Yeah I was dumb, the checking and savings where never tied together.The payday loan tried to force it open, before the due date of the check, so I closed out the checking account,yes I have to pay them but not thru my savings account? The payday loan co. is not giving us the time they promised, an never tell you of the hidden costs,the savings is to pay for new teeth, when my dental work is done, which is $700. the Cardiologist told me I needed this done,for the teeth are causing damage to my heart an blood chemistry,I’ve already paid half of dental work,I must use the savings accuont to complete the dental work,would the bank tell the Pay-day loan co.about the savings account?Is the bank requried to tell them? plzz need your help, thank you,very much.
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I honestly do not think the bank can legally give your financial information to anyone or place of business without a conscent form signed by you. Unless while applying for the loan you signed an agreement to have your savings withdrawn in the event of nonpayment of the loan. (which I doubt considering it deals with checking accounts and not savings). The only account number the payday loan co has is your checking and you since have closed it. I will tell you that by not paying the loan you have created a big problem for yourself. The payday co has a legalized document signed by you and your promise to pay. It will go to court and it will cost you BIG TIME!!! They then will cease your savings and possibly garnish your wages by holding a judgement against you. This happens every day to many people who end up in the payday loan trap. Be smart and don’t let it go this far. You will end up paying three times the amount of the loan including late fees and court costs. As far as the unknown hidden costs you speak of. When applying for the loan you should have gotten a reciept or paper explaining the costs, interest, and the due date.