This story starts about a year ago; we needed some cash so we went to one of those payday advances with the intention on clearing the loan the next pay period. Fast forward to this year, several big emergencies and five different payday loons later. We have a $1500 total payday loan with five different payday loans. We pay appx. $500 per month to keep re-loaning thats about $8000 in fees/interest since we started this nightmare. I decided to stop this madness and work out an alternative re-payment plan. They said sure, we have to pout your CHECK through and we get it returned from your bank we can work out a plan. So the next week I discovered that two of the five clear my back WELLS FARGO, cleared them stating that they were processed as ACH transactions. Basically my bank cleared them even though I put a stop payment on all the checks. There is no way to stop these companies from depositing and getting your money, Wells Fargo is also in on this, this is a 42MIL dollar a year business.
I want to know why Wells Fargo cleared these transactions yet return everything else including past ACH transaction from t-mobile. Here is how I am stopping the madness, I closed the accounts that the other check were written on, and I am repaying Wells Fargo the $600 that already cleared. I told Advance America and Cash Plus that I would pay them AFTER I pay my bank off.
DO NOT DO THIS; I am stupid and paid $8000 for nothing.
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