Ace cash services

The CFPB also alleges that ACE lied to borrowers about the number of times it would attempt to debit their bank accounts for repayment of ace cash services and fees. The company offers a variety of financial products, including high-cost, small-dollar payday and title loans, ace cash services, along with bill payment, check-cashing, and prepaid debit-card services. The small-dollar lending products are typically structured to be short-term, single-payment loans with triple-digit annualized interest rates.

Jump to navigation. Consumers report receiving calls or e-mails claiming that the consumers owe debts that they do not actually owe. Some consumers report receiving repeated harassing collection calls. The callers contact consumers at work and home. The callers often threaten legal action. Many of the callers claim to be attorneys or members of law enforcement.

Ace cash services

Jump to navigation. The Washington State Department of Financial Institutions DFI warns consumers that before doing business with a financial institution, company, or individual, they should make sure that the entity is properly licensed. Consumers are urged to verify licensing status prior to giving the financial institution, company, or individual any nonpublic personal information, such as social security number and checking account access. A consumer reported receiving a threatening email related to Ace Cash Services regarding a delinquent loan. The email came from collection. The consumer reported never obtaining a loan with the entity. Another consumer reported having received an email from Ace Cash indicating a Law and Investigation Department. The email also stated that failure to settle the case would cause a court judgement against the consumer. Email address: [collection. Those perpetrating these scams are not licensed by DFI. This entity is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State. Debt collectors cannot state or imply that failure to pay a debt is a crime. They cannot call before a. They cannot harass or abuse consumers, or contact consumers' places of employment.

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The CFPB found that ACE used illegal debt collection tactics — including harassment and false threats of lawsuits or criminal prosecution — to pressure overdue borrowers into taking out additional loans they could not afford. The CFPB was created to stand up for consumers and today we are taking action to put an end to this illegal, predatory behavior. ACE is a financial services company headquartered in Irving, Texas. The company offers payday loans, check-cashing services, title loans, installment loans, and other consumer financial products and services. ACE offers the loans online and at many of its 1, retail storefronts. The storefronts are located in 36 states and the District of Columbia. Payday loans are often described as a way for consumers to bridge a cash-flow shortage between paychecks or other income. They are usually expensive, small-dollar loans that must be repaid in full in a short period of time. A March CFPB study found that four out of five payday loans are rolled over or renewed within 14 days.

Ace cash services

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As alleged in the complaint, ACE specifically harmed consumers by:. The CFPB is seeking monetary relief for harmed consumers, disgorgement or compensation for unjust gains, injunctive relief, and civil money penalties. Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. They cannot call before a. These e-mails also threaten legal action, and may come from senders claiming to be attorneys or members of law enforcement. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. As alleged in the complaint, ACE used tactics designed to dupe borrowers into rollovers and refinancing instead of free repayment plans. Consumers are urged to verify licensing status prior to giving the financial institution, company, or individual any nonpublic personal information, such as social security number and checking account access. However, at times, e-mails or letters from unlicensed entities engaging in fraudulent activity will contain accurate personal information, such as current or past addresses, active phone numbers, or social security numbers. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. Date Posted:. The small-dollar lending products are typically structured to be short-term, single-payment loans with triple-digit annualized interest rates.

The CFPB also alleges that ACE lied to borrowers about the number of times it would attempt to debit their bank accounts for repayment of loans and fees.

As alleged in the complaint, ACE specifically harmed consumers by:. In , the CFPB found that ACE used illegal debt-collection tactics to create a false sense of urgency to lure overdue borrowers into repeat borrowing. Thursday, May 4, If you received a loan from a lender or owed money to a business and someone other than the lender or business is now attempting to collect from you, the collection activity may be subject to the federal Fair Debt Collection Practices Act FDCPA. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. Under the Consumer Financial Protection Act, the CFPB has the authority to take action against institutions violating consumer financial protection laws, including engaging in unfair, deceptive, or abusive acts or practices. Debt Collection Laws If you received a loan from a lender or owed money to a business and someone other than the lender or business is now attempting to collect from you, the collection activity may be subject to the federal Fair Debt Collection Practices Act FDCPA. See below for how to contact the appropriate state and federal regulator. Consumers can also call us at or send an email to legal acsacs. Friday, June 10, The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. ACE would encourage overdue borrowers to temporarily pay off their loans and then quickly re-borrow from the company. They cannot call before a.