Category: ACH

23
Apr

ACH Alternative for Payday Lenders

Bank for payday loan businessIs your ACH processor threatening you? Is your “return rate too high?” Is your state, similar to California, contemplating  banning payday loan lender access to electronic access to consumer bank accounts?  No worries! When 35 million consumers demand access to a product, entrepreneurs always find a way. There’s a fix for this! If you need an alternative to ACH, I’ve got it. Reach out. It’s cheap, proven and works. Jer@TrihouseConsulting.com It’s called Image Check Letter (ICL) and it’s a new, exciting way to enable nearly any business (no porn or pharmaceuticals) to easily collect payments. You can easily make deposits as well! Want more info? Inquire about ICL Click HereICL is a great backup for state, tribe, store-front and internet lenders! Get ready for the future.

No more worries about ACH termination

 

ICL System: No deposits, 1-2 day clearing of funds, return notification in 1-2 days, no worries about return percentages, funds deposited directly into your account, and no worries about receiving a termination letter from your ACH processor.

ACH Alternative processing payday loans

“California will track consumers who take out payday loans and ban letting online payday lenders getting electronic access to customers’ bank accounts under a new regulatory proposal, according to American Banker.”

“The new rules would require payday lenders to secure loans with a paper check instead of electronic account access. That would make it much harder for online payday lenders to do business — but those lenders are typically much more expensive than storefront lenders and generate more fraud and abuse, and most online lenders don’t have state licenses, according to a 2014 Pew Charitable Trusts report.”

 

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22
Apr

California Bans ACH for Payday Loans

Bank for payday loan businessCalifornia bans ACH for payday loans? No worries! When 35 million consumers demand access to a product, entrepreneurs always find a way. There’s a fix for this! If you need an alternative to ACH, I’ve got it. Reach out. It’s cheap, proven and works. Jer@TrihouseConsulting.com It’s called Image Check Letter (ICL) and it’s a new, exciting way to enable nearly (no porn or pharmaceuticals) to easily collect payments. Want more info? Inquire about ICL Click Here.

ICL System: No deposits, 1-2 day clearing of funds, return notification in 1-2 days, no worries about return percentages, funds deposited directly into your account, and no worries about receiving a termination letter from your ACH processor.

“California will track consumers who take out payday loans and ban letting online payday lenders getting electronic access to customers’ bank accounts under a new regulatory proposal, according to American Banker.”

“The new rules would require payday lenders to secure loans with a paper check instead of electronic account access. That would make it much harder for online payday lenders to do business — but those lenders are typically much more expensive than storefront lenders and generate more fraud and abuse, and most online lenders don’t have state licenses, according to a 2014 Pew Charitable Trusts report.”

“A payday lender trade group, the California Financial Service Providers Association (CFSP), said the new rules “would have a high probability of forcing many or most” of its members out of the payday loan business. The group’s members are all state licensed, it said.”

“But a spokesman for the California Department of Business Oversight said that reducing online payday lending “may not necessarily be a bad thing. The spokesman, Thomas Dresslar, added, ‘The more the scope of payment instruments expands beyond paper, the more dangerous the market becomes for consumers. It’s not the storefront operations that are the problem. It’s the activity on the Internet.”

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01
Nov

Tribe Payday Loans: 2 Sovereign Tribes Drop NY Lawsuit

The Oklahoma-based Otoe Missouria Tribe and Michigan-based Lac Vieux Desert Band of Lake Superior Chippewa Indians have ended their federal lawsuit against New York state. The case revolved around their belief that states have zero oversight over them.

My personal interpretation of the tribes decision is that they simply do not have the financial resources to fight New York. Their failure to secure a temporary injunction permitting the tribe to continue operations in NY has caused them irreparable damage. This setback, in combination with the ACH Debacle I’ve previously written about, has led to their demise on this issue.

More on this:
1) Ballard Spahr
2) Turtle Talk

“The case has consumed considerable resources, and while our tribes will remain resilient despite the state of New York’s targeted attack,” the tribes decided to drop the suit, John Shotton, Tribal Council chairman of the Otoe-Missouria Tribe, and James Williams Jr., Tribal Council chairman of the Lac Vieux Desert Band, said in a joint statement.

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29
May

Operation Choke: 10 Civil Investigations Opened

Operation Choke Point continues to create controversy. Legitimate businesses are being attacked by the Obama administration. Having experienced difficulty in shutting down small dollar credit lenders directly, the administration is targeting vendors and processors who “enable” lenders to serve their customers.

By Alan Zibel and Andrew R. Johnson
The U.S. Department of Justice has opened at least 10 civil and criminal investigations into whether banks and payment processing firms helped enable fraudulent activity, according to an internal Justice Department memo viewed by The Wall Street Journal.

More than 850 pages of internal documents on the DOJ’s probe of alleged fraud in the financial industry were obtained by the House Oversight and Government Reform Committee.

The panel has been conducting an inquiry into the federal probe known as “Operation Choke Point,” which is aimed at reducing the ability of fraudulent businesses to operate by going after financial firms–like banks and payment processors–that help move their money.

The memos viewed by the Journal detail last year’s launch of the sweeping probe, which resulted in the government issuing subpoenas to about 50 banks and six payment processing firms, according to a November 2013 memo by DOJ official Maame Ewusi-Mensah Frimpong.

Ms. Frimpong, in her memo, wrote that the government had the opened civil investigations into 10 banks and payment processors and was in settlement talks with three of them.

The DOJ has also opened criminal investigations of four payment-processing firms as well as one criminal investigation of a bank “and responsible bank officials.”

The names of affected banks were… Read More.

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14
Apr

PDL ACH, ODFI and Operating Accounts Solutions

Finally, some good news for the payday loan industry!

You know the PDL industry has been “on the ropes” since last August. Dollar delivery systems have been under heavy attack. President Obama launched “Operation Choke” and multiple AG’s have squeezed lenders hard.

In spite of all this noise, millions of consumers continue to “vote” every month to employ our products to solve their financial challenges. Likewise, savvy payment processors launch new, exciting, state-of-the-art money transfer conduits enabling lenders to continue to service our demographic.

Today, I announce TWO NEW processors worthy of your consideration. They offer the following:

* ACH for tribe, state, and very soon, offshore lenders
* ODFI’s in the U.S.
* PDL operation accounts
* Consumer savings plans
* 7 methods for borrowers to make a payment
* Plug-n-play API’s
* Custom Card Issuing with reloadable debit card programs
* Legacy portfolio importation
* Competitive rates you can “digest”
* And much more…

To arrange a private, DISCRETE introduction to the “solutions” go here: Private Request for Intro.
This will enable your Team to discuss your unique, individual needs directly with the processors and to access a 10 minute video that further explains one of these two new platforms. NOTE: The longer your Team waits to find out more, the closer you’ll be to the bottom of the stack of applications. This isn’t B.S. You already know ACH processors and state licensing license issuers are BURIED!

Jer@TrihouseConsulting

PDL ACH, ODFI and bank accts.

PDL ACH, ODFI and bank accts.

Consumer Savings Plans

Consumer Savings Plans

#4-small-350X217

Borrower Repayment Plans

Borrower Repayment Plans

#2-small-350X254

PDL Control Panel

PDL Control Panel

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