Many Buyers have been affected by the tighter lending rules which are impacting a Sellers ability to sell their home!

What others are saying

Hi Brian-

(letter sent to the CEO of the Salt Lake Board of Realtors)

I wanted to take this opportunity to share my positive thoughts about the  Alternate Financing course recently taught by Rob Aubrey at the Salt Lake Board of Realtors.

The turnout was great and the content was even better.

The key takeaway (there were many) was that I had very little understanding of the subject, the proper structures and inherent risks- and I have been in the financial world for 28 years! This topic needs much more attention and exposure to say the least.

Unfortunately market conditions and lending guidelines are working against the best interest of both sellers and buyers. Seller financing is becoming a much bigger part or our collective business and agents need to be educated as to the specifics so they can provide better counsel to their clients.

Lenders need to be accurate in their recommendations to ensure that the payoffs happen according to plan, and are therefore a key part of these transactions.

I would suggest that this program should be a core course, since the need for it is growing so quickly and is expected to continue.

Mats Kinnison, MBA, CMPS

Dear Rob,

Thank you for the creative financing class that you have been presenting. With all of the changes in the finance and real estate industry, this class is invaluable! We are always looking for news ways to create and keep business and this ciriculum will be at the for-front of our industry. This is a must attend class for anyone in the mortgage and real estate industry!

Nickelle Carlson Citywide Home Loans

Everyone needs to learn about Seller Financing and how to use it. This is a great way to get sellers a little more money if their equity is slim, or get buyers that are having a hard time getting financing into a home. Thanks for teaching us how to introduce this idea to our buyers and sellers!

Jill Kinder Keller Williams Utah Realtors

Thank you so much for inviting me to your Creative Finance Class. This was by far the most informative classes I have ever been to. I am happy to see that there are ways out side the box for a change. With all the restrictions and road blocks that have been put up these days I am happy to see the light. I am so grateful that I was able to be a part of the class. Please let me know if you plan on doing another class, I would love to invite some guest to attend the next time.

Braundie Kump Title West

Credit Repair Organizations Act also knowns as CROA

It was put in place to protect consumers from unscrupulous practices and companies that would prey on folks with less than perfect credit.

You will see some agencies and law firms post on their site that it is not legal to charge an upfront fee. While there is truth in that statement it is not the whole truth. Some of the exemptions are non profit organizations, federally chartered credit unions.

United Credit Education Services is an affiliate of a federally chartered credit union with an “A” rating with the Better Business Bureau

Title IV of the Consumer Credit Protection Act (Public Law 90-321, 82 Stat. 164) is amended to read as follows:

TITLE IV–CREDIT REPAIR ORGANIZATIONS”

Sec.
401. Short title.
402. Findings and purposes.
403. Definitions.
404. Prohibited practices.
405. Disclosures.
406. Credit repair organizations contracts.
407. Right to cancel contract.
408. Noncompliance with this title.
409. Civil liability.
410. Administrative enforcement.
411. Statute of limitations.
412. Relation to State law.
413. Effective date.

SEC. 401. SHORT TITLE.(2)

This title may be cited as the ‘Credit Repair Organizations Act’.

SEC. 402. FINDINGS AND PURPOSES.(3)

(a) Findings.–The Congress makes the following findings:

(1) Consumers have a vital interest in establishing and maintaining their credit worthiness and credit standing in order to obtain and use credit. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers.

(2) Certain advertising and business practices of some companies engaged in the business of credit repair services have worked a financial hardship upon consumers, particularly those of limited economic means and who are inexperienced in credit matters.

(b) Purposes.–The purposes of this title are–

(1) to ensure that prospective buyers of the services of credit repair organizations are provided with the information necessary to make an informed decision regarding the purchase of such services; and

(2) to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.

SEC. 403. DEFINITIONS.(4)

For purposes of this title, the following definitions apply:

(1) Consumer. — The term ‘consumer’ means an individual.

(2) Consumer credit transaction. — The term ‘consumer credit transaction’ means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.

(3) Credit repair organization. — The term ‘credit repair organization’–

(A) means any person who uses any instrumentality of interstate commerce or the mails to sell, provide, or perform (or represent that such person can or will sell, provide, or perform) any service, in return for the payment of money or other valuable consideration, for the express or implied purpose of–

(i) improving any consumer’s credit record, credit history, or credit rating; or

(ii) providing advice or assistance to any consumer with regard to any activity or service described in clause (i); and

(B) does not include–

(i) any nonprofit organization which is exempt from taxation under section 501(c)

(3) of the Internal Revenue Code of 1986;

(ii) any creditor (as defined in section 103 of the Truth in Lending Act),(5) with respect to any consumer, to the extent the creditor is assisting the consumer to restructure any debt owed by the consumer to the creditor; or

(iii) any depository institution (as that term is defined in section 3 of the Federal Deposit Insurance Act) or any Federal or State credit union (as those terms are defined in section 101 of the Federal Credit Union Act), or any affiliate or subsidiary of such a depository institution or credit union.

