I've just returned from my bank because I have a negative balance specifically due to 200cash.com. I will tell you that while I sat in front of my banker, he called the Fraud complaint department and got the information for 200cash.com. It is Huntington Bank in Ohio.
My only wrong was to apply (several weeks ago) for a short term payday loan that I needed and didn't want to ask family or friends. I have never received a cent from this company nor were any funds deposited into my bank account. I have never signed off on any monies, either, to be sent to me. I simply filled out an application and now they keep trying to take funds from my bank account!
While I can understand that the bank would take their fee(s) (I'm sure it's in the fine print somewhere) I do not understand how they can begin to justify that they have been trying, 3 times to date to be exact, to withdraw DIFFERING amounts from my checking account? This doesn't make sense to me, perhaps banking industry leaders have answers, where are they that I could ask them?
I'd like to become a banker if this type of business is, on any level, legal. If that is the case banking seems to be much more lucrative than say being a doctor.
Since this seems to be a newer practice, perhaps I can get in on the top floor of an up and coming banking business and get rich quick. NOT! This can't be legal.
How do we stop this type of thing? And who do we go to? If we do end up with a class action lawsuit, the attorneys end up with all the money. True enough, class action suits get notoriety thus helping to get laws passed and or changed. That would possibly make it worth it. But I am angry and want to be compensated for the years that this type of garbage skims off of my life. I get tired of it happening over and over again.
We are the little people! Folks, these guys are just like you and I. They just have found an "advantage" where we don't have that for whatever reason. They are little people, too. We need to get them somehow and make this stop! We need to be able to regulate these guys better. We need to stop the ones that are based overseas, too!! These online payday type loans are NOT good business!!! They are not any better than the loan sharks portrayed in 1970's television shows and movies. Let's unite and do something, we are each little and all GIANTS!
So St Paul, Minnesota