It is a different block from a stop payment, as long as you have the names they can put a block against any future debits associated with the lender that remain on your account permanently
That doesn't always work. Sometimes these lenders will simply d
That doesn't always work. Sometimes these lenders will simply debit your account under one of their many other names and you'll have nothing left! If you want your money to be truly safe, you have to close the account.
Hi, I currently bank with PNC. I can't speak about the block
Hi, I currently bank with PNC.
I can't speak about the block feature mentioned above, although had I known about it I probably still wouldn't have used it and just closed my account. Once a lender, legal or not, has your banking information it can be exceedingly dangerous to leave that account open. Because many of these companies are often times affiliated with one another the information is shared. You also then have the bottom feeders that purchase this information over the web for pennies on the dollar, which is not always done legally, and in turn contact and harass people into paying sums of money they do not even owe.
Ultimately that is one of the many reasons why people opt to close their accounts rather than use blocks.
Now, going back to the original question:
Will PNC reopen an account after you've closed it. The answer - YES, if a transction hits the account during the cooling off period before it's finally closed. I had this happen to me with two lenders that deducted funds (regardless of the ACH revocation letter) from my checking account. The account was technically closed, but in that cooling off period. If I hadn't already started up conversations with the branch manager about the transactions they would have posted and my account reopened. She knew they were unauthorized, so she returned them.
End of story.
Make sure you work with the branch manager on this one.
What was the "cooling off" period? One poster said it was 24 ho
What was the "cooling off" period? One poster said it was 24 hours after the account was closed.
Quote:Originally Posted by boygirlbabiesWhat was the "cooling of
Quote:
Originally Posted by boygirlbabies What was the "cooling off" period? One poster said it was 24 hours after the account was closed. |
This is what happened in my instance:
I put in a request on August 12th to close my account. Because of the wealth of information found on this site on the subject of account closure and debts reopening "closed" accounts I skip all the way up to the branch manager and explain the situation. I never deal with anyone else about the issue.
Because I had pending checks and transactions on the account, the account couldn't be closed at that time. I had a new account opened up but the signature card was still in transit to the main office for processing. I emptied my checking account and verified that there were zero outstanding checks and bill pays on the old account. A banker on Saturday put in the request to close the account. It was processed on Monday the 16th.
Tuesday....Wednesday....Thursday the bank had two charges pending on the closed account. The account was "closed" by the bank on Tuesday. They give the account 48 hours to "cool off" before it is actually closed. The payday loan debts went through, but were pending. The branch manager was notified and she returned the items. No further action on my part was required.
I called in that night to Customer Service and a rep said that it's 48 hours for an account to be officially closed. No transactions can re-open the account at that time.
Make sure you verify this with the branch manager and allow plenty of time for the account to close. When the account is closed, you won't see the account (or its transactions) in your online account management. The only way I found out the old accounts were debited was because a teller told me when I went to cash a payroll check.
Well I am cutting it close. I "closed" my account yesterday and
Well I am cutting it close. I "closed" my account yesterday and my loans are set to ach Sept 1. I have gotten 5 of them to not ach for Sept. I hope I am safe. I just spoke with a rep who stated the account can be reopened within 30 days!
You spoke with a rep, not the branch manager. Speak with a bran
You spoke with a rep, not the branch manager. Speak with a branch manager and get clarification.