Consumer complaint received 2024-12-29 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Payday loan
Issue: Charged fees or interest you didn't expect — 
Company: Ingo Money, Inc.
State: MD

Complaint narrative:
Complaint to the Consumer Financial Protection Bureau ( CFPB ) I am submitting this complaint regarding XXXX XXXX practices for check cashing services offered through XXXX. I believe their process is misleading, potentially predatory, and results in financial harm to consumers. Below are the specific issues I have encountered : XXXX. **Misrepresentation of XXXX Options : ** - XXXX XXXX XXXX XXXX options for check cashing : - " XXXX  XXXX  XXXX '' for a fee. 
- " XXXX processing '' for free. 
- It was my understanding that if a check did not qualify for " XXXXXXXX XXXX XXXX, '' it would default to the XXXX processing option to allow for verification of funds. However, this fallback does not appear to be implemented in practice, leaving customers with no recourse if their check is denied for " XXXX in XXXX. '' XXXX. **Technical Issues Preventing Service Access : ** - On XX/XX/XXXX, I attempted to cash a check for {$XXXX} through the XXXX XXXX. Due to updates on XXXX platform, I was unable to complete the transaction. 
- This issue affects XXXX users, who currently can not see the check cashing option at all. As of this submission, the issue remains unresolved, effectively blocking access to a core feature of the service. 

XXXX. XXXX XXXX Process : ** - To troubleshoot the issue, I took a photo of the check and attempted to process it. This action triggered a hold on my account. 
- XXXX XXXX verification process appears superficial, relying on physical characteristics of the check ( e.g., security paper ) rather than contacting the issuing bank to confirm the validity of the check and guarantee of funds. This lack of thorough verification imposes unnecessary holds on legitimate checks. 

XXXX. **Predatory " VOID '' Instruction : ** - Numerous customers, including myself, have reported a troubling practice : - XXXX XXXX approves checks and instructs customers to write " VOID '' on the physical check. 
- After the customer complies, XXXX denies the transaction without further review of the check. 
- The check, now marked " VOID, '' can not be deposited elsewhere, leaving customers unable to access their funds. 

XXXX. **Excessive Fees : ** - For successful transactions, XXXX charges high fees. For example : - I cashed a check for {$XXXX} and was charged over {$XXXX} in fees. 
- These fees, equating to roughly XXXX  %, are excessive and resemble high-interest loans, especially when applied to cashiers checks or other guaranteed funds. 
- This practice appears predatory, targeting consumers who XXXX lack alternative options for immediate cash access. 

6. **Specific Incident Details : ** - The check I attempted to cash on XX/XX/XXXX was a cashiers check issued by XXXX  XXXX XXXX XXXX a guaranteed form of payment. Despite this, I encountered a hold and unclear verification procedures. 

**Impact on XXXX : ** XXXX XXXX practices : - Mislead consumers about available options for processing checks. 
- XXXX excessive fees for expedited service, resembling predatory lending. 
- Leave customers worse off by denying checks after instructing them to write " VOID. '' - Fail to provide equal access to services for Android users, undermining the reliability of their platform. 

I believe these practices violate consumer protection principles and XXXX constitute unfair or deceptive practices under federal law. 

Thank you for addressing this matter.

Company response to consumer: Closed with explanation