If you’re struggling with unauthorized or excessive withdrawals from your bank account by a payday lender, there are steps you can take to regain control.

1. Revoke Authorization for Automatic Withdrawals

Most payday lenders require borrowers to sign an ACH authorization form, allowing them to withdraw funds directly from their bank account. To stop these withdrawals:

– Request a stop payment order on the lender’s withdrawals. Some banks charge a fee for this service.

– Notify the lender in writing (via certified mail) that you are revoking their permission to debit your account. Keep a copy for your records.

2. Close or Change Your Bank Account

If the lender continues withdrawing funds despite your request, consider:

– Transfer your funds and stop using the old one.

– Some banks allow you to block specific companies from making withdrawals.

3. Negotiate a Repayment Plan

If you still owe money, contact the lender to discuss:

– Some states require lenders to offer repayment options.

– You may be able to negotiate a reduced lump-sum payment.

4. Seek Legal or Financial Assistance

– Report unauthorized withdrawals to the Consumer Financial Protection Bureau (CFPB) or your state’s attorney general.

– Nonprofit agencies can help you manage debt and negotiate with lenders.

5. Know Your Rights

Under the Electronic Fund Transfer Act (EFTA), you have the right to stop pre-authorized withdrawals. If a lender violates this, you may be entitled to legal recourse.

Final Thoughts
Stopping payday loan withdrawals requires prompt action. By revoking authorization, changing bank details, and seeking professional help, you can protect your finances and break free from the payday loan cycle.

Would you like additional details on debt relief options? Let me know how I can assist further.