Ambassador Financial Services d/b/a Nationwide Cash

Please wait for a site operator to respond.
You are now chatting with 'Lee'
Lee: Hello. Welcome to NationwideCash.com. If I can be of any assistance to you, please do not hesitate to ask.
ME: 9/17/2006 Ambassador Financial Services d/b/a Nationwide Cash 314 North Riverside Drive Espanola, NM 87532 Dear Sirs/Madams: Effective immediately, I hereby REVOKE authorization to Nationwide cash/ Ambassador Financial Service or any representative, parent company, affiliate, or subsidiary of Nationwide cash to withdraw any funds electronically from my checking account ending in **** at, The account has been frozen to all further activity from this company, so any attempts to debit this account will be returned. I also REVOKE any wage assignments that may be involved from your company or any of your affiliates. I request that my balance be marked paid in full I borrowed 300.00 on 8/29/06 and have paid up to date a total of $60.00 but for the previous loan taken on 3/28/2006 for $300.00 you have debited my account $975.00 which I have paid in full. I have contacted the better business bureau and the Arizona Attorney General Office regarding your unfair acts. Also, if any further contact with me is needed it should be done by email at my e-mail address *****. Do Not contact anyone associated with me. I.e. job, friends, family if you do harassment charges will be filed. I have become aware that since such time as I have been affiliated with your company, I have paid disproportionate amounts of interest over the course of such affiliation. Upon research of Arizona State law, I have discovered that Nationwide Cash is not legally authorized to lend to residents in Arizona. Therefore, Nationwide cash is in violation of Arizona’s usury, interest rate cap, and licensing requirements, Wrongful credit practices and related offenses. 6-1260. Deferred presentment; amount; fees A. The licensee may accept for deferred presentment or deposit a check with a face amount of at least fifty dollars but not more than five hundred dollars, excluding the fees permitted in subsection F of this section. B. For each check the licensee accepts for deferred presentment or deposit, the licensee and the customer shall sign a written agreement that contains the name or trade name of the licensee, the transaction date, the amount of the check, the amount to be paid by the maker, a statement of the total amount of the fees charged, expressed both as a dollar amount and as an effective annual percentage rate, a disclosure statement that complies with state and federal truth in lending laws and a notice to the customer as prescribed in subsection C of this section. The written agreement shall expressly require the licensee to defer presentment or deposit of the check until a specified date. C. A licensee shall provide a notice in a prominent place on each written agreement that specifies that no customer may have outstanding more than one deferred presentment service agreement at one time and the face amount, exclusive of any fees, cannot be more than five hundred dollars. A licensee shall ask every customer who seeks deferred presentment services whether that customer has any outstanding checks payable to other licensees. D. A licensee may rely on the customer's representation of whether the customer has any outstanding checks for deferred presentment held by other licensees. E. The maker of a check has the right to redeem the check from the licensee before the agreed on date of presentment or deposit if the maker pays the licensee the amount of the check. F. A licensee shall not directly or indirectly charge any fee or other consideration for accepting a check for deferred presentment or deposit that is more than fifteen per cent of the face amount of the check for any initial transaction or any extension. G. A licensee may impose the fee prescribed in subsection F of this section only once for each written agreement. The fee is earned on execution of the written agreement and is not subject to any reimbursement even if the maker redeems the check pursuant to subsection E of this section. H. The fee charged by the licensee is not interest for purposes of any other law or rule of this state. I. A person may extend the presentment or deposit of a check not more than three consecutive times. For each extension the customer and the licensee shall terminate the previous agreement and sign a separate agreement. During an incomplete transaction the customer may not receive any additional monies from the licensee. The licensee may charge a fee as prescribed in subsection F of this section for each extension. If a customer has completed a deferred presentment transaction with the licensee, the customer may enter into a new agreement for deferred presentment services with the licensee. A transaction is completed when the customer's check is presented for payment, deposited or redeemed by the customer for cash. 13-2208. Usury; classification A. A person commits usury by knowingly engaging in or directly or indirectly providing financing for the business of making loans at a higher rate of interest or consideration than authorized by law. B. Usury is a class 6 felony. 6-613. Restrictions; voidable loans A. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the finance charges and other fees permitted by this chapter the following restrictions apply: 1. If the original principal amount of a consumer loan is five thousand dollars or less, that consumer loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer loan. 2. If the original principal amount of a consumer loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer loan. 3. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is five thousand dollars or less, that consumer revolving loan or home equity revolving loan is voidable and the licensee has no right to collect or receive any principal, finance charges or other fees in connection with that consumer revolving loan or home equity revolving loan. 4. