Consumer Credit Regulation: 9.2.8 Closing Accounts
Because stop payment orders are unlikely to permanently protect a consumer’s assets from an aggressive payday lender, a consumer may be safer closing her bank account to prevent a payday lender from draining it. The UCC gives consumers the right to close their bank accounts.162 And the official comments to the UCC say that a bank should bear any loss caused by the bank’s failure to timely close the account, if the consumer has complied with reasonable procedures.163