What are my options, both civilly and criminally if a loan provider takes money out of my bank account without authorization?
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What are my options, both civilly and criminally if a loan provider takes money out of my bank account without authorization?
I recently change student loan providers. I consolidated 2 direct loans (at $51 per month) that were authorized for auto debit and 4 from Sallie Mae that was not authorized for a monthly debit (at $303 per month). The new provider, which had zero autodebit authority, used the authorization code from the $51 direct loan to debit the entire $354. I view this as stealing my money and a huge breach of trust in regards to my information. Also, I am uncomfortable giving the loan providers any of my personal information because of this, so how am I supposed to repay my loans?
Asked on June 23, 2012 under Bankruptcy Law, Indiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the loan provider that you have written about without authorization debited money from your bank account you should first meet with your bank's manager to discuss what happened and sign documentation with your bank to prevent such from happening in the future.
As to the entity that took your money, I would write it seeking the money's return by a certain date and if not given, file a small claims court action against it.
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