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We were contacted by a company called EBA XXXX XXXX claiming to be offering loans to students, and we ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX expressed interest in it XXXX and almost all our students pay tuition out of pocket. We were made to understand that we will be doing part of the loan processing - helping students with the filling of loan application forms, collecting all supporting documentation from students and hen scanning it through a dedicated terminal to be provided by EBA for their approval of the student loan- Once the student meets their criteria, that is good credit report as well as has a regular source of income/employment.
The nature of the loan they offer we were made to understand, require us to give our bank account information to enable them execute electronic fund transfer for full payment when a student loan is approved by them for a student. As part of the loan approval process, they also require a student to write a check with a face value amounting to 25 % of the total value of the student loan approved for the student-which also forms part of the initial instalment payment by the student to EBA XXXX. To ensure a smooth transaction and authenticity of checks issued for payments by students, we were also made to understand the initial check issued by the student should be written in our name XXXX however, we can not cash the check. Rather, we will scan it to EBA XXXX through the provided and dedicated Point of Sale Terminal, after which we will file the check and keep at our office. We were also made to understand that we will pay {$99.00} plus tax per month for the point of sale terminal.
In the process of finalizing the agreement, EBA XXXX then introduced XXXX additional companies a. XXXX XXXX XXXX XXXX. Their role is to lease out the point of sale terminal to us ( Merchant/channel ) b. XXXX ( XXXX ) : Their role is to ensure credit verification and approval of loan applicants ( students ) and facilitate electronic fund transfer transactions for all parties in a transaction namely, student ( taking instalment payment from their account ), merchant/XXXX ( Making payment deposits into our account on behalf of students who have been approved for loans ) and EBA XXXX ( Loan Servicer ) Weeks after the agreement was finalized, the first transaction of an amount of {$1500.00} was executed. Per the instructions given to us, we gathered all documents including a check of {$480.00} dated XXXX/XXXX/XXXX representing 25 % down payment from the student/borrower, with an amount of {$240.00} to be debited against the borrower 's bank account every month for 6months. Hence, the total amount the student will be paying EBA through XXXX at the end of the period is {$1900.00} Upon approval of the student loan, EBA XXXX through XXXX, went ahead to deposit an amount of {$1500.00} into XXXX bank account on XXXX/XXXX/XXXX Then on XXXX, XXXX charged our accounts {$29.00} for an unknown reason and without permission. Our protest to EBA and to XXXX yielded no results than 'telephone tennis ' ( Transferring us around ).
XXXX/XXXX/XXXX. XXXX made an unauthorized charge of {$480.00} on our account. We protested, but their reason was that the borrower 's bank failed to honor the check the borrower/student issued to them. Hence they went into our account to withdraw that amount of money. This we found very 'fishy ' and unacceptable since we are not the borrowers.
XXXX/XXXX/XXXX XXXX charged {$110.00} to our account. This was unauthorized and provided no explanation XXXX/XXXX/XXXX XXXX XXXX XXXX charged {$110.00} equipment leasing fee.
XXXX/XXXX/XXXX. XXXX charged our bank account 6 times with an amount of {$240.00} with the total amount being {$1400.00}.
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