Consumer Alert
$505 million in refunds sent to payday loan customers
If you took out an online payday loan from a company affiliated with AMG Services, you may be getting a check in the mail from the FTC. The $505 million the FTC is returning to consumers makes this the largest refund program the agency has ever administered.
The FTC sued AMG and Scott A. Tucker for deceptive payday lending. When consumers took out loans, AMG said they would charge a one-time finance fee. Instead, AMG made multiple illegal withdrawals from peoples’ bank accounts and charged hidden fees. As a result, people paid far more for the loans than they had agreed to.
In 2016 the FTC won a court case against AMG and Scott Tucker. Then in 2017, a jury convicted Tucker and his attorney of crimes related to the lending scheme. The FTC and Department of Justice are using money obtained in both court actions to give refunds to consumers.
Here are answers to questions about AMG refunds.
Who will get a refund? Checks are being sent to consumers who took out loans between January 2008 and January 2013 from these AMG-related companies: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.
How many people will get refunds? More than 1.1 million people will get refunds.
How does the FTC know who to send the checks to? The FTC and a refund administrator have used AMG’s business records to identify eligible consumers and calculate their refunds.
I’m eligible for a refund. What do I need to do? If you borrowed from one of the lenders listed above between January 2008 and January 2013, you don’t need to do anything. The checks are being mailed to eligible consumers automatically. There is no application process. If you borrowed from one of those lenders before January 2008, please call 1-866-730-8147.
How can I get more information? Visit the FTC’s AMG refund page or call 1-866-730-8147.
Three tips from the FTC:
- If you get a check, deposit or cash it within 60 days.
- The FTC never asks people to pay money or give information to cash refund checks. If someone asks you to pay to get a refund from the FTC, it’s a scam.
- The FTC has advice if you’re thinking about a payday loan or an online payday loan.
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In reply to How long does it take for by LilMae
In reply to i currently have loans by compone46
You can tell the FTC about a problem with a payday loan company at www.FTC.gov/Complaint. Or, contact the Consumer Financial Protection Bureau at www.consumerfinance.gov.
In reply to I see several people saying by Anonymous1
Checks from the FTC are legitimate. When you get a check from the Federal Trade Commission, it comes with a letter that explains why you got the check and gives details about the case. You are reading about the refunds right now on a federal government website. You can read more about the case and refunds at www.FTC.gov/AMG. You can see the refunds listed on Recent FTC Cases Resulting in Refunds at www.FTC.gov/Refunds.
You can call the company that the FTC hired to manage the refund process at 1-866-730-8147. If you get a check, you should cash or deposit it within 60 days.
In reply to Wells fargo states that the by Dalesommer68
Checks from the Federal Trade Commission are legitimate. You can show the bank the case page on the FTC website: www.FTC.gov/AMG. You can show the bank the list of Recent FTC Cases Resulting in Refunds at www.FTC.gov/Refunds.
You could call the company the FTC hired to manage the refund process. That is Rust Consulting, at 1-866-730-8147. Rust Consulting will tell you how to verify that the check is legitimate.
In reply to Wells fargo states that the by Dalesommer68
In reply to If checks are legitimate why by Curious
In reply to I just called US Bank to see by Lady B
In reply to Did anyone use Suntrust to by Floridabucks
In reply to Has anyone used Suntrust to by Floridabucks
In reply to I borrowed from 500Cash and by Geraldine
You might get one check, or you might get more than one check. The number of checks you get is connected to the name, address and account information the FTC found about you.
The FTC tried to combine information about accounts so it could send one check to each person. But sometimes it wasn't clear whether information was about one person or two people. When information was not clear, we did not combine it. For example, we did not combine accounts that had a maiden name and a married name, or accounts that had one name but two addresses. When we saw that, we sent separate checks.
In reply to I know I should have more by Blueeyes1366
Please use the contact information listed in the blog. You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to I deposited the check, my by Roman
Checks from the FTC are legitimate. If you have trouble cashing or depositing the check, please call the company the FTC hired to manage the refund process. That is Rust Consulting, at 1-866-730-8147. Rust Consulting will tell you how to verify that the check is legitimate.
In reply to My bank said that they have by Gethsemane
In reply to I had the same issue and they by Miner570
Please write back and tell us why they said the check wasn't good. Checks from the FTC are legitimate, and you shouldn't have had a problem.
In reply to Please write back and tell us by FTC Staff
In reply to BridgetSmall-FTC by Miner570
Miner570, Yes, the checks are legitimate. Please let us know what you find out on Friday. We want people to be able to cash or deposit the checks.
In reply to Miner570, Yes, the checks are by FTC Staff
In reply to Bridget Small-FTC the bank by Miner570
Miner 570 - That's great, thanks for letting me know.
In reply to Please write back and tell us by FTC Staff
In reply to I'm very leery about this by LeeryInNC
In reply to I'm very leery about this by LeeryInNC
In reply to I'm very leery about this by LeeryInNC
In reply to UPDATE: LeeryinNYC - I by Concerned
In reply to Are these payday loan only by Angeleyes05
Checks are being sent to consumers who took out loans between January 2008 and January 2013 from these AMG-related companies: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.