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Someone got Fundo Loans to direct debit my bank account without my authority to pay for something I did not purchase

Mark Fletcher
April 15th, 2021 · 3 Comments

I have never dealt with Fundo Loans, personally or through my businesses, so I was surprised to discover them debiting my bank account.

Having no idea what this was for, we queried it, of course. Fundo took almost a week before coming back to us claiming they had authority.

Please be aware, our investigations have found this account was authorised by the account holder. Nonetheless, we can appreciate that as business owner, you might not have been aware. As such, this email is to confirm that no future debits will occur from that account.

I am the bank account holder. I did not authorise any payment or payments to Fundo Loans. I asked Fundo for details. They claimed they could not provide this due to privacy requirements. My advice to them that I own the bank account from which they were taking money drew little interest from them.

Despite further pressure, Fundo continues to refuse to provide a copy of the contract on which they relied to action withdrawing money from my bank account.

As of right now, we are caught in a loop with Fundo. Using Fundo, someone has committed fraud against my business, possibly through identity theft of someone in the business, not me. Fundo will not allow us to determine who may have done this or how, so that we may reasonably protect ourselves in the future.

Do I take this to the authorities, since Fundo has agreed that a ‘crime’ has been committed? There are a few options for pursuing it, which could have been avoided had Fundo provided a copy of the contract they claim to have from the owner of the bank account, me, from which they, Fundo, took the funds.

Why am I writing about this here? Because I am stuck in a loop with Fundo and unable to reasonably research what appears to be a fraud situation because of claimed privacy regulations, which could only apply to me as the bank account is mine. This blog post is an attempt to get their attention.

Maybe someone else out there has had an experience like this with Fundo Loans or similar. If so, reach out and let me know how you resolved it.

7 likes

Category: Ethics · Social responsibility

3 responses so far ↓

  • 1 Barb // Apr 15, 2021 at 10:13 AM

    Hi Mark, I would think your bank would have to show evidence of why they allowed Fundo Loans to direct debit your bank account.

    0 likes

  • 2 Mark Fletcher // Apr 15, 2021 at 11:28 AM

    Yes, Barb, certainly dealing with the bank right now re this. But they did the first sweep without citing a direct debit form.

    0 likes

  • 3 Lance // Apr 15, 2021 at 4:08 PM

    “”As such, this email is to confirm that no future debits will occur from that account.””

    ‘Fundo Loans’ sounds sus right from the top…..

    Damn….got caught on this one, I guess we’ll have to rip into someone else….Damn

    0 likes

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