So, just who qualifies for a payday loan refund check and where can they get more information and find out if they are on the list?
We saw an article the other day stating a refund was on the way for some payday loan customers so we looked into what it was all about.
It does look like many customers may be getting refund checks due to some inappropriate behaviors by a few companies.
While this is a huge win for customers who were taken advantage of when they took out a payday loan from these places actually knowing who will get one and what the amount would be is still a guessing game.
Let’s take a look at what we do know and what we can expect in the coming weeks as far as who will get one and how soon!
Over One Million Refund Checks!
That’s a lot of refund checks for sure!
5.5 Million dollars will be returned to around 1.1 million customers who were illegally bilked out of excess interest charges, fees and improper withdrawals from their bank accounts.
If you were one of the people who did business with companies owned by Scott Tucker under the AMG corporation between the years of January 2008 and January 2013 you may be on the list to receive a refund check.
The government sued Mr. Tucker for improperly taking unauthorized withdrawals from customers accounts and charging interest fees and adding hidden fees that were out of line with the loan contracts the customers agreed to when they took out their loans.
The companies that are involved with this scam are Ameriloan, Star Cash Processing, 500 FastCash, United Cash Loans, Advantage Cash Services, and US FastCash.
The companies in question would make unauthorized withdrawals from customers bank accounts and when the loans were written up and hidden fees were added creating huge profits for these companies at the expense of their customers, not exactly a good business model!
About The Lawsuit
These above mentioned companies and their owner were sued in a civil suit filed by the Federal Trade Commission after customers complained of the illegal practices.
After they won the lawsuit the FTC went through all the records these companies keep and determined who were the actual victims of this fraud.
They also used these records to determine how much money each customer would receive to cover the damages done and will now automatically send out those refunds in the for of a check.
How Do I Get More Information?
You can find out more information on this lawsuit by visiting the following link: More Information
These refunds will be calculated and mailed out automatically and the recipients do not need to take any action at all, but if you did have a loan at the appropriate time and do not receive a check in the next few weeks you may want to contact them through the above link.
Keep in mind that things like this do move slowly so patience is very much encouraged when dealing with this issue.
As with anything involving money be very careful about how you handle this refund. It is recommended you cash the check as soon as you receive it to ensure the funds are available and do not spend the money until the check has actually cleared your bank.
If you spend the money and the check should bounce you will be on the hook with your bank for the amount of the check and any fees associated with a bounced check.
It is best to just put it in the bank and wait for the check to completely clear.
Also be on the lookout for scammers!
The FTC will not contact you in any way about these refunds, they will simply mail you a refund check so if people come calling and asking you for fees to get a refund check or cash the check you are being scammed.
Be Alert and be safe!
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