Today (12/1/09), i noticed an ach (chk# 6715) for $49.95 in my bank of america account with "freedom subscription 877-807-4709" in the 'pay to the order of' line of the check. I called the ph# listed and was told by a supposed manager named "cindy" that it was because i had applied for a loan and it was part of their terms and conditions. I explained to her that i never applied for any loan through their organization, and any attempt to use my personal information to withdrawal funds from my account without my explicit written consent was in violation of federal banking and collection laws. She continued to insist that i was in the wrong, but could not provide any detailed or proof of my consent for the transaction to take place. She stated that she canceled my "account" and issued me a request for a refund, but that it could take up to 15 business days to receive it by mail.
I researched them online and they have an "f" rating by the better business bureau, and the bbb has been unable to confirm their legitimacy through the state of nevada's business and licensing boars. Their address comes up on google maps to an array of other businesses, but none of those names match any of alias provided by this fictitious entity.
I notified bank of america of the check fraud and luckily they were more than willing to file the fraud claim and are refunding me the total amount taken from my account within 48 hours. They will be pursuing the issue with the check fraud on their end to ensure that this company doesn't illegal have any other account information in regards to bank of america consumers and business partners.
I have read other reports by other individuals that have gone through this similar situation, and all i can suggest is when you contact your bank to inform them of the fraudulent charge, be adamant that it's fraudulent and that even the bbb isn't able confirm the actual physical existence of the business per the address provided. I can't speak for other banking institutions, but bank of america has been amazing and resolved this issue without ever questioning me or refusing to look deeper into the issue.
Unfortunately since no one knows they've been illegally charged until after the funds are already taken out, it's hard to prevent this from happening. But, be diligent in your efforts to retrieve your funds and watch what information is given out on your behalf via websites you may visit. My information, unfortunately, was stolen, but regardless of how they obtained the information, they are prohibited by law from debiting from an individual's account without their direct consent. Third party signatures and/or electronically signed documents does not constitute authorization for any transaction to occur, regardless of their so-called 'company policy'.
Good luck!
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