Q&A: Can I Legally Close My Bank Account If I Have Payday Loans Through The Account?
Question by dechelle: Can I Legally Close My Bank Account If I Have Payday Loans Through The Account?
I have two payday loans, and I can not seem to get out of them. The refinance fees are taking all of my paycheck every time I get paid. If I closed my bank account, can I be punished by law? I plan to pay them each every month until I can pay them off. But as it stands, I just can’t afford to pay them. Please help! Any advice will help…
Best answer:
Answer by Bert
You can close your bank account, but if your payday loan contract calls for a deduction from that account, also read what their remedies are. They’ll get you one way or another. Deal with the payday lender, not the bank. Go ahead and close it.
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That’s good lesson for you. Never going to borrow the shark again. Learn to live below your means, frugal as much as you can. Do not get in debt again. It will save you a lot of pain.
You cannot afford NOT to pay them off in full, and fast! You can be charged with fraud and go to jail if you close that bank account when you have automatic withdrawals or already written checks on that account to repay your loan. You have to repay the loans in full first, or else open another account and transfer payment arrangements to the new account first. Then you can close your existing account.
Payday loans are the worst thing anyone can do. Absolutely stupid decision. Now you go out and find a way to get a second job, or some way of earning more money and get those payday loans paid off. The longer it takes you to pay off those debts, the deeper the grave you are digging for yourself. Should have gotten a second job instead of the payday loans. Now you’d better hustle your bustle to earn more money.