YOU WILL NEED TO SETUP THE (CLOSED )ACCOUNT FOR THE EFT FIRST FOLLOWING THE GUIDELINES BELOW.
The EFT (SETOFF) TRANSACTION MUST be written on CLOSED personal bank account ONLY! (In regards to public bank CHECK transactions, this is illegal!) It is to be clearly directed on the instrument that it is an EFT transaction only (NOT AN ACH CHECK).
WHAT IS A CLOSED ACCOUNT AND WHAT IS IT FOR?
Black’s Law Dictionary, 6th Edition: CLOSED ACCOUNT: An account to which no further additions can be made on either side, but which remains open for adjustment and set-off, which distinguishes it from and account stated.
You must open a bank account and then close it! All closed bank accounts are NOT closed by the bank!
In the definition of “Closed Account” above the term ’side’ means public and private side and it refers to a bank’s accounting ledger! If you do not understand public vs private banking transactions then do not proceed!
If you feel you need to ask your bank about how this works then do not proceed!
The bank you use to process this transaction MUST be a large commercial bank and not a local credit union.
CRITICAL: DO NOT OPEN THE BANK ACCOUNT WHERE THE LOAN/DEBT IS LOCATED! USE A DIFFERENT BANK!!!! ALSO DO NOT USE THE BANK YOU CURRENTLY USE FOR EVERYDAY BANKING. IF YOU DO, THE BANK WILL CLOSE YOUR ACTIVE ACCOUNTS!
The account must be a personal checking account ONLY and NOT a business account!
You must use check fraud proof ink (Order Online) otherwise you are committing fraud!
An EFT Transaction and ACH are two entirely different things! If the bank runs the instrument through as an ACH (A Check/Public Transaction) the transaction will be reversed automatically. Remember the definition of a closed account? Can the bank run it through as anything but a SET-OFF? If this happens who is in the wrong you or the bank? Better yet who made the mistake because it would have to be a mistake! Now you are learning!
YOU CAN EFT YOUR PUBLIC DEBT OR SOMEONE ELSE’S PUBLIC DEBT.
This type of transaction is NOT recommended for open accounts like cell phones, electric bills etc..
It has worked for taxes, student loans, credit cards, car loans, child support and public debt in general.
THE SECRET TO THE EFT’S SUCCESS IS THE WAY YOU FOLLOW UP. IN A LOT OF CASES THE EFT GOES THROUGH WHEN YOU FIRST SEND IT! IF YOU GET ANY OTHER RESPONSE BACK OR NO RESPONSE YOU MUST BE PERSISTENT BY FOLLOWING UP WITH YOUR CORRECT RESPONSE LETTER AND STAND ON YOUR PROCESS. DO NOT GIVE IN TO THEIR BLUFFS AND HOLD YOUR GROUND. YOU ARE THE ENFORCER OF YOUR LAWFUL PROCESS AND YOU WILL BE SUCCESSFUL IF YOU FOLLOW UP CORRECTLY.
THE OTHER SIDE MAY OFFER TO TAKE YOU TO COURT, BUT THIS WOULD BE TO YOUR ADVANTAGE AND NOT THEIRS. NO ONE IS WILLING TO STAND LIABLE FOR THE AMOUNT OF THE DEBT AND THEY CERTAINLY DO NOT WANT TO COMMIT PERJURY WHICH IS WHAT THEY WILL HAVE TO DO IF YO GO TO COURT.
EACH SITUATION IS A BIT DIFFERENT AND MIGHT REQUIRE A DIFFERENT FOLLOW UP LETTER AND WE CAN PROVIDE DIFFERENT EXAMPLES.
ABOUT AN EFT REFUSAL : REMEMBER THAT UNDER THE UCC, IF THE INSTRUMENT IS REFUSED THEN THE PARTY THAT REFUSED IT ACCEPTED IT! HOW AWESOME IS THAT? THIS MEANS THAT IF THEY ACCEPT IT, IT IS ACCEPTED AND IF THEY REFUSE IT, IT IS ACCEPTED! DO YOU SEE HOW YOU CANNOT LOSE? YES YOU MIGHT HAVE TO SEND YOUR FOLLOW UP LETTER TO MAKE THIS CLEAR, BUT YOU NEED TO KNOW THAT YOUR SET-OFF REALLY DID PAY THE BILL IN FULL!
Property titles take several weeks to attain sometimes.
Remember, never talk with creditors on the phone or in person, only in writing. If bill collectors are harassing you by phone, tell them you do not contract over the phone and then hang up!