$505 million in refunds sent to payday loan customers

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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:

  1. If you get a check, deposit or cash it within 60 days.
  2. 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.
  3. The FTC has advice if you’re thinking about a payday loan or an online payday loan.
Tagged with: credit, payment
Blog Topics: 
Money & Credit

Comments

Wow thank you FTC. I received a refund check. I was surprised I got a check in the mail. I moved 3 times since 2013. And bam a check refund was in my mail box! And in good timing cause I'm moving again!!

So this check is actually able to be cashed? I got mine today and I'm scared to cash it lol but seriously

Have you deposited the check??

I got mine yesterday out of the blue... and yes I have moved a few times since then... I was shocked and real..... amen i needed this

I got mine Saturday. With the not about “do not convert to ACH” just wondering if we can deposit them electronically?

Yes, you can deposit the check electronically. The "do not convert to ACH" is an instruction for the bank.

My husband rexeived a refund but he passed away am i entitled to cash this

If you got a check made out to someone who is deceased, and you are in charge of that person's estate, you can call Rust Consulting, the company that the FTC hired to manage the refund process. Call 1-866-730-8147. They will explain what to do.

i received my check yesterday and says partial refund does that mean i will be getting another check in the mail

If I'm not sure whether I used those companies but did take out payday loansboth online and in person as well as a couple of Title Loans and I've changed addresses 2-3 times should I go ahead and contact the FTC ?

How do you if these checks are real. I took mine to us bank and didnt think it was real. And they are on the check. Scam or not?

What did US bank say about the check?

They told me in the phone it was good

I think it is a scam,,if it really comes from ftc, it would be certified most likely.,I called the one number listed, and within 4 minutes got a scam phone call , from fake company " card services".. And look at the check, the account and routing numbers aren't even on the check,, they are under it, on the paper,,,,, there is no names of individual people on the paper...it just says ftc,,,, this is a new scam, from amg,,,

The FTC didn't send certified checks. The FTC sent letters that said you're getting a check because of a case against AMG. The letters said this is a partial refund. It's a partial refund because the check doesn't repay you for all the money AMG charged you in hidden fees.

You can go to www.FTC.gov/AMG to read about the FTC case, and these refunds. You can call the company the FTC hired to manage the refunds at 1-866-730-8147.

I know you're being overwhelmed with questions, but I've seen this one asked several times with no response. You say it's a partial refund because the check doesnt repay for all the money AMG charged. So does this mean we can expect another check to cover the rest?

Your check is a partial refund because it is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. 

The FTC had $505 million, and sent 1,179,803 refund checks. Your check is your share of the judgement. The FTC has sent out all the money that is available.

Not a scam..i went to check cashing place cash it with no problem

Was it legit? I got a check today too

I called US bank .they said it was good and have rec’d thousands of calls

Hi ... did the same thing and they are weary bc THEY are the issuing bank and they know that there will be a bunch of checks coming in. Best thing to do, deposit it into your own bank savings account and wait for it to clear. Your bank won't clear it if its not legit. Also, as a caveat, show them the attached letter of explanation and tell them to look up the FTC website to show them that you are legit as well. My credit union was great ! Good Luck

Is this real? Because I recieved a check and I was thinking that it might be a scam because someone just tried to scam me.

If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You - and the bank - can look at www.FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.

You keep posting the same message but not answering the question. Are these checks,edit or just another scam to get into our bank accounts

A check from the Federal Trade Commission is not a scam. If the FTC sends you a check, it also sends you a letter that explains why you got the check. The letter has details about the case that relates to the check. You can go to the FTC website and read a blog or press release about the case.

You can go to www.FTC.gov/AMG for more details about the refund. If you get a check from the FTC, cash it or deposit it within 60 days.

My letter said this was an initial payment. So I will receive another check?

Is this a scam ? I got a check yesterday and I’m nervous to cash

This is not a scam! Cashed my check today.. If you're worried about someone having access to your checking account take it to the bank listed on the check. I did for that reason.

I went to US bank today and presumed they would cash it since it was drawn on their bank but they said no because the amount was too high I was bummed

She refuse to answer the questions. The phone number that's on the letter you can't get through. People just want to be sure it legit.

The check is made out to my wife who has since died. Can I still deposit the check in my account?

If you got a check made out to someone who is deceased, and you are in charge of that person's estate, you can call Rust Consulting, the company that the FTC hired to manage the refund process. Call 1-866-730-8147. They will explain what to do.

I just went to my bank to deposit the check, drawn on US Bank, and was advised they've seen several of these checks coming through and some are counterfeit. Should I have received some sort of letter prior to receiving this check?

If you got a check in this case from the FTC, it came with a letter that explains why you got the check and gives details about the case. You and your bank can go to www.FTC.gov/AMG for details about the refund

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.

I was stuck in that loan for a long toime and couldn't aford to get out

Got mine in the mail yesterday

What about loans after the date of Jan 2013? I used 2 of the payday loan companies after that date and was charged $900 for $250 loan. Is there another class action suit for later dates?

What happens if my name has changed?

how I know if I can receive a check

Are these checks real?

If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You, and the bank, can look at www.FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.

Why only a partial amount. I also had bank overdraft fees because of this illegal activity. How can I receive the full amount?

The FTC distributed all the money that is available. The FTC and Department of Justice sent 1,179,803 refund checks to people who were deceived by the payday lending schemes.

Why was mine like $44?

What about these companies : 500 Fast Cash and United Cash Loans listing there loans on your credit report with the credit bureaus? I have 500 Fast Cash and United Cash Loans listed on my DataX credit report.

If you find information on your credit report that is not correct, you can dispute it with the credit reporting agency. The article on this website called "Disputing Errors on Credit Reports" tells how to do that. You can type the name of the article into the search bar and get a link to the article.

Thank you FTC. I received the check. The information on the check states "partial refund". Question: Does that mean, the settlement includes ONLY partial refund of fees, or does it mean a second check is coming?

How much are the checks for?

Mine was $186

I RECIEVED A REFUND BUT IT SAID PARTIAL PAYMENT. AND I HAD MORE THAN ONE LOAN AND FROM 2 COMPANIES. 500FASTCASH AND USFASTCASH. WILL I RECIEVE MORE REFUND?

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