(4) Credit.–The term ‘credit’ has the meaning given to such term in section 103(e) of this Act.(6)

SEC. 404. PROHIBITED PRACTICES.(7)

(a) In General.–No person may–

(1) make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer’s credit worthiness, credit standing, or credit capacity to–   (A) any consumer reporting agency (as defined in section 603(f) of this Act);(8) or

(B) any person–

(i) who has extended credit to the consumer; or

(ii) to whom the consumer has applied or is applying for an extension of credit;

(2) make any statement, or counsel or advise any consumer to make any statement, the intended effect of which is to alter the consumer’s identification to prevent the display of the consumer’s credit record, history, or rating for the purpose of concealing adverse information that is accurate and not obsolete to–

(A) any consumer reporting agency;

(B) any person–

(i) who has extended credit to the consumer; or   (ii) to whom the consumer has applied or is applying for an extension of credit;

(3) make or use any untrue or misleading representation of the services of the credit repair organization; or

(4) engage, directly or indirectly, in any act, practice, or course of business that constitutes or results in the commission of, or an attempt to commit, a fraud or deception on any person in connection with the offer or sale of the services of the credit repair organization.

(b) Payment in Advance.–No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.

SEC. 405. DISCLOSURES.(9)

(a) Disclosure Required.–Any credit repair organization shall provide any consumer with the following written statement before any contract or agreement between the consumer and the credit repair organization is executed:

‘Consumer Credit File Rights Under State and Federal Law

You have a right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any ”credit repair” company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over 7 years old. Bankruptcy information can be reported for 10 years.

You have a right to obtain a copy of your credit report from a credit bureau. You may be charged a reasonable fee. There is no fee, however, if you have been turned down for credit, employment, insurance, or a rental dwelling because of information in your credit report within the preceding 60 days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next 60 days, if you are a recipient of public welfare assistance, or if you have reason to believe that there is inaccurate information in your credit report due to fraud.

You have a right to sue a credit repair organization that violates the Credit Repair Organization Act. This law prohibits deceptive practices by credit repair organizations.

You have the right to cancel your contract with any credit repair organization for any reason within 3 business days from the date you signed it.

Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur.

You may, on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file. The credit bureau must then reinvestigate and modify or remove inaccurate or incomplete information. The credit bureau may not charge any fee for this service. Any pertinent information and copies of all documents you have concerning an error should be given to the credit bureau.

If the credit bureau’s reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate. The credit bureau must include a summary of your statement about disputed information with any report it issues about you.

The Federal Trade Commission regulates credit bureaus and credit repair organizations. For more information contact:

The Public Reference Branch
Federal Trade Commission
Washington, D.C. 20580′.

(b) Separate Statement Requirement.–The written statement required under this section shall be provided as a document which is separate from any written contract or other agreement between the credit repair organization and the consumer or any other written material provided to the consumer.

(c) Retention of Compliance Records.–

(1) In general.–The credit repair organization shall maintain a copy of the statement signed by the consumer acknowledging receipt of the statement.

(2) Maintenance for 2 years.–The copy of any consumer’s statement shall be maintained in the organization’s files for 2 years after the date on which the statement is signed by the consumer.

SEC. 406. CREDIT REPAIR ORGANIZATIONS CONTRACTS.(10)

(a) Written Contracts Required.–No services may be provided by any credit repair organization for any consumer–

(1) unless a written and dated contract (for the purchase of such services) which meets the requirements of subsection

(b) has been signed by the consumer; or

(2) before the end of the 3-business-day period beginning on the date the contract is signed.

(b) Terms and Conditions of Contract.–No contract referred to in subsection

(a) meets the requirements of this subsection unless such contract includes (in writing)–

(1) the terms and conditions of payment, including the total amount of all payments to be made by the consumer to the credit repair organization or to any other person;

(2) a full and detailed description of the services to be performed by the credit repair organization for the consumer, including–

(A) all guarantees of performance; and

(B) an estimate of–   (i) the date by which the performance of the services (to be performed by the credit repair organization or any other person) will be complete; or   (ii) the length of the period necessary to perform such services;

(3) the credit repair organization’s name and principal business address; and

(4) a conspicuous statement in bold face type, in immediate proximity to the space reserved for the consumer’s signature on the contract, which reads as follows: ‘You may cancel this contract without penalty or obligation at any time before midnight of the 3rd business day after the date on which you signed the contract. See the attached notice of cancellation form for an explanation of this right.’.

