Mo Money to mail checks Friday

NORFOLK, Va. (WAVY) - The CEO of Mo Money Taxes may not deliver tax refund checks in person after all.

Thursday afternoon, Granberry told WAVY.com he will mail refund checks out Friday.

Meanwhile, two Norfolk customers say they received theirs by FedEx Wednesday night.

The checks they received look different from the 200 checks distributed by Mo Money Taxes on Granby Street Monday night.

In the right hand corner, those checks had the name "Value Bank of Texas." The most recent checks name "Regions Bank" of Murfreesboro, Tenn..

The new checks also have the words 'payroll account' on them, which confused customers.

"When I read the bottom of it, it says 'payroll check,'" said one customer, who asked to remain anonymous. "He has me listed as I am employed by him, because, I mean, a payroll check?"

Both customers tried to cash the checks at the same location. One was able to cash the check. The other was not.

The check cashier said Regions Bank will not verify checks over the phone, meaning customers cannot cash it. WAVY.com called Regions Bank and a representative verified the check can only be deposited into an account to retrieve the money.

 

CEO Markey Granberry promised on Wednesday , checks would be mailed out via FedEx this week. Granberry said he was considering getting on a plane with some of the Norfolk store owners, who are currently in Memphis, Tenn., to deliver the checks himself.

"Unless he brings me cash, it's no good to me," said the customer who can't cash her check. "And, the cash he brings me, I would have to have a money marker to check that it's real. His word means nothing to me."

In a text message conversation Thursday afternoon, Granberry wrote, "Think we gone mail all checks." 10 On Your Side replied, "Okay why aren't you coming?" Granberry replied, "Undecided might still come."

ACE Cash Express sent a company-wide email Thursday morning instructing stores not to cash checks from Mo Money Taxes locations in the Tidewater area. According to Senior Vice President Eric Norrington, there were several hiccups in the system that prevented stores from verifying the checks. Norrington said an "800" number used for verification was down, but has since been fixed.

Norrington said several Mo Money Taxes checks that were verified at stores, were also returned to the store by the bank. Norrington says checks are returned for various reasons, and it does not necessarily mean there were improper funds in the designated account.

Norrington says the hiccup in the system involved the communication between the processor and the bank.

Thursday afternoon, ACE Cash Express sent out a second email saying the problems were resolved. ACE Cash Express is now cashing all valid checks, including valid checks customers receive from Mo Money Taxes.

"ACE Cash Express regrets any inconvenience for our customers with tax refund checks," Norrington reiterated Thursday. "All ACE Cash Express locations are ready to cash all good tax refund checks subject to the usual verification. We want to make it easy for our customers to get their tax refund."

Meanwhile, the Better Business Bureau issued a nationwide consumer alert Thursday regarding Mo Money Taxes, according to Rosemary Nye, president of the Better Business Bureau of Greater Hampton Roads, Inc .

Mo Money, also known as MoneyCo USA, received an F rating from BBB of the Mid-South. The alert from BBB also states that the Arkansas Attorney General sued the company in 2010 over failure to properly disclose fees.

Other complaints in the report also include:

• Consumers not receiving refunds by the end of January as promised
• Customers going to Mo Money locations to find the business closed
• Mo Money employees not answering or returning phone calls from customers
• Consumers say Mo Money is blaming the the delay on IRS issues, but some consumers contacted IRS directly and have been told the refunds have been sent

Norfolk police spokesman Chris Amos said at this point there is nothing new in their police investigation . Amos said, "At this point we are waiting to see if the company provides the service as claimed. We cannot put a time limit on how soon they MUST disperse the refunds if applicable so we are looking at a lengthy process for possible charges, if any, on our part."

The IRS is conducting their own independent investigation.

In addition, WAVY.com brought its investigation to Congressman Bobby Scott.

Congressman Scott and Congressman Steve Cohen of Tennessee wrote a joint letter to the U.S. Justice Department demanding an immediate investigation into Mo Money Taxes. Thursday, Congressman Scott's office confirmed Congressman Bennie Thompson of Mississippi is also making inquiries into the company.

"I say hey, we the talk of the town," said Granberry at a news conference in Memphis Wednesday night. "Hey, you know, hey, if we're doing the majority of the taxes in 17 states, you know, of course you're going to get five to 10 customers per