Beware of MTE Financial – it can debit your a/c without authorization

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Sub: #81
Replied on 11-23-2007, 05:51 PM
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Ok.....let me go look up IL laws and I will post them in a minute.

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Sub: #82 not sure
Replied on 11-23-2007, 05:51 PM
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I'm not sure about most of it though



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Send message to cannr
Sub: #83 r
Replied on 11-23-2007, 05:55 PM
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crife, I will tell you now that MTE (whoever they loaned you the money as doesn't matter) is NOT licensed/legal anywhere in the United States. They have approximately 20 d/b/a's that they use. However, if your debits are showing as MTE, it's them. And they are illegal. And they will debit you until you are dead in the ground. I know it's safe to close your account in Illinois. You will honestly need to close your bank account. MTE is horrible, evil, nasty. They will NOT stop debiting. The only way to get them to stop is to close your account. And getting any kind of refund from them would be an act of God. I'm going to post something by goudah (one of our members) regarding closing your bank account. Read this and if you have ANY questions at all, please post!


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Sub: #84
Replied on 11-23-2007, 05:55 PM
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Crife, not sure about most of what? MTE is not going to be licensed but here are the laws:

Quote:
Illinois State Information

Legal Status: Legal

Citation:
815 Ill. Comp. Stat. Ann. § 122/1-1

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (88 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Regulator Website
http://www.obre.state.il.us/default2.htm


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Send message to cannr
Sub: #85 r
Replied on 11-23-2007, 05:56 PM
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Quote:
Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!



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Sub: #86
Replied on 11-23-2007, 05:57 PM
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You beat me to this.....I was just getting ready to post ...good thing I looked first. You are waaaaayyyyy to quick

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Sub: #87 others?
Replied on 11-23-2007, 06:01 PM
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Do they have other sites that are run by the same company? I was reading through and I have a couple of those listed on my account. I never should have taken them out but I can't change that now. I have no problem paying stuff off but it seems like it never ends and I never know what they are going to take out. I think I have ameriloan and 500fastcash.


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Sub: #88
Replied on 11-23-2007, 06:04 PM
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Crife, please go back through your bank statements and see who else you have loans with. We need to know how much you borrowed from those and the total of how much you have paid back to each. I know ameriloan is a completely different company. Yes there are other companies that are under the MTE umbrella.

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Sub: #89 r
Replied on 11-23-2007, 06:05 PM
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ameriloan and 500FastCash are also d/b/a's of MTE Financial. They have MANY names. Do you have any others?



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Sub: #90 r
Replied on 11-23-2007, 06:05 PM
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roxy, I'm showing ameriloan as an MTE d/b/a (?)

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Sub: #91 how
Replied on 11-23-2007, 06:06 PM
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How do you revoke these payday places to access my account when I can't get a hold of them? I plan on calling my bank in the morning to see what is available to do.



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Sub: #92 r
Replied on 11-23-2007, 06:08 PM
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crife, if you can tell us who you have loans with, we can find the addresses for you. Hell, we pretty much have most of them memorized! We can then send letters to them all. We can work on that together. We need to get your bank account to the point to where they can not debit any longer first. You need to make sure the bank account is taken care of so they don't take any more of your money. Then we can do some letters and file some complaints, okay? We can help you with it all.


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Sub: #93
Replied on 11-23-2007, 06:08 PM
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Oops I did not have my list handy. Thank you queen of all things MTE Is the otherone she listed? Crife, Did you take out more than one loan?

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Sub: #94 r
Replied on 11-23-2007, 06:10 PM
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roxy, yes both ameriloan and 500FastCash are MTE! Honey, you know I don't even have to get my list out! LOL! It's been BRANDED into my brain!

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Sub: #95 only
Replied on 11-23-2007, 06:14 PM
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Mte,ameriloan and 500fastcash were the only ones. They were all for $300 each. The Mte loan has been awhile and I have paid over $795. My online statements don't go back that far to see when I got that loan. Ameriloan was taken 10/09/07 and I have paid 300 exactly so far and 500fastcash 11/06/07 and i've paid only 90 so far.


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Sub: #96
Replied on 11-23-2007, 06:17 PM
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Crife, thank you. That helps us know where the letters have to go. Be sure to take care of the bank account and then we will get to letters. We will help you get the contact information. If Cannr does not know it by heart I will be suprised

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In life it doesn't matter
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