• Report: #261579

Complaint Review: Cashcall - First Bank & Trust

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  • Submitted: Wed, July 18, 2007
  • Updated: Tue, December 02, 2008

  • Reported By:indianapolis Indiana
Cashcall - First Bank & Trust
P.O. BOX 66007 ANAHEIM, California U.S.A.

Cashcall - First Bank & Trust CONSIDERS THEMSELVES ABOVE THE LAW ripoff ANAHEIM California

*Consumer Comment: Finally Someone is taking action against this company (West Virginia Sues CashCall)

*UPDATE EX-employee responds: Cashcall loans are not legal in INDIANA? They have no License?

*Consumer Suggestion: Cashcall loans are not legal in INDIANA They have no License

*Consumer Comment: Since they didn't give you permission to record the calls...

*Author of original report: more information

*Consumer Comment: Well, Good luck...

*Author of original report: filing civil action against cash call

*Author of original report: filing civil action against cash call

*Author of original report: filing civil action against cash call

*Author of original report: filing civil action against cash call

*Consumer Comment: Your report is confusing...

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on march 3/26/2007 I applied for a loan with first bank and trust. I was told it would be with a bank. after reading the papers on April 2nd 2007 opt out of arbitration letter as out lined in the papers.

On 5/23/2007 I sent a certified letter to them to stop the ach withdrawls from my account. They signed for it
5-19-2007 but still attempted to do the ach which caused me to be overdrawn.

On 6/6/2007 they sent me a bill for $15.00 for the ach not going through. They started calling me 6/2/2007 and the calls got worse and worse. the began calling my job and was told by my boss I could not except calls at work. But they continued. They called my references even after they told them not to call them any longer. i have been cussed at and threathened by them. I have received calls after nine at night.(10:36 pm and i have a phone bill to prove that)

i received a letter they plan to go to Arbitration even after the notarized letter sent 8 days after the loan opting out.They have broken numerous laws. I advised them I was recording all future calls they would tell me I didnt have there premission and hang up. I have went to the Federal deposit Insurance consumer Protection division 2345 Grand Boulevard Suite 100 Kansas City MO 64108 1-800-378-9581 and would advise every one to keep records of all the actions and file a report with them. They are there to keep companys like this from breaking the laws and protect consumers. there are laws out there to protect us you need to stop these people.

Everyone file a complaint with then and record all calls that is your right they are calling you. keep good notes on there actions and any letter sent to you and the names of who they claim to be. help is on the way but you all need to join in and help yourself. they truly do beleive they are above the law.

Peggy
indianapolis, Indiana
U.S.A.

This report was posted on Ripoff Report on 07/18/2007 07:35 AM and is a permanent record located here: http://www.ripoffreport.com/r/Cashcall-First-Bank-Trust/ANAHEIM-California-92816/Cashcall-First-Bank-Trust-CONSIDERS-THEMSELVES-ABOVE-THE-LAW-ripoff-ANAHEIM-California-261579. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Finally Someone is taking action against this company (West Virginia Sues CashCall)

AUTHOR: Jd - (U.S.A.)

STATE OF WEST VIRGINIA
OFFICE OF THE ATTORNEY GENERAL
DARRELL V. MCGRAW, JR.
CONSUMER PROTECTION DIVISION
1-800-368-8808 or 304-558-8986

Press Release
FOR IMMEDIATE RELEASE

Contact: Normal Googel
Phone: (800) 368-8808


Release Date: October 8, 2008
Attorney General McGraw Sues California-based Internet Lender for "Sham" to Avoid State Regulations In Predatory Loans


Attorney General Darrell McGraw saw the irony, but not the humor, in CashCall's national ads featuring one-time child star, Gary Coleman, of the popular television show, "Diff'rent Strokes," exclaiming enthusiastically, "I love you CashCall" and "CashCall you're awesome."

Today, McGraw's office sued the California-based Internet lender for pushing predatory loans with interest rates of up to 99% APR on West Virginia consumers least able to afford them. When consumers inevitably defaulted, CashCall unleashed a barrage of collection abuse and harassment, including threats to visit consumers at their place of employment and charge them fees for the trip according to numerous complaints filed with the Attorney General.

"CashCall created a business model intended to fly under the protective radar of West Virginia laws that set limits on interest rates to protect consumers from financial calamity. It is these kinds of unregulated lending practices that have brought West Virginia consumers and the nation to a financial precipice. Today, my office has drawn a line in the sand in an effort to fill the void left by lax or non-existent federal regulation to protect our consumers from financial predators," Attorney General McGraw said.