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is more than five thousand dollars, the licensee has no right to collect or receive any finance charges in connection with that consumer revolving loan or home equity revolving loan. B. Any consumer lender loan that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person making that consumer lender loan has no right to collect, receive or retain any principal, finance charges or other fees in connection with that consumer lender loan. ARIZONA Ariz. Rev. Stat. § 6-1251 et seq. (effective Sept. 1, 2000; sunsets on July 1, 2010). Applicability: This statute applies to transactions made pursuant to a written agreement in which a licensee accepts a check and agrees to hold it for a period of time before presentment for payment or deposit. Otherwise, the consumer loan act applies. Ariz. Rev. Stat. § 6-601 et seq. (36% on loans up to $1,000; on loans greater than $1,000: 36% on the initial $500 and 24% on the excess). Exemptions: Banks, savings and loan associations, or financing/lending institutions authorized or licensed to transact business under the laws of the United States or Arizona. Any person that is principally engaged in the retail sale of goods or services and that from time to time cashes checks, drafts, or money orders for a fee or other consideration which does not exceed $2.00. Licensing requirements: Applicants must provide required information, including a financial statement and a credit report. An applicant must be a U.S. citizen, not have been convicted of a crime that involves moral turpitude, and not have defaulted on payment of money collected. Must have a minimum net worth in cash or cash equivalent of at least $50,000. Licenses are renewed annually. Certain reasons for revocation or suspension of licenses are listed, including violating this law. Required disclosures: Must conspicuously post a notice that states the fees charged at every location that is licensed. Must have a written agreement for each loan that contains the name of the licensee, the transaction date, the amount of the check, the amount to be paid by the consumer, a statement of the total amount of the fees charged, expressed as both a dollar amount and as an annual percentage rate and which also complies with state and federal truth in lending laws. The written agreement must also state prominently: “No customer may have outstanding more than one deferred presentment service agreement at one time and the face amount, exclusive of fees, cannot be more than $500.” Prohibited acts: Failing to pay annual renewal fees or file the annual financial statement; insolvency; violating the act; conviction of any crime which is a felony or other crime that is a breach of trust or dishonesty; making a material misstatement or omission on the application for a license; operating without a license for each location from which the business is conducted; making a loan without first obtaining reasonable evidence that the account on which the check is drawn is open and active; making loans or extensions of credit other than those allowed under this law; advertising in any way which contains false, misleading, or deceptive statements; engaging in unfair or fraudulent practices; altering or deleting the date on the check accepted by the licensee; accepting an undated check; failing to take measures to ensure that no customer has more than one deferred presentment loan outstanding at any time with any licensed lender in the state; requiring security for the loan other than the check or requiring a guarantee; providing gaming or lottery tickets, alcoholic beverages, or requiring the purchase of other goods and services in order to get a loan at any licensed location. A licensee may not use the criminal process to collect on a deferred presentment loan. Permitted charges: Not more than 15% of face amount of the check. This fee can be charged only once for each transaction. The fee is earned at the outset and need not be refunded if the consumer repays early. The fee is not interest for any purposes. Loan terms: Loan can be no greater than $500, excluding the permitted fees. Loan agreement must be in writing. The loan cannot be extended more than 3 consecutive times. For each extension, the licensee shall terminate the previous agreement and sign a separate agreement. The licensee may charged the permitted fee for each extension. Enforcement: Criminal penalties for making loans without a license is a misdemeanor. License can be revoked for violation of the law. In reference to my current loan with your company, I am formally requesting substantiation of all interest and principal payments made by me to your company on all loans ever received . Please also send me a copy of what is presently owed to your company at my home address above via U.S. Postal Service within the next 10 days. According to my records, I received a loan with a principal of $300.00 on August 29, 2006 and have paid total renewal finance charges in the amount of $60.00 but the previos loan for $300.00 I paid $975.00 The amount of interest you have charged me is well in excess of Arizona State mandated interest rate cap for short-term loans any loan or forbearance with an interest rate which exceeds 36% per annum shall not be a rate authorized or permitted by law. According to Arizona state law, the remedy for such usurious conduct is the refund of the principal amount on which such interest is charged, as well as all interest charged (excerpt above). Therefore, it appears that your company may actually owe me a refund with regards to this matter. In view of the information detailed above, I am willing to settle this matter with you and not seek such refund as I am entitled to by law. I expect Nationwide Cash, to immediately mark my account PAID IN FULL. Further, at no time will Nationwide Cash, its representative, parent company, subsidiary, or affiliate, place any derogatory mark on my credit report with any credit bureau, nor with any check writing database such as Teletrack or equivalent database. If you contact me at home or my place of work I will file harrasment charges against you. In the event you decide to effect one, I hereby revoke any wage assignment you may attempt to implement on this account. To reiterate, please accept this as formal revocation of any authorization for you to make any debits from this date forward. The checking account of record, ending in ****, will no longer honor any form of debit from you. I have filed a complaint against you with the Arizona Attorney Generals office and also with Federal Trade Commison, and econsumer.gov. Thank you,
Lee: I will be right with you.
Lee: I'm forwarding this info to our inhouse attorney.
Me: That is fine
Lee: Is that all i can help you with today?
ME: Also I filed a complaint with your local Better Buisness
Me: When can I expect to hear an outcome on this?
Lee: Ok. I'll let him know.
ME: Please send a copy of this transcript to my email
Lee: You can print out this live chat session if you like.
Me: In the complaint filed I asked for a refund of the intrest you over charged but I am willing to have my account marked paid in full.
Lee: Can our compliance manager call you to discuss this issue? If so where would you like to be contacted at?
Me: She can contact me via email at *****@msn.com or by USPS
Lee: Can we have a phone number to contact you at?
ME: Dear Sirs/Madams: I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS.