I had to freeze my bank account and I owe some pay day loans can they still take their fees out?

Answer 1

nope, its not cool for you to do but you better open up another account at another bank before it gets out of hand. Dont get caught up in those things its the killer of young peoples credit. hence your situation. Sooner or later they will back off and send it to a collection agency. Good Luck

Answer 2

Ive managed a bank. I dont know what leah is talking about, you can stop payment on any check even cashiers checks.

You can stop payment on the checks. The bank will not honor the checks. It will cost you around 10 dollars per check to stop payment.

There is one downside. Its called fraud. If you just bounced the check its usually a 20 dollar fee ect. If you write a check and cancel it on purpose with no reason other then not having to pay it, its fraud.

I dont know what state you live in, but you might be looking at the difference of a 20 dollar bounced check fee or 20 years in jail. Either way works its just what you want to do and how you want to spend the next years of your life.

Personally I dont care either way, Im just answering your questions.

Answer 3

They can't touch that bank account, but you would be in breach of the contract you signed with Pay Day. That means penalties and THAT means you end up owing more money and risk damaging your credit scores.

To Pay Day, freezing your bank account is the same as you refusing to pay.

Answer 4

They have a signed check dated before the freeze, and legally can have you arrested for writing a bad check, if you change banks then on a closed account even worse. then you have to make good on the check, all additional fees, court costs etc, and possible jail time.

Answer 5

How did you get your bank to freeze your account?

I've worked in banks/credit unions for 25+ years, and I've never heard of a financial institution "freezing" an account..... if transactions are presented for payment, the institution must either pay the item (debit your account) or return the item (to the maker) that same business day.

Edited to add:

FinancingLoans - the question was not about stopping payment on a check - it was about 'freezing your account'.... I know you can stop payment on a check (duh)...