SEC. 407. RIGHT TO CANCEL CONTRACT.(11)

(a) In General. — Any consumer may cancel any contract with any credit repair organization without penalty or obligation by notifying the credit repair organization of the consumer’s intention to do so at any time before midnight of the 3rd business day which begins after the date on which the contract or agreement between the consumer and the credit repair organization is executed or would, but for this subsection, become enforceable against the parties.

(b) Cancellation Form and Other Information. — Each contract shall be accompanied by a form, in duplicate, which has the heading ‘Notice of Cancellation’ and contains in bold face type the following statement:

‘You may cancel this contract, without any penalty or obligation, at any time before midnight of the 3rd day which begins after the date the contract is signed by you.

To cancel this contract, mail or deliver a signed, dated copy of this cancellation notice, or any other written notice to (name of credit repair organization) at (address of credit repair organization) before midnight on (date)

I hereby cancel this transaction,

( date )

( purchaser’s signature ).’.

(c) Consumer Copy of Contract Required.–Any consumer who enters into any contract with any credit repair organization shall be given, by the organization–

(1) a copy of the completed contract and the disclosure statement required under section 405; and   (2) a copy of any other document the credit repair organization requires the consumer to sign, at the time the contract or the other document is signed.

SEC. 408. NONCOMPLIANCE WITH THIS TITLE.(12)

(a) Consumer Waivers Invalid.–Any waiver by any consumer of any protection provided by or any right of the consumer under this title–

(1) shall be treated as void; and

(2) may not be enforced by any Federal or State court or any other person.

(b) Attempt To Obtain Waiver.–Any attempt by any person to obtain a waiver from any consumer of any protection provided by or any right of the consumer under this title shall be treated as a violation of this title.

(c) Contracts Not in Compliance.–Any contract for services which does not comply with the applicable provisions of this title–

(1) shall be treated as void; and

(2) may not be enforced by any Federal or State court or any other person.

SEC. 409. CIVIL LIABILITY.(13)

(a) Liability Established.–Any person who fails to comply with any provision of this title with respect to any other person shall be liable to such person in an amount equal to the sum of the amounts determined under each of the following paragraphs:

(1) Actual damages.–The greater of–

(A) the amount of any actual damage sustained by such person as a result of such failure; or

(B) any amount paid by the person to the credit repair organization.

(2) Punitive damages.–

(A) Individual actions.–In the case of any action by an individual, such additional amount as the court may allow.

(B) Class actions.–In the case of a class action, the sum of–

(i) the aggregate of the amount which the court may allow for each named plaintiff; and

(ii) the aggregate of the amount which the court may allow for each other class member, without regard to any minimum individual recovery.

(3) Attorneys’ fees.–In the case of any successful action to enforce any liability under paragraph (1) or (2), the costs of the action, together with reasonable attorneys’ fees.

(b) Factors to Be Considered in Awarding Punitive Damages.–In determining the amount of any liability of any credit repair organization under subsection (a)(2), the court shall consider, among other relevant factors–

(1) the frequency and persistence of noncompliance by the credit repair organization;

(2) the nature of the noncompliance;

(3) the extent to which such noncompliance was intentional; and

(4) in the case of any class action, the number of consumers adversely affected.

SEC. 410. ADMINISTRATIVE ENFORCEMENT.(14)

(a) In General.–Compliance with the requirements imposed under this title with respect to credit repair organizations shall be enforced under the Federal Trade Commission Act by the Federal Trade Commission.

(b) Violations of This Title Treated as Violations of Federal Trade Commission Act.–

(1) In general. – For the purpose of the exercise by the Federal Trade Commission of the Commission’s functions and powers under the Federal Trade Commission Act, any violation of any requirement or prohibition imposed under this title with respect to credit repair organizations shall constitute an unfair or deceptive act or practice in commerce in violation of section 5(a) of the Federal Trade Commission Act.

(2) Enforcement authority under other law. – All functions and powers of the Federal Trade Commission under the Federal Trade Commission Act shall be available to the Commission to enforce compliance with this title by any person subject to enforcement by the Federal Trade Commission pursuant to this subsection, including the power to enforce the provisions of this title in the same manner as if the violation had been a violation of any Federal Trade Commission trade regulation rule, without regard to whether the credit repair organization–

(A) is engaged in commerce; or

(B) meets any other jurisdictional tests in the Federal Trade Commission Act.

(c) State Action for Violations.–

(1) Authority of states. — In addition to such other remedies as are provided under State law, whenever the chief law enforcement officer of a State, or an official or agency designated by a State, has reason to believe that any person has violated or is violating this title, the State–

(A) may bring an action to enjoin such violation;

(B) may bring an action on behalf of its residents to recover damages for which the person is liable to such residents under section 409 as a result of the violation; and

(C) in the case of any successful action under subparagraph (A) or (B), shall be awarded the costs of the action and reasonable attorney fees as determined by the court.

