Legal recourse for X.COM members (for anand members taken by the X.COM deal)

[Onepotato]

NOTE: The information is provided not as a purchasing deal but as precedent has been set on anadtech, the information is to aid the anadtech membership who found the X.COM deal here and were financially harmed as a result of several recent "no notice" policy changes by X.COM

The following information was taken from a post on another site. It appears there have been violations of federal banking laws and it may give those members damaged by the "no notice" policy change X.COM enacted a legal remedy:

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If, like I, you were royally taken by x.com's overnight policy change on overdraft accounts, you can file a complaint against them with the OCC who overseas national bank regulations.

I spoke with a customer assistance rep, explained the NO NOTICE change on overdraft and she responded that changes to lines of credit, overdrafts included, required FIFTEEN DAYS NOTICE by banks. I told her I have proof it was done overnight with their email and she said to FAX it to her.

Each report to OCC gets assigned a case # and enough cases filed is cause for further investigation of OVERALL banking practices I was told.

Contact info:
phone assistance group to open case 800-613-6743
or fax them info at 713-336-4301

or write to them at:
OCC Customer Assistance Group
1301 McKinney Street
Suite 3710
Houston, TX 77010

Thanks for reading.

 

[abracadabra1]

ttt important info...

 

[spec411]

excellent..these government groups require LARGE amounts of complaints, so the more people who complain, the more likely the issue will be investigated...

everyone should be calling or writing, even if you didnt have problems with your account, so that x.com does not continue this practice with their paypal product

 

[stonerdave]

I have had no problems with paypal/x.com the few months I'd used them, but I received 0 emails about their policy changes, including the one that requires $100 in your account or you get charged a monthly fee?!?! I still can't find info about this on their site but it really doesn't suprise me...I cancelled and using exchangepth now.

 

[SuperSix]

Wow.. Nice find!

Bookmarked.

 

[junthin]

Everyone do this! PayPal is starting to suck real bad now...lost lots of money due to a chargeback for a transaction before the policy change....*sigh*

 

[w3b]

bump for important info

 

[CIRCUS]

Thanx Onepotato for the info

 

[ericb]

I never even received any x.com emails and I signed up in the very beginning with them. I've also only received one paypal notice and have been with them almost as long. Everyone needs to just close their accounts and move on to another.

 

[simsoft]

Write X.Com a letter threatening to report them to the Office of the Comptroller of Currency unless they refund the entire amount of any bounced check. From past experience with X.Com, they are scared of the OCC and wil refund your money. I know I have a cool $500 and a nice letter from their VP because they bounced a check on my account for no reason.

 

[RoadRuner]

x.com will pretty much take off any bounced check fee. but that doesnt remedy the person you wrote the check for.

 

[Onepotato]

I have also heard in other post that letters to the B.B.B. and ugetheard.com have helped get X.COM to reimburse fees but only after those folks went that route did X.COM do anything.

It's true we need as many people to file the complaint to get the feds to act, but once this is done when the feds do act everyone affected stands to have financial redress and maybe shut down X.COM or keep this from being done to their members.

 

[WDK]

Hmm.. in the TOS:

"16. Not a Bank. You acknowledge that (i) the Service is not a banking service (ii) Service accounts are not insured by any government agency, (iii) the Service is not subject to banking regulations and (iv) X.com will invest in liquid assets and that interest earned on those assets will be the property of X.com."

15 days of notice on something that isn't a bank? Stupid paypal/x.com woes.

 

[spec411]

where/who do you write to get those check fees reimbursed? when my familys accounts were frozen and closed, there checks bounced, and they said they wouldnt reimburse unless we provided the returned checks...

of course the brokerage and credit card companies we sent the checks to dont RETURN bounced checks, so we ate the loss (about $89!!) did you guys have to send in originals or copies of the bounced checks? All we have is the carbon copy from the set of checks xcom gave us...

 

[Onepotato]

WDK knows not of what he speaks. The following is an excerpt from X.COM financial...the bank:

Deposits at the Bank are insured by the Federal Deposit Insurance Corporation up to $100,000 per depositor. Answers to questions about Federal deposit insurance may be contained in "Your Insured Deposit", a pamphlet published by the FDIC.
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X.COM owns Paypal and Paypal is not a bank. The particular TOS WDK refers to is either related to the X.COM financial stocks/mutual funds service or the X.COM/Paypal service

 

[pleides]

I spent over an hour on the phone with "customer service", first with a rep and then with the supervisor. They changed their payment policy in Aug, with no notification at all, so that you couldn't make an online pymt with another CC.

Thus, my Sept pymt was late, and I was charged a $15 late fee plus a $25 overdraft fee for a charge that came in while the account was frozen. I then made two $35 payments in Sept, only $32 was due. But, since both were made before the 30th, neither one counted as my monthly payment. Huh? The Terms of Use on their website state that the payment must be received by the due date. So how can they charge a late fee?

They wouldn't remove any charges and pretended not to understand how their unannounced policy change could possibly have resulted in my payment being delayed.

I've paid it off and cancelled now, but will followup with BBB and ugetheard. Thanks for the tips and...
X.Com is Suck!!!!
:|

edit: just got back from ugetheard.com and bbb online. Have a fax ready to go to OCC tomorrow. Maybe something will change.