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the winnipeg sandbox » winnipeg sandbox.. » national... » Lawyers and Class Action Lawsuits- Money Mart lawsuit

Lawyers and Class Action Lawsuits- Money Mart lawsuit

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Deank
grumpy old man
rosencrentz
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rosencrentz

rosencrentz
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Money Mart offers $100-M settlement

So the "gouging" aimed at the poor? the friendless? the people who need to cash a payroll cheque or a social assisstant cheque?
Who uses Money Mart?
Who doesn't have a bank account?
Anyone on this forum without a bank card to get cash?
This offer is in Ontario and there is another suit going on in B.C.
http://www.winnipegfreepress.com/business/finance/money-mart-offers-100-m-settlement-48721312.html

There was another lawsuit that the 6 Banks lost in Quebec regarding overcharges on one's Visa cards, a couple of weeks ago. The banks were arguing that since they are under federal laws that they did not have to comply with provincial regulations regarding ripping off some charges.

http://www.elansofas.com

grumpy old man

grumpy old man
administrator
administrator

That settlement boggles the mind. What it means is that Money Mart HAS that kinda cash. Must be one hell of a lucrative business.

rosencrentz

rosencrentz
uber-contributor
uber-contributor

They announce a settlement offer and their stock rises! What the hell does that mean??

http://www.elansofas.com

Deank

Deank
contributor eminence
contributor eminence

people cant get traditional banking because the banks are assholes... why not have someone like moneymart step up?

I dont understand how they are to blame,maybe the government should be legislating real banks do it for no profit?

grumpy old man

grumpy old man
administrator
administrator

There is absolutely a place in our world for these institutions. I think the big deal is when they charge such astronomical rates and fees etc. that some people have no choice but to pay. The challenge is where does one draw the line?

tick

tick
contributor plus
contributor plus

I have a tree suitable for hanging bankers.
twould likely work on lawyers too.
and its for rent

rosencrentz

rosencrentz
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The government cannot be expected to legislate everything! Money Mart and the Visa banks both have pissing contests to see who can dream up additional charges.
Last month i was $65 over my limit and bang a $35 charge. I am tempted to file a small debt claim, used to be what ? $20 but i think it is p to higher than that, not sure. They would have to hire a lawyer for $1000 to defend it, because they surely won't back down, but I need the card.

http://www.elansofas.com

Freeman

Freeman
uber-contributor
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Perhaps the NDP government should ban the likes of Money Mart and allow cheque cashing at the casinos and liquor stores.

Guest

Anonymous
Guest

grumpy old man wrote:That settlement boggles the mind. What it means is that Money Mart HAS that kinda cash. Must be one hell of a lucrative business.

Money Mart makes a killing off the poor, people with bad credit, the unemployed, people with drug and alcohol problems, and many more. Who uses Money Mart? Soceity's most vulnerable.

Freeman

Freeman
uber-contributor
uber-contributor

Who uses liquor stores and casinos?

Triniman

Triniman
general-contributor
general-contributor

rosencrentz wrote:The government cannot be expected to legislate everything!
The less government regulation, the better. Let the private sector do as they please and the consumers will choose who to do business with.

rosencrentz

rosencrentz
uber-contributor
uber-contributor

That figures- The government could set up cash checking kiosks in the North End or anywhere a person picks up a social assisstance cheque!
The banks left the North End because they weren't making money.
Money mart is there to do a service and their charges are high to cash a cheque, so what! they have a right to charge what the market will bear! That is business!

http://www.elansofas.com

Deank

Deank
contributor eminence
contributor eminence

HurtinAlbertan wrote:
grumpy old man wrote:That settlement boggles the mind. What it means is that Money Mart HAS that kinda cash. Must be one hell of a lucrative business.

Money Mart makes a killing off the poor, people with bad credit, the unemployed, people with drug and alcohol problems, and many more. Who uses Money Mart? Soceity's most vulnerable.


only because no one else, including the big banks that rake in BILLIONS off of us will do it.

Whats better for money mart to make some money off them, or them to die because no one will cash their cheque?

Freeman

Freeman
uber-contributor
uber-contributor

Maybe there should be a class action suit against the tax discounters as well.

Freeman

Freeman
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uber-contributor

What about 7 - 11?

Freeman

Freeman
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uber-contributor

What about the fast food joints (Chicken Delight, Chester Fried, etc) that are in business in the North end?

Freeman

Freeman
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uber-contributor

What about the furniture rental places?

Freeman

Freeman
uber-contributor
uber-contributor

Cab companies?

Freeman

Freeman
uber-contributor
uber-contributor

If we want ot go after anyone taking advantge of the poor, lets go after the NDP. Afterall, they're the ones that don't want to create the climate where individuals can achieve on their own.

AGEsAces

AGEsAces
moderator
moderator

What I find amusing, is that the government cheques are drawn on a bank right?

By law (this one I've checked out), if you have a cheque drawn on a bank...that bank is required to cash it for you, even if you don't have an account there.

So say the government cheques are drawn on RBC...you can go to RBC and cash that cheque, and there's no fee, even if you don't have an account with RBC.

It's because that bank can look up the balance available for the cheque directly, and can determine if it will bounce or not.

When I first moved here I was receiving cheques from the US every month...and learned all this from a bank manager who explained what the rules are for cheque cashing.

http://www.photage.ca

Deank

Deank
contributor eminence
contributor eminence

Actually by law every bank must cash a government cheque without any fee. Unless that has changed over the years
Besides government cheques tho..
Difficultly can happen though when it is say, written from a TD bank in Toronto and you try to cash it here. Apparently banks dont actually own computers as I was told adamently that they couldnot cash it without me opening an account. I told them quite adamently that I was willing to go an get a police officer if need be since they were attempting to steal from me since they had taken the cheque and put their stamp on it, it would be damn near impossible to cash at any other bank now.

Sucks when you need to threaten banks with the law.

AGEsAces

AGEsAces
moderator
moderator

Oh...yeah...I guess that should be more clarified...drawn on THAT bank.

Though I guess government cheques are a bad example. (though I know it only applies to Canadian government cheques...not US ones Wink).

So a paycheque.
If you get a cheque and it's drawn on an RBC here...then they have to cash it for you if you go to THAT bank.

http://www.photage.ca

Deank

Deank
contributor eminence
contributor eminence

yeah and when THAT bank is in Charleswood and you live in Point douglas and banks never used to be open evenings and weekends.. and even if they were, is it really worth the 2 buses there, 2 buses back and all that time in between? Or is it easier to go to Money Mart?

Banks and the rules they have are the problem. They want to call themselves RBC??? then every RBC bank must take a cheque drawn on RBC and cash it without question. I can almost understand 20 years ago when banking records were not instantly available. NOW? bullshit!

AGEsAces

AGEsAces
moderator
moderator

Yeah...I agree with you there.

A bank opened in New Jersey when I was there...called Commerce Bank.

New concept type bank...grew VERY fast and expanded all over the area.

Open - 7-days per week.
Open till 8pm EVERY day (except Sunday...then only open till 6pm)
No hidden fees.
No matter which branch you went to...all the same services and accounts were available.
FREE - change exchange machines (bring your pile of coins in...dump them in, and exchange for bills)
Every bank had at least 3 drive-thru tellers AND a drive-thru ATM

http://www.photage.ca

Deank

Deank
contributor eminence
contributor eminence

hehe and yet.. apparently TD Bank has recently purchased them.. and TD Bank in Canada is one of the worst when it comes to crap like not cashing cheques.. or at least they were.

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