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New Contributor
Posts: 90
Registered: ‎07-27-2011
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How to revoke ACH debit entry for payday loan

The payday co, ameriloan (https://ameriloan.com/), I borrowed $500 from about 20 days ago, it says that "To tell Us that You are revoking and terminating ACH debit Authorization, You must notify Us in writing at ... or via e-mail... or via fax..."

 

So, All I have to do is email them with my necessary account info to stop ACH debit, right? 

 

Also, do they not have to be physical present in my state in order to do the payday loan license (I live in iowa) or its considered a illegal loan?

New Contributor
Posts: 90
Registered: ‎07-27-2011
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Re: How to revoke ACH debit entry for payday loan

Just asking how do I write a letter to this payday company, ameriloan, to revoke ACH debit authorization.

Moderator
Posts: 27,205
Registered: ‎09-13-2012
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Re: How to revoke ACH debit entry for payday loan

You could contact your bank to stop the ACH. That is what I would do and then fax a statement saying you have canceled the authorization.
New Contributor
Posts: 90
Registered: ‎07-27-2011
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Re: How to revoke ACH debit entry for payday loan

@09Lexie I have to pay $39 to stop the ACH. SO any other way?

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Registered: ‎02-23-2011
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Re: How to revoke ACH debit entry for payday loan


improvent363 wrote:

@09Lexie I have to pay $39 to stop the ACH. SO any other way?


Wow!  

 

Why don't you do this?  Send an email rescinding your standing authorization for the ACH, and follow up with a written letter sent certified mail.

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Registered: ‎06-15-2013
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Re: How to revoke ACH debit entry for payday loan


Open123 wrote:

improvent363 wrote:

@09Lexie I have to pay $39 to stop the ACH. SO any other way?


Wow!  

 

Why don't you do this?  Send an email rescinding your standing authorization for the ACH, and follow up with a written letter sent certified mail.


+1 You said how they told you to rescind permission in your first post. Just do as they said.

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Frequent Contributor
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Registered: ‎03-08-2011
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Re: How to revoke ACH debit entry for payday loan


improvent363 wrote:

The payday co, ameriloan (https://ameriloan.com/), I borrowed $500 from about 20 days ago, it says that "To tell Us that You are revoking and terminating ACH debit Authorization, You must notify Us in writing at ... or via e-mail... or via fax..."

 

So, All I have to do is email them with my necessary account info to stop ACH debit, right? 

 

Also, do they not have to be physical present in my state in order to do the payday loan license (I live in iowa) or its considered a illegal loan?


If you took out the loan.  You owe the money. 

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Valued Contributor
Posts: 1,954
Registered: ‎08-13-2007
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Re: How to revoke ACH debit entry for payday loan


Odiseous wrote:

improvent363 wrote:

The payday co, ameriloan (https://ameriloan.com/), I borrowed $500 from about 20 days ago, it says that "To tell Us that You are revoking and terminating ACH debit Authorization, You must notify Us in writing at ... or via e-mail... or via fax..."

 

So, All I have to do is email them with my necessary account info to stop ACH debit, right? 

 

Also, do they not have to be physical present in my state in order to do the payday loan license (I live in iowa) or its considered a illegal loan?


If you took out the loan.  You owe the money. 


+ 1 - you borrow, you pay. They will be all over you like a cheap suit.

Ray

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