The tax filing season began on January 15th and Cynthia Simpson told me that she expected her tax refund anticipation loan check by the afternoon of 16th. She called News 4 after having her taxes prepared at the MO Money Taxes location on West Florissant Avenue. She showed me her paperwork that spelled out an anticipated tax refund of $7,347. She expected a check for $7,087 after MO Money deducted $260 in fees.
She says she need the money right away.
You may recognize the MO Money from the company's off-the-wall commercials: www.youtube.com/watch
It advertises an ability to get someone a check within 30 seconds or 24 hours for up to $1800. The commercial airs in other markets and there are several MO Money Tax locations in St. Louis.
But, we found more customers waiting for their checks outside another MO Money Tax location on Halls Ferry, near Chambers Road. Around 6 this evening, there was a line of people outside the door. Many complained to us that they agreed to pay upwards of 200 dollars in fees to get a quick cash advance, yet are still waiting to receive their checks.
A man who identified himself as an "IT" (information technology) employee at MO Money Taxes. He agreed to try and offer some answers, saying that checks were coming in and the office was trying to distribute them. He says that there was a delay in getting the financing, but that customers would be taken care of.
The MO Money Taxes website appeared down when I tried to find information today: www.momoneytaxes.com/
The Better Business Bureau and Missouri Attorney General did not report an outstanding number of complaints.
All businesses are required to register with the Missouri Secretary of State, this is the information I found on MO Money Taxes: www.sos.mo.gov/BusinessEntity/soskb/SearchResults.asp
Here is what the IRS says about Tax Refund Anticipation Loans: www.irs.gov/efile/article/0,,id=205563,00.html
I found a news report out of Shreveport, LA about a similar issue: www.ksla.com/Global/story.asp