The EFT MUST be written on CLOSED personal bank account ONLY! (Inregards to public bank transactions, this is illegal!)
Black’s Law Dictionary, 6
CLOSED ACCOUNT: An account to which no further
can be made on either side, but which remains open for
which distinguishes it from and account stated.
You must open a bank account and then close it! All closed bank accounts areNOT closed by the bank!
In the definition of “Closed
Account” above the term
„side‟ means public and private sideand it refers to a bank‟s accounting ledger! If
you do not understand public vs privatebanking 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 bankand not a local credit union.
CRITICAL:DO NOT OPEN THE BANK ACCOUNT WHERE THE LOAN/DEBT ISLOCATED! USE A DIFFERENT BANK!!!! ALSO DO NOT USE THE BANK YOUCURRENTLY USE FOR EVERYDAY BANKING. IF YOU DO, THE BANK WILLCLOSE YOUR ACTIVE ACCOUNTS!
The account must be a personal checking account ONLY and NOT a businessaccount!.You must use check fraud proof ink (Order Online) otherwise you arecommitting fraud!An EFT Transaction and ACH are two entirely different things! If the bank runsthe instrument through as an ACH (A Check/Public Transaction) the transactionwill be reversed automatically. Remember the definition of a closed account?Can the bank run it through as anything but a SET-OFF? It this happens who isin the wrong you or the bank? Better yet who made the mistake because it wouldhave to be a mistake! Now you are learning!The EFT SET-OFF
is written like this (on the front of your bank‟s check):