Consumer complaint received 2020-09-07
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: 391 Financial, Inc. (WI)

I had my payments on my loan set up to come out automatically bi-weekly. I called around XX/XX/2020 to get my payoff amount ( to pay the loan in full ) for XX/XX/2020. The CSR that I spoke with on the phone told me that my payoff amount for XX/XX/2020 would be {$220.00}. I asked if the payment that is coming out XX/XX/2020 could be changed to the payoff amount of {$220.00}. The CSR said yes, that she could help me with that. She told me that she changed my payment for XX/XX/2020 to {$220.00} the amount to pay off the loan. The CSR asked if I had any other questions or needed help with anything else before she hung up with me. I said yes that I wanted to verify again that the payment of {$220.00} on XXXX XXXX would payoff my loan in full and leave me with a XXXX balance. The CSR said yes that would pay my loan off in full and I would have a XXXX balance. My payment of {$220.00} went through my bank on XX/XX/2020 paying my loan off in full with them. 

I got a message on XXXX on XX/XX/2020 saying that I owed them money. I at first thought it was a scam but later realized it was from American Cash- the loan I paid off the end of XXXX. I let them know that I did not owe them anything because I paid them off XX/XX/2020 per my conversation with the CSR that I had around XX/XX/2020 and that as far as I am concerned the account was paid in full. 

I got a message back XX/XX/2020 telling me that my payment for XX/XX/2020 was returned. That is not correct because I had no payment per my bank that was returned XX/XX/2020. Besides I have overdraft protection on my account so the bank would have covered the payment and charged me an nsf fee for the overdraft. I had my payments set up as automatic withdrawal on my paydays. I did not cancel the automatic withdrawal or put a stop payment on it. The automatic withdrawal was in place until I paid the loan in full. 

The message went on to say that I agreed to make 20 payments and I did not make the last two. The last two were not made because I paid my loan off in full on XX/XX/2020. It is against the law in Wisconsin to charge a person for early payoff of their loan. I don't understand how I can be charged for paying my loan off early. When I called for my payoff on XX/XX/2020 or matter of fact when anyone calls for a payoff, that payoff includes any principle, interest, nsf fees, and/or late fees that incurred up to the date of the payoff so it pays the account in full.When I called around XX/XX/2020 for my payoff on XX/XX/2020 all of that should have been included in the payoff. 

I also received an email dated XX/XX/2020 stating they were charging me an nsf fee for a returned payment. Again, none of my payments to this company was returned by my bank ever! How can they charge me for something that did not happen? Very unethical practices with this company. Also if there was an nsf or missed payment, why wait over a month to contact me? I know the company I work for doing loans, we contact the person as soon as a payment is returned or payment is missed if the payment has not been set up already. 

Again in summary, I was told by a representative of their company that on XX/XX/2020 when my payment of {$220.00} posts that the account with them was paid in full.