500FastCash Issues!!! Help!
Date: Wed, 09/30/2009 - 10:43
We did have a loan through 500FastCash. Through your forum I found out that they are not a legal PDL or CSO in the state of Texas. So I stopped payment on their ACH Transactions so that they could not charge me the interest fees. They then cut a paper check for $590 on my next pay day without my knowledge! :mad: The loan was $350, then for the two interest fees at $105 a piece and a $30 for the first interest fee payment they tried to take out being returned to them. If I am correct I do owe them the principle of the loan which is $350, but nothing on the interest of fees, correct? I tried to file a claim with my bank stating that I did not authorize this transaction, but they stated since it was a check document and I had done business with them before that it would be my word against theirs as such and they would not reverse the check payment. To get the amount of the fees back, which is $240, should I contact 500FastCash or go through the BBB? Or some other venue? Please let me know!
Quote:Originally Posted by Cecilia ParksWe did have a loan throu
Quote:
Originally Posted by Cecilia Parks We did have a loan through 500FastCash. Through your forum I found out that they are not a legal PDL or CSO in the state of Texas. So I stopped payment on their ACH Transactions so that they could not charge me the interest fees. They then cut a paper check for $590 on my next pay day without my knowledge! :mad: The loan was $350, then for the two interest fees at $105 a piece and a $30 for the first interest fee payment they tried to take out being returned to them. If I am correct I do owe them the principle of the loan which is $350, but nothing on the interest of fees, correct? I tried to file a claim with my bank stating that I did not authorize this transaction, but they stated since it was a check document and I had done business with them before that it would be my word against theirs as such and they would not reverse the check payment. To get the amount of the fees back, which is $240, should I contact 500FastCash or go through the BBB? Or some other venue? Please let me know! |
Your bank is WRONG, all that you authorized (and revoked) was a transfer, NOT a paper check, you need to speak directly with the branch manager in person. Tell the branch manager it is their responsibility to honor the ach revocation according to Regulation E, and NOT authorize a paper check that you did NOT write out, also let them know (your bank) you are going to file a complaint with the FTC and your attorney general's office.
