Payday Loan Help: Electronic Debits and Transactions
How to stop my payday loan lender from taking money out of my bank account electronically.
- Did you give your payday loan lender authorization to take your funds?
- Do you want to stop one or more payday loan payments out of a series you actually did authorize?
- Do you want to cancel your authorization?
Get Payday Loan Help from the CFPB:
Your payday loan lender is taking more $$ than you authorized? Tell your bank or credit union IMMEDIATELY. Tell them you’re experiencing “unauthorized transfers.” The FED’s require banks and credit unions to put a stop to this!
My book, available on Amazon now, “18 Ways to Kiss Your Payday Loan Lender Goodbye” discusses how to properly notify your bank. And, here’s a direct link to the CFPB Payday Loan Complaint page: CFPB Payday Loans
Put a stop to multiple payday loan bank account electronic debits.
Did you sign an agreement that allows your lender to debit electronic payments at repeated intervals, such as loans that are repaid through installments, and payday loans that are automatically set up to renew a certain number of times? You can stop these! Just tell your bank or credit union – this may have to be in writing – at least three business days before the transfer is scheduled. The bank or credit union may require written confirmation of oral notice. Be aware your bank may charge fees for a stop payment.
Cancelling payday loan bank authorizations.
You can revoke any authorization that you gave a payday lender to take money out of your account. Follow the instructions in the initial payday loan authorization that describe how to tell your payday loan lender to stop. Lacking these instructions, the authorization may be completely invalid; STILL, tell the lender to stop taking money (debiting) your account.
Here’s exactly what to tell your payday lender both by phone and in writing: “My authorization to debit my account is revoked.” Keep a copy to take to your bank or credit union. Tell your bank or credit union that, “All further transfers are unauthorized” and you want them treated that way – either stopped or immediately refunded.
Failing this action by your bank or credit union, contact CFPB.