Universal Cash Advance/First Bank of Delaware

State-chartered banks must comply with a variety of state and federal statutes and regulations governing their operations and operations of subsidiaries. These range from specific limitations on affiliate transactions and loans to one borrower to ongoing capital requirements and director/officer responsibilities.

Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls, and activities of state-chartered commercial banks. Bank examination information is privileged and confidential and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.

Additionally, no person may conduct business in this state using the word "bank," "banker," or "banking" in its name without the permission of the Division or conduct business in this state as a bank without being properly chartered

I found this on the Ohio Division of Financial Institutions website this evening.

I think Universal Cash Advance lent you right? If First Bank of Delaware is licensed in your state, that won't make any difference. Is there any such info written that First Bank of Delaware did business with you?

Since you have the green slip with you, there is nothing to worry. You can easily prove that you sent DV and they received it.

I took the loan online with Universal Cash Advance but it states in the paper work that the funds are supplied by the First Bank of Delaware. It was one of those foolish mistakes I made when I was in the midst of the payday loan cycle. It does sound to me that the bank must be licensed in this state though from what I've read online. I sent an e-mail to the division to see what is true and what not is true. Yes, I have proof that the validation request was sent to the collection agency in January. I also have proof that payments were made to Universal Cash Advance through T & C. They never accepted the proposal amount but they accepted the payments. They cashed the checks but that has not been taken off my balance through the collection agency, which doesn't surprise me.

Mishele,

In Tennessee, out of state banks have to be licensed with our banks in order to deposit and withdraw funds from the way the law reads.

First Bank of Delaware is going to stop their involvement with payday loan industry. I would suggest you contacting Consumer Protection Office to know how should you proceed. You have paid the loan back to Universal Cash Advance. Then how can they charge more from you?

Also read this new published in a newspaper of Delaware.

http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20060223/BUSINESS/602230328

Tammy,

That is what I'm reading on Ohio laws as well but I'm waiting for a response to my e-mail. It might take a few more days.

Well, it seems they do have to be licensed and/or registered it the State of Ohio :-) I am going to the information I received from them to the ag's office and the division of financial institutions. They were interested in seeing this paper work that they sent me.

And the names just keep getting added.. Universal Cash Advance aka. First Bank of Delaware has a new aka. Purpose Loan. The called today said I owe them $625, for a $300 loan... I'm sitting there like yeah, bet I don't... they aren't licensed in my state, and not a member of the BBB... thought I'd share this, it's been one busy week so far...