Credit Union question

[sofarindebt]

Can I close an exising account I have with my credit union and open a new one within the credit union, if I have an outstanding balance on my LOC? Can they just transfer the balance to the other account?

[HHM]

What would be the purpose?

Are we talking about opening a new checking account and closing an old...

There is no legal reason why you couldn't (I suppose), but the Credit Union's internal policy may not let it happen.

[sofarindebt]

to stop unauthorized charges

to stop an old payday loan from taking money out of ACH of my account. I know I can stop payment on it, but they operate under 3 different names so I am afraid they would use a different name to try to debit my account. sometimes banks only ask for the exact amt to stop payment, but they take it out using different amounts every time.

[HHM]

You'll just have to check with the Credit Union.

[CindyLou]

If you had lost checks or had something else happen the credit union would require you to close one account and open another. Maybe you should go that route....

[CATCHMEIFYOUCAN]

i assume you are filing bankruptcy ? i would close the account completely and reopen with a new bank .. i had checking/savings accounts from a couple credit unions and they took what was in my account and applied to the balance of one for the credit cards i owed on !

i dont know what an LOC is but if it is some sort of loan, YES the balance would more likely be transferred over to the new account, kind of like when you lose a credit card, the balance gets transferred over to the new credit card number .

best wishes, catchmeifyoucan

[sofarindebt]

nice!!

So I went to the credit union today to close my account. Since I have an open LOC, in order to transfer my account to a different acct. number, they need to "pull my credit". I was like why? They said they treat it like opening a whole nother line of credit. I said well I can tell you right now my credit score is crap!!! Sure enough, 490 credit score. So my only option was to close my checking account completely and leave my savings open to make LOC payments!!!

Take THAT stupid payday loan place!!! You have gotten more than your fair share of money from me!!

Now, I have another question. I applied for the $700 payday loan knowing I didn't have a job and put my old place of employment down. They will know once they try to call and they say, she hasn't worked here since June 06. Do you think they will object, it is an internet loan and they are based out of canada, but I am thinking of telling my atty if they object, the minnesota law on payday loans is max $350, so they were breaking the law just by lending me that much. Will that work???

[HHM]

So you have resigned your self to intentionally committing fraud now?

[sofarindebt]

That is not what I meant

At the time I was desperate and thought I could pay it back. So far, I have paid back over $1K of reloan fees. If they want to call it fraud fine, but they have their money back plus more. If they object to it I will gladly pay it back but I don't know why they would when they broke the law in the first place.

Geez, so judgemental!!!! People do desperate things when they are about to lose their car!!

[CATCHMEIFYOUCAN]

Dont feel bad SoFarInDebt, you'd think I learned my lesson when I filed ch7 at age 25! Now at age 39 Im back where I started. HOPEFULLY this time I dont see my self 10-15 years from now back on this forum! Hee hee!

Best Wishes, Catchmeifyoucan

[CATCHMEIFYOUCAN]

SoFarInDept

So I went to the credit union today to close my account. Since I have an open LOC, in order to transfer my account to a different acct. number, they need to "pull my credit". I was like why? They said they treat it like opening a whole nother line of credit. I said well I can tell you right now my credit score is crap!!! Sure enough, 490 credit score. So my only option was to close my checking account completely and leave my savings open to make LOC payments!!!

Yeah, forgot to mention, because I had Consolidation loans and my credit cards tied with the Credit Union they wouldn't let me shut down my accounts completely. So I basically stopped payroll deposits and automatic deduction withdrawals and had to leave my savings open with a minimal balance of $5 and just STOP using them completely until they banned me from accessing my account altogether after they discovered I was filing Bk. Oh well ...

Catchmeifyocan