- Report: #78188
Complaint Review: Aurora Loan Services - Aurora Colorado
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Author Not Confirmed
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Aurora Loan Services
2530 S. Paker Rd. Aurora, 80014 Colorado, U.S.A.
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Aurora Loan Services Illegal Check Conversion - Did you know you must be informed?! Aurora Colorado
*Consumer Comment: I'm sorry, but I don't think you have a case...
*Author of original report: Banks practice this & have slightly different restrictions
*Author of original report: Banks practice this & have slightly different restrictions
*Author of original report: Banks practice this & have slightly different restrictions
*Author of original report: Banks practice this & have slightly different restrictions
Issue with Aurora Loan Services. It is also in Scottsbluff NE. This company did an UNAUTHORIZED check conversion. For those that do not know a check conversion is when you write a check to a company & the company in turn doesn't deposit but converts it by either entering the check infor manually or by running it through a machine. The check isn't routed through the banks. It is very much similar to a POINT OF SALE (POS), check card transaction, or check over the phone.
Based on my research businesses MUST inform you either on the invoice (mtg statement) or at the place of business that they do this. If not it is ILLEGAL. This is what ALS did. I dropped off the payment, which indicated electronic withdrawl is NOT allowed. Guess what happened? The checks were converted on 12/31/03 & my automatic deposit of my payroll check didn't occur until 1/2/03 (Bank was closed 1/1/04). As a result there's been a domino effect & over $600 in fees charged. ALS is not responding to me & so I filed a complaint with the FTC (Federal Trade Commission). I am also working on drafting a complaint to the BBB & the Colorado & Nebraska Attorney General's Offices. Initially all I wanted was the money for the fees returned but not I plan to locate an attorney for a law suite filed under the UCC. If ALS has converted your checks & you were never notified of this practice please contact me!
Amber
Erie, Colorado
U.S.A.
Based on my research businesses MUST inform you either on the invoice (mtg statement) or at the place of business that they do this. If not it is ILLEGAL. This is what ALS did. I dropped off the payment, which indicated electronic withdrawl is NOT allowed. Guess what happened? The checks were converted on 12/31/03 & my automatic deposit of my payroll check didn't occur until 1/2/03 (Bank was closed 1/1/04). As a result there's been a domino effect & over $600 in fees charged. ALS is not responding to me & so I filed a complaint with the FTC (Federal Trade Commission). I am also working on drafting a complaint to the BBB & the Colorado & Nebraska Attorney General's Offices. Initially all I wanted was the money for the fees returned but not I plan to locate an attorney for a law suite filed under the UCC. If ALS has converted your checks & you were never notified of this practice please contact me!
Amber
Erie, Colorado
U.S.A.
5 Updates & Rebuttals
Amber
Erie,Colorado,
U.S.A.
Banks practice this & have slightly different restrictions
#2Author of original report
Wed, January 28, 2004
Thank you for your response. I am aware of the issue you presented unfortunatly for the company (whether the money was there or not) it gave no notification that it was going to convert the check (electronically, also called check truncation) at it's location. Banks practice this & have slightly different (more less strict) restrictions but as the company's bank was not the one to send it electronically but the company itself it is required by law to provide notice either in the invoice/statement requesting payment or by posting a notice at the location. Neither of which was done by this company. I've called around & it looks like there's a pretty good case. The company may try to rebuttle as you have but that is a seperate issue. Thanks again.
Amber
Erie,Colorado,
U.S.A.
Banks practice this & have slightly different restrictions
#3Author of original report
Wed, January 28, 2004
Thank you for your response. I am aware of the issue you presented unfortunatly for the company (whether the money was there or not) it gave no notification that it was going to convert the check (electronically, also called check truncation) at it's location. Banks practice this & have slightly different (more less strict) restrictions but as the company's bank was not the one to send it electronically but the company itself it is required by law to provide notice either in the invoice/statement requesting payment or by posting a notice at the location. Neither of which was done by this company. I've called around & it looks like there's a pretty good case. The company may try to rebuttle as you have but that is a seperate issue. Thanks again.
Amber
Erie,Colorado,
U.S.A.
Banks practice this & have slightly different restrictions
#4Author of original report
Wed, January 28, 2004
Thank you for your response. I am aware of the issue you presented unfortunatly for the company (whether the money was there or not) it gave no notification that it was going to convert the check (electronically, also called check truncation) at it's location. Banks practice this & have slightly different (more less strict) restrictions but as the company's bank was not the one to send it electronically but the company itself it is required by law to provide notice either in the invoice/statement requesting payment or by posting a notice at the location. Neither of which was done by this company. I've called around & it looks like there's a pretty good case. The company may try to rebuttle as you have but that is a seperate issue. Thanks again.
Amber
Erie,Colorado,
U.S.A.
Banks practice this & have slightly different restrictions
#5Author of original report
Wed, January 28, 2004
Thank you for your response. I am aware of the issue you presented unfortunatly for the company (whether the money was there or not) it gave no notification that it was going to convert the check (electronically, also called check truncation) at it's location. Banks practice this & have slightly different (more less strict) restrictions but as the company's bank was not the one to send it electronically but the company itself it is required by law to provide notice either in the invoice/statement requesting payment or by posting a notice at the location. Neither of which was done by this company. I've called around & it looks like there's a pretty good case. The company may try to rebuttle as you have but that is a seperate issue. Thanks again.
Richard
Chalmette,Louisiana,
U.S.A.
I'm sorry, but I don't think you have a case...
#6Consumer Comment
Tue, January 27, 2004
...especially on New Year's Eve. Chances are that the company closed early and transmitted the conversions about noon or so, before the bank's bookeeping cutoff. An attorney will tell you that you are the one at fault for writing a check without sufficient funds to cover it. I once worked at a store which made a practice of cashing large checks immediately after the customer left. You need to assume that the check will be deposited immediateley. I learned that lesson the painful and expensive way.
