Kim's Catch of the Day: Saving Makes Money

In November 2013, Kim’s Catch put out a warning to consumers regarding an outfit named Money Plus Saver.  The company claimed to provide a “membership” program offering discounts on various name brand products.  Instead of providing discount memberships, the company was stealing money from individuals’ accounts, many of whom had never heard of Money Plus Saver and never authorized any withdrawal from their accounts.  Many claimed they were unaware that they were enrolled in any discount membership program.  Well, it appears that Money Plus Saver is still at it, now doing business as Saving Makes Money.

F-rated Saving Makes Money, using a post office box in Encino, California, is up to the same tactics and making unauthorized charges to unsuspecting consumers.  A quick glance at their website and users can see the information is identical to Money Plus Saver’s website.  They also advertise cash advance loans from CashLoan.com, another F-rated company and subject of a Federal Trade Commission action.  Business Consumer Alliance (“BCA”) called the phone number for Money Plus Saver, (818) 528-4202, and was informed by the operator that both companies were the same.

A recent complainant from Illinois stated that after they signed up for a loan with another company, Saving Makes Money took $87 out of their account.  The consumer was unable to get a refund and the company never contacted the consumer back.  Unfortunately, the company continues to ignore complaints sent by Business Consumer Alliance, just as they have done with complaints filed against their dba Money Plus Saver.

Kim’s Advice:  Consumers always need to protect their information.  Never provide your personal or financial information to anyone you have not researched.  Also, consider the following:

• Always obtain a reliability report from BCA before doing business with any company.  Check for complaints, reviews, and releases about the company and its principals.
   
• Make sure you have a physical location for the business and that you are able to contact the company.
   
• If you are applying for a loan or cash advance, verify that the lender or institution offering the loan is licensed to do business in your state by contacting the state’s bank regulator or attorney general’s office.
   
• Read and make sure you understand all terms and conditions, policies, fees, and guarantees before agreeing to enter any membership.  Watch out for hidden or recurring charges.
   
• Maintain good records and obtain or print copies of all documents.
   
• If possible, pay by credit card.  While this method is not incident proof, if you don’t receive the services or if there are billing disputes, you may be able to file a dispute with your financial establishment to recover fees and charges.

For more information check out my November 2013 article, Kim’s Catch:  Money Plus Saver.  Also, check out BCA’s resource guides on Payday Loans, Advance Fee Loans, and Identity Theft.