Payday lenders are undoubtedly
smart. Payday loan companies approve loans for hundreds of borrowers everyday
yet have also found a way to make sure they always get paid. And what better
way to do so than to automatically debit your bank account on your payday? They
know you will have the money because you just got paid and they take advantage
of this by debiting you a couple of hours after you get your money deposited.
By doing so, they collect their funds before you even get a chance to put your
hands on your hard-earned money. With a blink of an eye, your paycheck is gone
and you have no other choice but to take out another payday loan to get you
through until your next payday. And two weeks after, the same thing happens all
over again. Sadly, this is the story of almost everyone stuck in the payday
loan trap.
If you look at the problem closely,
the solution is fairly simple: Close your bank account.
But not all payday loan consumers
have the privilege of easily closing their accounts. The most common reasons
why some people might not want to close their bank account is: A) they get
direct deposit, B) they pay other bills with the account, or C) they have a
negative balance. This article discusses how you can keep payday lenders
away from your money without closing your account.
A.
If you are expecting a paycheck by direct deposit soon, you probably would not
want to close your bank account. The solution here is simple: Put a
freeze on your account. A frozen account simply means that only cash
and check deposits are allowed and any withdrawals are prohibited. As a matter
of fact, you cannot use your debit or ATM card either. Simply put, putting a
freeze on your account means that your paycheck will still be direct deposited
into your account but your payday lenders will not be able to debit you. If you
are in this situation, the best approach you can take is to put a freeze on
your account BEFORE your payday. As soon as you get paid, you can withdraw your
money and close your account immediately. You may then open a new account
(preferably with a different bank) and make sure to let your employer know of
the changes right away. This will give your employer enough time to change your
direct deposit information on file so that you can rest assured that you will
receive your next paycheck without any problems.
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