(2) Rights of commission.–

(A) Notice to commission.–The State shall serve prior written notice of any civil action under paragraph

(1) upon the Federal Trade Commission and provide the Commission with a copy of its complaint, except in any case where such prior notice is not feasible, in which case the State shall serve such notice immediately upon instituting such action.

(B) Intervention.–The Commission shall have the right–

(i) to intervene in any action referred to in subparagraph (A);

(ii) upon so intervening, to be heard on all matters arising in the action; and

(iii) to file petitions for appeal.

(3) Investigatory powers. — For purposes of bringing any action under this subsection, nothing in this subsection shall prevent the chief law enforcement officer, or an official or agency designated by a State, from exercising the powers conferred on the chief law enforcement officer or such official by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence.

(4) Limitation. – Whenever the Federal Trade Commission has instituted a civil action for violation of this title, no State may, during the pendency of such action, bring an action under this section against any defendant named in the complaint of the Commission for any violation of this title that is alleged in that complaint.

SEC. 411. STATUTE OF LIMITATIONS.(15)

Any action to enforce any liability under this title may be brought before the later of– (1) the end of the 5-year period beginning on the date of the occurrence of the violation involved; or   (2) in any case in which any credit repair organization has materially and willfully misrepresented any information which–   (A) the credit repair organization is required, by any provision of this title, to disclose to any consumer; and   (B) is material to the establishment of the credit repair organization’s liability to the consumer under this title, the end of the 5-year period beginning on the date of the discovery by the consumer of the misrepresentation.

SEC. 412. RELATION TO STATE LAW.(16)

This title shall not annul, alter, affect, or exempt any person subject to the provisions of this title from complying with any law of any State except to the extent that such law is inconsistent with any provision of this title, and then only to the extent of the inconsistency.

SEC. 413. EFFECTIVE DATE.(17)

This title shall apply after the end of the 6-month period beginning on the date of the enactment of the Credit Repair Organizations Act,(18) except with respect to contracts entered into by a credit repair organization before the end of such period.”.

1. Pub. L. No. 104-208, 110 Stat. 3009 (Sept. 30, 1996). The amendments to the credit statutes are in Title II of the Act, entitled “Economic Growth and Regulatory Paperwork Reduction.” The footnotes in this copy of the Act are not part of the Act, but are cross-references inserted by the FTC staff for the convenience of the reader.

2. To be codified as 15 U.S.C. § 1679.

3. To be codified as 15 U.S.C. § 1679a.

4. To be codified as 15 U.S.C. § 1679b.

5. Truth in Lending Act § 103(f) states in pertinent part: “The term ‘creditor’ refers only to creditros who regularly extend, or arrange for the extension of, credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, whether in connection with loans, sales pf property or services, or otherwise. . . .”

6. TILA § 103(e) states: “The term ‘credit’ means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.”

7. To be codified as 15 U.S.C. § 1679c.

8. Fair Credit Reporting Act (FCRA) § 603(f) states: “The term ‘consumer reporting agency’ means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports.”

9. To be codified as 15 U.S.C. § 1679d.

10. To be codified as 15 U.S.C. § 1679e.

11. To be codified as 15 U.S.C. § 1679f.

12. To be codified as 15 U.S.C. § 1679g.

13. To be codified as 15 U.S.C. § 1679h.

14. To be codified as 15 U.S.C. § 1679i.

15. To be codified as 15 U.S.C. § 1679j.

16. To be codified as 15 U.S.C. § 1679k.

17. To be codified as 15 U.S.C. § 1679l.

18. The statute was signed by the President on September 30, 1996.

For More Info Call Me At 801-999-8209

If you’re not already a credit union member, you may be wondering what the difference is between your local credit union and your local bank – you may be surprised to find out that there are indeed some very substantial differences – including the way they operate and who they work for.

Banks are the most popular financial institutions. Most are run by a group of investors who have a large amount of capital, which goes into the funding for the bank. Some are nationwide – such as Chase Bank or Wells Fargo – while others are smaller, local institutions. Either way, a bank’s primary purpose is to make money for the investors and for the stock holders.

Banks are federally insured by the Federal Deposit Insurance Corporation. A paid Board of Directors makes all of the decisions for the bank, which are usually profit-driven and hold little benefit for the customers of the bank. Anyone, in any city or state, can open an account with a bank, and customers hold no voting privileges or decision-making power within the institution.

Credit unions, on the other hand, are designed to serve a particular group or neighborhood. People who use credit unions for their financial services are members of the credit union, rather than customers. Since credit unions are not-for-profit organizations, the profits incurred by the credit union directly benefit the members after covering overhead costs.