The complaint filed by McGraw's office today alleges that CashCall solicited consumers to take out high interest loans from Community State Bank, a state-chartered bank in Millbank, South Dakota. CashCall contends that because the bank is located in South Dakota, West Virginia's usury laws do not apply. Despite the paperwork listing the bank as the lender, CashCall does all the heavy lifting and, in fact, appears to assume the actual risk of the loans, which CashCall repurchases in full from the bank three days after the loans are funded.

In addition to asking the court to find that CashCall's loans are illegal and to provide all aggrieved consumers with restitution, the suit asks that CashCall comply with the Attorney General's investigative subpoena. In response to the Attorney General's investigation, CashCall asserted that its business practices are exclusively regulated by federal law. CashCall also argued that the Attorney General is prohibited from even investigating the facts underlying CashCall's assertion that it is beyond state regulation.

Any persons wishing to file a complaint about a consumer matter or to alert the Attorney General about unfair or deceptive practices may do so by calling the Consumer Protection Hot Line, 1-800-368-8808, or by obtaining a complaint form from the consumer web page at www.wvago.gov.
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#2 UPDATE EX-employee responds

Cashcall loans are not legal in INDIANA? They have no License?

AUTHOR: Jimo - (U.S.A.)

Was this a loan that was given in the state of Indiana? If it was, then tru-u-u-u-u-u-u-u-u-u-u-st me, they have or had a license to do business in that state when the loan agreement was made. I knew the owner and despite whether you may like him or hate him, he is an extremely intelligent businessman!! Do you honestly think he would put his multi-million dollar empire at risk for a few loans in a state who's livestock population is greater per capita than its human population? I dont think so!

I find this site hilarious! If you researched deep enough I bet you could probably find people crying 'ripoff' on Mother Teresa in here somewhere. How about just taking some responsibility for yourself and your actions and read any legal agreements youre signing! I'm not just talking about CashCall either. If you are a consumer and you for WHATEVER reason, dont like what you've done on your own free will, you cry ripoff! Bankruptcy boom a few years ago....Credit card disputes are at an all time high.....identity fraud claims are at an all time high...while I'm sure there are many valid claims the majority of these are just people not accepting responsibility for what they've done! Oh well,...I guess some people will just never own up!
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#3 Consumer Suggestion

Cashcall loans are not legal in INDIANA They have no License

AUTHOR: Jd - (U.S.A.)

Do a search of the License Database here: http://extranet.dfi.in.gov/dfidb/nondep.aspx


State of Indiana Department of Financial Institutions, 30 South Meridian, Suite 300,
Indianapolis, IN 46220

2007 Legislative changes Page 1 of 3 6/15/07

June 15, 2007

Consumer Sales, Leases and Loans

2007 Legislative Amendments to the Indiana Uniform Consumer Credit Code
Effective July 1, 2007

Questions, Answers, and Administrative Interpretations

1. Do the provisions of the Indiana Uniform Consumer Credit Code (IUCCC) apply to
out-of-state or Internet consumer credit sellers, lessors and lenders who solicit consumer
loans, leases or loans with Indiana residents?
Answer Yes, the territorial application section of the IUCCC has been amended to require
consumer credit sellers, lessors and lenders who are regularly engaged in the extension of
consumer credit to comply with the IUCCC if they solicit consumer sales, leases or loans with
Indiana residents. A solicitation to an Indiana resident can occur by any means including by
mail, brochure, telephone, print, radio, television, the Internet, or electronic means. In the case
of out-of-state or Internet consumer lenders, a license to make consumer loans in Indiana must be
obtained. [IC 24-4.5-1-201]

2. What remedy may be imposed if an out-of-state or Internet lender (with no Indiana
office) violates the IUCCC by failing to obtain a license to make consumer loans in
Indiana?
Answer In addition to other remedies provided in the IUCCC, if an out-of-state or Internet
lender (with no office located in Indiana) fails to obtain a license to make consumer loans, the
loan is void and the debtor is not obligated to pay either the principal or loan finance charge. [IC
24-4.5-1-201(8)] This provision is consistent with the expansion of the territorial application to
require licenses for out-of-state and Internet lenders who are regularly engaged in soliciting loans
from Indiana residents. Under prior law applicable to out-of-state lenders, loans were void only
if the out-of-state lenders had offices or agents in Indiana. [IC 24-4.5-5-202(2)]

3. When are annual renewals for consumer loan licenses due?
Answer Consumer loan licenses must be renewed by December 31 of each year beginning in
2007 [IC 24-4.5-6-202(2)].

