|Cash Store Financial Inc. Refunds Update|
VICTORIA, BC – On March 23, 2012 Consumer Protection BC ordered Cash Store Financial Inc., more commonly known as The Cash Store or Instaloans, to comply with the law and refund unlawful cash card fees charged to their customers since late 2009. Consumer Protection BC is committed to ensuring that all eligible consumers receive complete and accurate refunds from Cash Store Financial Inc.
Under Consumer Protection BC’s March 23, 2012 Compliance Order, the BC payday lender had 90 days to provide consumers with refunds. This deadline has passed. Consumer Protection BC continues to be in constant communication with Cash Store Financial Inc. to finalize a refund process that meets our satisfaction. Once we are satisfied with the process, a target date for refunds will be set.
In addition to refunds, Cash Store Financial Inc. was also ordered to provide a full accounting and proof of refunds in a form satisfactory to Consumer Protection BC. We are working as quickly as possible to ensure Cash Store Financial Inc. refunds all eligible consumers in a timely fashion. We continue to monitor the situation closely and share information on our website at www.paydayloanrightsbc.ca. For more information, please read our Question and Answer document about the refunds.
About Consumer Protection BC: Consumer Protection BC is a not-for-profit corporation created to strengthen consumer protection in BC and enforce consumer protection laws. The organization’s vision is confident consumers and trusted businesses in a thriving marketplace. Consumer Protection BC licenses and inspects specific industries, responds to inquiries, investigates alleged violations of consumer protection laws, and educates consumers and businesses about their rights and responsibilities under the law. Corporate website: www.consumerprotectionbc.ca. Twitter @ConsumerProBC. Blog: www.consumerprotectionbc.ca/blog