Credit unions are insured by the National Credit Union Administration, and are democratically controlled by the members. This means that members have more say in how the credit union is run, and hold decision-making power. Members elect a Board of Directors – rather than hiring one – who are chosen to fully represent the members in making decisions and upholding policies.

Many people choose credit unions over banks because credit unions allow for lower interest rates and low-cost services. They like the fact that they are treated as a benefit to the institution, rather than “just another account number”. The more members who deposit money into a credit union, the higher the benefits to the existing members. Credit unions are also tax-exempt.

In the past, credit unions have offered a limited range of resources, which included only low-interest loans and savings accounts. They have recently begun to expand their services to include checking accounts, IRA’s and credit cards. Some have also begun to diversify in the types of loans that they offer. Many credit unions worldwide offer student loans, small business loans and mortgages. Banks, however, do offer a wider range of services, and are often more accessible to customers. For example, if you have an account with a branch of Wells Fargo in California, you can access that same account at branches and ATM’s in New York. This makes travel easier for many people.

Many companies – from small businesses to large corporations – have “adopted” credit unions as their source for maintaining IRA’s and pensions for employees. This is universally beneficial because it makes the company’s job much simpler, rather than having to deal with multiple institutions, and the employees are not only members of the credit union, but also owners, as all members of credit unions own a small share of the institution.

If you have a bank account a traditional bank and an IRA account with a credit union, you might be enjoying the best of both worlds. You can obtain the benefits of the credit union while still retaining access to the diversity of your bank.

Since credit union members usually have higher interest rates on savings accounts, you might also want to open a savings account with your credit union, while leaving your checking account with a traditional bank. Most credit unions offer ATM cards along with savings account for member convenience.

A current trend among banks, which is sending more people to credit unions, lies in the charging of monthly fees. For example, if you have a checking account with Bank of America, you will be charged a monthly maintenance fee unless you have direct deposit from your employer or maintain a specified balance.

With a credit union, this isn’t an issue. Since credit unions aren’t in the business of making money as not-for-profit organizations, they don’t charge the high fees and finance charges of traditional banks. To find information about credit unions in your area, go to your local phone directory. Locate credit unions that are close to your home, and visit to learn more. Financial decisions should be based upon informed research of all options, and you might find that a credit union could be saving you money.

Likewise, if you know that you will be needing a monetary loan in the next several months, you might want to look into opening an account with a credit union. It will be easier to secure a loan if you are already a member, and the interest payments will be significantly lower than with a traditional banking center.

In order to achieve and maintain financial success, it’s essential to understand the financial habits of successful people. We did some research on this topic, and here are some of the fundamental rules that have made most millionaires their hard-earned money and how you can develop these habits yourself.

1. Earn to Invest, Don’t Earn to Spend: Most people work hard in order to pay off their credit cards and support their lifestyles. Wealthy people understand that their money is better off saved or invested to make more money, and increase their net worth.
2. Have a Plan and Work the Plan: Self-made millionaires don’t normally become wealthy on accident. They are driven to become rich and formulate a plan to get them there over a lifetime of investing and accumulating wealth.
3. Earn More Money: It sounds obvious, but wealthy people are constantly seeking ways to produce additional income streams in order to put more money to work for them.
4. Understand Their Finances: Wealthy people are aware of their personal income statements, and know how much cash flow they have coming in and how much is going out.
5. Risk Takers: Measured risk is a must in order to increase your net worth. Without taking some chances, your money never has an opportunity to grow. However, risk is never taken without an exit strategy and insurance to protect the downside.
6. Patience: Self-made millionaires did not become that way overnight. They understand the power of compound interest, and that consistent investments and savings will be rewarded.
7. Great Team: Wealthy people who stay wealthy surround themselves with financial and legal advisors that are the best in their field. They don’t go at it alone.
8. Involvement: While self-made millionaires seek advice of their trusted advisers, they listen intently, do their homework and ultimately make the decisions. They are actively involved in creating their own wealth.

According to a recent survey by Conning & Co., a Hartford, Connecticut-based insurance research firm, 92 percent of all insurance companies use credit information when underwriting new policies. In fact, credit history is becoming one of the major factors, if not the major factor, in determining insurance rates.

Did you know that even your car insurance is affected by your credit score? When it comes to insurance, providers say there may be a relationship between a person’s credit history and the possibility of filing a claim. According to the Insurance Information Institute (III), people with a lower credit score are more likely to file a claim than someone with a higher credit score.

Below is an actual table used by a major auto insurance company in determining rates for auto and homeowners insurance. *insurance score is reference to credit score range

Getting Signed Up

How Do I Apply For My Card?
To apply for a VR-Tech AccountNow Prepaid MasterCard, contact your VR-Tech sales agent or enroll online.