4. Has the date for the annual notification for credit sellers and lessees also changed?
Answer No, consumer credit sellers and lessors must still file their annual notification as of
January 31. [IC 24-4.5-6-202(2)]

State of Indiana Department of Financial Institutions, 30 South Meridian, Suite 300, Indianapolis, IN 46220
2007 Legislative changes Page 2 of 3 6/15/07

5. Have the additional charges permissible for consumer credit sales, leases or loans
changed?
Answer Yes, the maximum amount of the NSF charge has been increased from $20 to $25.
With respect to revolving charge accounts, annual (but not periodic) participation fees may be
charged if they are reasonable in amount; bear a reasonable relationship to the creditor's costs to
maintain and monitor the charge account and are not assessed for the purpose of circumventing
the IUCCC as determined by the DFI. Also, a fee not to exceed twenty-five dollars ($25) may be
charged on a revolving loan account in each billing cycle during which the balance due under the
revolving loan account exceeds by more than one hundred dollars ($100) the maximum credit
limit for the account established by the lender.

6. When are creditors required to make refunds for credit insurance and Guaranteed
Auto Protection programs and what are the consequences of failing to make refunds on a
timely basis?
Answer If a refund or credit for insurance or other additional charges is required under the
IUCCC, it must be paid within sixty (60) days after the date the debt is terminated whether due
to prepayment or otherwise. If the refund or credit is not made within the sixty (60) day period,
the creditor must pay the debtor for each day after the expiration of the sixty (60) day period an
amount equal to the daily interest at the contracted annual percentage rate on the amount of the
refund. Also, the director may impose an additional civil penalty of not greater than one
thousand dollars ($1,000) per occurrence if a creditor engages in a pattern or practice of failing
to comply with the refund requirements. [IC 24-4.5-4-108(5)]

7. What new requirements have been imposed if a consumer loan secured by a
mortgage on real estate is governed by the Alternative Mortgage Transaction Parity Act?
Answer If a consumer loan secured by a second mortgage which has a balloon payment is
made under the authority of the Alternative Mortgage Transaction Parity Act (12 U.S.C. 3802 et
seq.), the note evidencing the mortgage must contain a reference to the applicable federal law.
[IC 24-4.5-3-402]

8. What is the Automated Central Licensing System and Repository and will Indiana
participate in it?
Answer It is a nationwide licensing system for the residential mortgage industry being
developed by the Conference of State Bank Supervisors (CSBS) and the American Association
of Residential Mortgage Regulators (AARMR). The licensing system will be a web-based
system that will allow lenders and brokers to apply for, amend, update or renew a license using
uniform forms from participating state agencies. The system is scheduled to begin operation on
January 2, 2008. The Indiana General Assembly authorized the director of DFI to designate such
a licensing system for use in Indiana. No final decision has been made as to whether Indiana
will participate in this or any other licensing system. [IC 24-4.5-3-503(10) & (11)]
State of Indiana Department of Financial Institutions, 30 South Meridian, Suite 300, Indianapolis, IN 46220
2007 Legislative changes Page 3 of 3 6/15/07]

9. What changes have been made to the periodic reporting to the DFI by consumer
loan licensees and consumer credit sellers and lessors under the IUCCC?
Answer The law now provides that every consumer loan licensee or consumer credit seller or
lessor must notify the DFI if it or any of its executive officers, key shareholders and other
owners, directors or other individuals who exercise supervisory responsibility are under
indictment for a felony involving fraud, deceit, or misrepresentation or have been convicted of or
pleaded guilty or nolo contendere to a felony involving fraud, deceit, or misrepresentation not
later than thirty (30) days after the date of the event. [IC 24-4.5-3-505(4) and 24-4.5-6-202]

10. What consequences may occur if consumer loan licensees and consumer credit
sellers and lessors fail to pay the costs of an investigation and/or examination conducted by
the DFI?
Answer Any costs required to be paid in connection with an investigation or examination must
be paid not later than sixty (60) days after the person receives a notice from the DFI of the costs
being assessed. The DFI may impose a fee, in an amount fixed by the DFI, for each day that the
assessed costs are not paid, beginning on the first day after the sixty (60) day period. Examples
of the records which are subject to examination include training, operating, and policy manuals;
minutes of management and other meetings and other records that the DFI determines are
necessary to perform its investigation or examination. [IC 24-4.5-6-106]

11. What are the civil penalty provisions available to the DFI for violations of IUCCC?
Answer If the DFI determines, after notice and opportunity for hearing, that a person has
violated the IUCCC, the DFI may, in addition to or instead of all other remedies available under
the IUCCC, impose upon the person a civil penalty not greater than ten thousand dollars
($10,000) per violation. [IC 24-4.5-6-113(3)]
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#4 Consumer Comment

Since they didn't give you permission to record the calls...

