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Home >> Accounts >> Checking Accounts
Preventing Access to My Account
How can I stop Payday Loans from having access to my checking account, electronically, and paper checks? Do I put a freeze on my account?
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 There are a few steps you should take. First, you can contact the payday lender in writing and revoke the authority that you gave it earlier to access your account. Be specific, and keep a copy of what you send, annotated with the date on which you sent it.
Next, you can enter a claim with your bank for each and every draft or electronic charge to your account initiated by the payday lender after you delivered the written revocation of authority. If you are concerned that the lender will continue to charge your account even after you've ended your authorization, you should work with your bank to close out the account and reopen another one, instructing the bank to reject all future transactions directed to the old account.
If you still owe the lender, you can't simply turn off the connection to your account and walk away from your obligations. If the loan contract is enforceable in your state, you'll have to arrange to pay it off.
Published on BankingQuestions.com 11/14/08
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