How much does it cost to sign up?
It’s free to sign up and receive your prepaid card in the mail. When you add money to your prepaid account, AccountNow will charge you an activation fee of $29.95 and monthly service fee of $9.95. Note: Other usage fees may apply. Consult the fee schedule.

Do I have to maintain a minimum balance on my prepaid account?
No minimum balance is required for an AccountNow prepaid account.

Why would I be charged a “shortage fee”? Isn’t this the same as an “overdraft fee”?
AccountNow has no obligation to allow any Card Transaction involving the use of your Card that would result in an overdraft of your Card Balance. However, if a Card Transaction resulting in an overdraft in your Card Balance is inadvertently permitted, you will be held liable for such overdraft. More simply, this is to protect AccountNow and MetaBank in the event of a system failure or error that would allow your account to be short the funds necessary to complete the transaction.
For example, using the card abroad. Most merchants will run a card for the full value of a purchase. Then the amount is forced through. This happens a lot in England. It also occasionally happens with recurring online payments like subscriptions. The other situation is when someone repeatedly goes to a bank teller, not an ATM but a human, for a “cash advance” against their account. Most banks will give cash to the customer and then force the transaction through on the back end whether the funds are there or not. In either case, AccountNow does not normally charge a shortage fee. However, they maintain the right to do so if it becomes habitual of a Card Holder.

Does AccountNow provide monthly account statements?
Yes, AccountNow provides monthly online statements free of charge. You can also sign up to receive monthly paper statements sent to your home for a small fee by logging into your prepaid account. Note: Other usage fees may apply. Consult the fee schedule.

How old do I need to be to get a card?
The minimum age to apply for a prepaid account is 14 years old.

How long does it take to receive a card?
Your card will be delivered in 5-7 business days after you sign up. If you need a replacement card, you may request to have your replacement card expedited for a fee and it will be delivered in 3 business days.

Is this a credit card?
No, only money that is added to the prepaid account can be used.

Who can I call with questions?
AccountNow can be reached Monday through Friday from 5 a.m. to 6 p.m, Pacific Standard Time (PST). The number to call is 866-925-2036.

Adding Money

How can I add money to my prepaid account?
You can add money to your prepaid account by cash or direct deposit. You can also add money to your account from a checking or savings account.

Is My Money Insured?
The AccountNow Prepaid MasterCard is issued by MetaBank pursuant to license by MasterCard International Incorporated. Funds are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.

How do I add cash to my prepaid account?
To add money to your prepaid account using cash, you will need to take your cash and card number to a store location that offers one of the following money transfer services:
MoneyGram
Western Union
Green Dot

After I add money to my prepaid account, how fast can I access it?
Direct deposits and electronic payments are available the same business day they are received by AccountNow. Cash deposits made through money transfer services are generally available instantly.

How much does it cost to add money to my prepaid account?
AccountNow does not charge any fees for adding money. However, if you want to add cash using MoneyGram, Western Union, or GreenDot a fee of $3.50 to $4.95 will be added, depending on the provider. You can add money to your account for free if you use direct deposit.

Why am I being charged to add money to my card?
When you add money to your prepaid account with cash, the money transfer providers normally charge a “load fee” for this service that varies by provider. AccountNow does not charge for adding money to your prepaid account. You can add money to your account for free if you use direct deposit.

How much money can I add to my prepaid account at one time?
For direct deposits, AccountNow accepts deposits from $10 up to $6,000 per day. To add money using cash, you can add as little as $10. There is a maximum cash limit of $950 per day and a maximum cash limit of $9,500 per month.

Can anyone add money to my prepaid account?
Yes, anyone can add cash to the account using one of the following money transfer services: MoneyGram, Western Union, or GreenDot. Your employer or benefits provider can also add money using free direct deposit.

Are there any limits to the amount of money I can add?
You can add money to your prepaid account at any time, with a limit of five loads per day (not to exceed a daily deposit total of $6,000). The maximum balance you can have in your prepaid card account is restricted to $10,000.

What is direct deposit?
Direct deposit is a service that allows you to authorize your employer or benefits provider to electronically send your pay directly to AccountNow for deposit into your prepaid account.

How do I setup direct deposit?

1. Ask your employer or benefits provider if direct deposit is available.
2. Login to your prepaid account and click the ‘Add Money’ tab.
3. Click your paycheck type and follow the instructions on the next page

Where can I get a direct deposit form?

1. Login to your prepaid account and click the ‘Add Money’ tab.
   • Click ‘Paycheck’ if you will be receiving a payroll check from your employer.
   • Click ‘Benefits’ if you will be receiving your paycheck from a benefits provider, such as Social Security.
2. Once you select your paycheck type, you can choose to print the direct deposit form, email it to yourself (for payroll checks only), or enroll online with your benefits provider.

How do I find my routing and account numbers?