AUTHOR: Robert - (U.S.A.)

the recordings are probably useless and you could be prosecuted and fined. You may think it is your right, but there are differing state laws, whether you call them or they call you, that require not only notification but in some states consent for the conversation to be recorded. It varies from state to state. Just double check to be sure you don't end up being the one jailed and fined.

Good luck.
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#5 Author of original report

more information

AUTHOR: Peggy - (U.S.A.)

I have filed against the company for $6000.00. The law allows $1000.00
per violation.Sorry I cant tell you anymore .My Attorney has advised me
no to comment anymore until im in court.I have a great case i have 5
witnesses and lots of recorded phone calls and letters.
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#6 Consumer Comment

Well, Good luck...

AUTHOR: Elaine - (U.S.A.)

But we still don't know why Cash Call would be calling you out of the blue. DO you have a loan with them? Did you promise to pay via Electronic Funds Transfer? Did you pay them? If not, how were you planning on paying them off?

I think that IF you owe them money, you signed (probably electronically or you faxed papers to them) documents authorizing them to contact you in accordance with their rules and regulations.

Good luck, let us know what happens, if you get out of this debt to Cash Call, and if you get $1000.
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#7 Author of original report

filing civil action against cash call

AUTHOR: Peggy - (U.S.A.)

i filed civil action against cash call today for Violation of the fair debt collection act.Under the federal law you can file against any business that violated the laws laid down by the goverment $1000.00 per incedent. That means when they call after 9:00pm or before 8:00am
or theycontact you at work when the debt collector knows thet the consumers employer prohibits the consumer from receiving such communications. section 806 Harrassment or abuse The use of obscene or profane language or language the consequence of which is to abuse the hearer or the reader.Keep all records of phone calls and and comunications from them. they are not allowed to harrasse or abuse you make them pay for there actions
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#8 Author of original report

filing civil action against cash call

AUTHOR: Peggy - (U.S.A.)

i filed civil action against cash call today for Violation of the fair debt collection act.Under the federal law you can file against any business that violated the laws laid down by the goverment $1000.00 per incedent. That means when they call after 9:00pm or before 8:00am
or theycontact you at work when the debt collector knows thet the consumers employer prohibits the consumer from receiving such communications. section 806 Harrassment or abuse The use of obscene or profane language or language the consequence of which is to abuse the hearer or the reader.Keep all records of phone calls and and comunications from them. they are not allowed to harrasse or abuse you make them pay for there actions
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#9 Author of original report

filing civil action against cash call

AUTHOR: Peggy - (U.S.A.)

i filed civil action against cash call today for Violation of the fair debt collection act.Under the federal law you can file against any business that violated the laws laid down by the goverment $1000.00 per incedent. That means when they call after 9:00pm or before 8:00am
or theycontact you at work when the debt collector knows thet the consumers employer prohibits the consumer from receiving such communications. section 806 Harrassment or abuse The use of obscene or profane language or language the consequence of which is to abuse the hearer or the reader.Keep all records of phone calls and and comunications from them. they are not allowed to harrasse or abuse you make them pay for there actions
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#10 Author of original report

filing civil action against cash call

AUTHOR: Peggy - (U.S.A.)

i filed civil action against cash call today for Violation of the fair debt collection act.Under the federal law you can file against any business that violated the laws laid down by the goverment $1000.00 per incedent. That means when they call after 9:00pm or before 8:00am
or theycontact you at work when the debt collector knows thet the consumers employer prohibits the consumer from receiving such communications. section 806 Harrassment or abuse The use of obscene or profane language or language the consequence of which is to abuse the hearer or the reader.Keep all records of phone calls and and comunications from them. they are not allowed to harrasse or abuse you make them pay for there actions
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#11 Consumer Comment

Your report is confusing...

AUTHOR: Elaine - (U.S.A.)

Did you receive a loan? Are you paying on it, and are you current? If not, why would you be taking all these actions to stop their collecting on the loan that you signed for?

Please explain your position...
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