1. Login to your prepaid account and click the ‘Add Money’ tab.
   • Click ‘Paycheck’ if you will be receiving a payroll check from your employer.
   • Click ‘Benefits’ if you will be receiving your paycheck from a benefits provider, such as Social Security.
2. If you chose ‘Paycheck’, you can either print your direct deposit form or email it to yourself. Whichever you choose, your routing and account number will be included on the form. If you chose ‘Benefits’, your routing and account number will be displayed on the following page.

If I setup my direct deposit, how long will it take to start working?
Generally, it takes 1-2 pay periods for your employer or benefits provider to start depositing your check on your prepaid account.

Am I eligible for direct deposit?
Yes. Most employers and benefits providers offer direct deposit as an option to get your money. Check with your employer or benefits provider to verify.

When will the money from my payroll check be available with direct deposit?
Payroll checks received by direct deposit are available the same business day they are received by AccountNow. The date is typically on your payday if your payday is a normal business day.

How much does direct deposit cost?
AccountNow offers direct deposit at no cost. This service is easy to set up and a convenient way to access your cash immediately without paying check cashing fees.

Can I use direct deposit to deposit my tax refund?
Yes. You can deposit your tax refund or other one time payments from institutions that offer direct deposit. Use the routing number and Direct Deposit Account (DDA) number provided on your direct deposit form. There is a direct deposit limit of $6,000 so if you expect your tax refund to be more than $6,000 you should not set up direct deposit because the deposit will be refused.

What happens to my direct deposit if I change jobs?
The payments from your previous job will stop automatically. To restart direct deposit with your new employer, fill out another direct deposit form, sign it and hand it to your new employer.

How do I view my account balance and transaction details?
You can view your account balance and transaction details online for free.

1. Log in to your prepaid account and click ‘View Account Activity’
2. Fill in the required information and press the ‘Log In’ button.
3. Click ‘Card Account Activity’ to view your balance and transactions.

Building Credit History

Information provided by www.myiadvance.com:
How can I build credit history using my VR-Tech AccountNow Prepaid MasterCard?
Along with payment history, you also have the option to build actual credit history using your VR-Tech AccountNow Prepaid MasterCard. Easily access a short-term loan through your prepaid card, avoiding costly overdraft fees or pricey payday advances. iAdvance also reports to the credit bureaus, so you have the opportunity to improve your credit.

It’s as easy as 1-2-3. Here’s how it works:
1 – Establish continuous recurring direct deposit to your prepaid card.
2 – Enroll in iAdvance.
3 – Have money available to you in seconds.

How do I get an iAdvanceSM Line of Credit?
Once you establish direct deposit on your prepaid card, you will have the option to enroll in the iAdvanceSM Line of Credit. Borrow money 24 hours a day and have it loaded immediately on your prepaid card. The maximum amount available to borrow will be dependent on your direct deposits. For more information, visit www.myiadvance.com or call 1-866-782-0986 to speak to a customer service representative.

How much can I borrow?
The maximum amount of money that you can borrow under iAdvanceSM is dependent on your direct deposit amount, up to $600. Your credit limit is considered the maximum amount of money you may borrow under iAdvanceSM. Like other lines of credit, as you request money, your available limit will decrease. When the money is repaid, your available credit limit will be restored.

How do I pay back my loan?
You don’t have to do anything – payments will be automatically made from your prepaid card. When the next direct deposit is made onto your prepaid card, your outstanding balance and finance charge will automatically be repaid in full. Any deposits (including your paycheck or benefit-related income, tax refund or other special one-time non-repetitive deposits) will be used for repayment.

If your direct deposit is not enough to repay the amount you owe, a partial repayment will be made resulting in an unpaid balance. iAdvanceSM will take repayment of the remaining unpaid balance from any funds on your prepaid card, including future deposits, until the amount you owe is repaid in full. You should consult the iAdvanceSM Terms and Conditions for additional repayment information.

How often can I borrow money?
You may access iAdvanceSM in $20 increments – up to your available credit limit. iAdvanceSM is designed to provide access to cash quickly and when you need it most. Since it is designed to be a short-term solution, if you use the service for more than 12 consecutive months, your iAdvanceSM account may be temporarily suspended for one pay period or 30 days, whichever is less.

Will my iAdvanceSM Line of Credit report to the 3 major credit bureaus (TransUnion, Equifax and Experian)?
Yes. Loan advances and repayment performance are reported to one, or more of the three major credit bureaus monthly. Managing your credit and making payments on time, especially after a period of late payment behavior, may help to raise your credit score over time. With iAdvanceSM you don’t have to worry about getting your payment in on time – we do it for you automatically from your next direct deposit.

How much does it cost?
There is no cost to enroll in iAdvance. You only pay if we make you an advance. The cost is $2.50 for each $20 borrowed. This means that if you borrow $100, the cost (or finance charge) is $12.50. In any statement period that an advance is made, your monthly periodic statement will show a historical APR of 150%. There are no late fees or fees associated with paying your balance early. You should consult the iAdvance Terms and Conditions for more specific fee information.
You should carefully consider the costs of iAdvance. Alternative forms of short-term credit exist that might be less expensive and more suitable and advantageous to you as the borrower.

Account Help
Can I add someone to my prepaid account?
Yes. You can add an additional card holder to your prepaid account; however, joint accounts are not offered. The added card holder would have full access to your prepaid account.

How do I add or delete a signer to my prepaid account?
For security purposes, contact AccountNow by phone to verify your information and modify your account.

How do I change the email address and/or phone number on my prepaid account?
Call AccountNow to change it for you at (866) 925-2036.

How can I make sure that someone else can’t call and get information on my account?
To prevent someone from calling and accessing information on your account, you can setup a password on your account for added protection.

Where can I use my card?
Once you have received your prepaid card, you can make purchases anywhere MasterCard debit cards are accepted. You can also use it to access cash at millions of ATMs worldwide.

How do I use my card?
You use your card to make three types of transactions:
Signature-based transactions- photo identification and signature needed.
PIN-based transactions- 4 digit PIN code needed. To avoid usage fees with your VR-Tech AccountNow Prepaid MasterCard, enter “credit” instead of “debit” when making purchases. PIN transactions made with your AccountNow Prepaid card may be subject to a fee.
Online Purchases- verification code (found on back of your card) needed.

How do I activate my card?
To activate your card, dial 866-224-0169 and follow the instructions. You will be asked to setup your PIN code when you call.

Is there a limit on how much money I can withdraw?
You can withdraw up to $300 in cash per day. There may be a fee for both domestic and international ATM withdrawals (see pricing and fees). In addition, each individual ATM location may impose an additional surcharge. Qualifying customers who use direct deposit may request an increase of this daily cash limit to $500.

Are there any limits to the amount of money I can spend?
Your daily spending limit with your prepaid MasterCard is $2,500 for cash and purchases combined ($1,000 for PIN-based transactions and $1,500 for Signature-based purchase transactions). Bill Pay transactions do not count towards your daily spending limit. For example, you can make a total of $2,500 in purchases and a $1,000 Bill Payment (total $3,500) without exceeding your daily spending limit.

What do I do if I haven’t received my card?
Cards usually take 5-7 business days to be delivered. Give AccountNow a call if you have not received your card after 10 days.

How long does it take to replace a card?
Replacement cards will be delivered 5-7 business days after your request. You may request to have your card expedited for a fee (see pricing and fees) and it will be delivered in 3 business days.

Can you tell me when my card was mailed?
Yes. You can call AccountNow to find out the actual date your prepaid MasterCard card was sent out.

What do I do if my card doesn’t work?
First, check your balance to ensure that you have enough money in your prepaid account to cover both your purchase and any fees that may apply. If you have enough money in your prepaid account and it is still not working, call AccountNow for further assistance.

What do I do if my card is about to expire?
AccountNow will automatically send you a new card to the address on file one month prior to the expiration date. Please login and verify that your address is correct. To update your address, please call AccountNow with the new information.

Who can use my card?
Your card is protected with a PIN code, known only by you. If you share your PIN code with others, they can use your card. You should not write or keep your PIN with your card. If you believe that anyone has gained unauthorized access to your PIN, you should call AccountNow immediately.

What is a PIN code?
A PIN code is a secret four-digit Personal Identification Code that enables access to your prepaid account. You will be prompted to create a PIN code when activating your card.

What happens if I forgot my PIN code?
If you forget your PIN code, give AccountNow a call so they can verify your information and send your PIN code via mail.

How do I change the name on my card if it is spelled wrong?
If you receive your card and a mistake is made on the spelling of your name, call AccountNow and they’ll be more than happy to correct the error.

If I change my name, how do I update my information and get a new card?
If you have legally changed your name, please call AccountNow to assist you.

What do I do if my card is lost or stolen?
If your card has been lost or stolen, call AccountNow as soon as possible. Select the lost/stolen option and you will be connected to a representative who can assist you.

Is my card account protected against fraud?
Yes. With the MasterCard Zero Liability coverage, you can shop wherever MasterCard debit cards are accepted risk free! You’re not liable for unauthorized use on your card.

Will I be charged for calling the customer service number?
Your prepaid account includes one free call to a live customer service agent each month. Additional live customer service agent calls made within the same calendar month may result in a $2 charge per call. Remember, you can always access your account information for free. To get free 24/7 account access, simply:

• Go Online
• Get a free SMS Text Alert sent to your cell phone.