I had a horrible experience with the Cash Store - I absolutely regret borrowing from them. I was in a bind in January so I took a pay day loan. I came in late on the day it was due and spoke with Derek to make arrangements. I paid all I had in cash, which was only $28, but we then made arrangements for me to pay on my next 3 pay days. He said my cheque would have already gone to the bank, but that he would be able to catch it so it didn`t bounce - we even discussed how high my NSF`s are at the bank! The NEXT DAY I went to get groceries and I had insufficient funds. I was SO embarrassed!!! When i got home and checked my account I saw that they took an odd amount from my account... sneaky because even if you put a stop payment on your cheque, it HAS to be for the exact amount, so you can never really make a stop payment on the cheque you have left them, they can still take whatever they want. They caused me to be overdrawn, costing me $42.50 in NSF at the bank, then caused my car insurance to bounce, costing an additional 42.50, plus 30 from my insurance broker. The bank said there was nothing they could do about it except open a new chequing account for me so that I could close the other one once i had brought my balance back up from the NEGATIVE, and they were kind enough to credit me for the NSF to my new account and didn`t charge me for new cheques (YAY TD BANK!!! ) THEN the Cash store took MORE than the amount on the cheque I had given them, on the 14th of February BEFORE my payday causing me ANOTHER NSF!!! I called them at that time and they basically said too bad, and told me that DEREK was new (which I know was a lie because I had borrowed a small amount at another location more than a month before, and repaid it back at this location, and HE took my payment! ) and wasn`t supposed to make the arrangements with me that he did ... How is that MY fault, and why wouldn't you pick up the phone in the two weeks since I had seen him to TELL me that we needed to make alternate arrangements?? Now, they certified the cheque I had given them and took my money again on March 31st so I am now unable to pay my rent. I called and spoke with Leo (okay, I yelled mostly) who tried to encourage me to pay the remaining 50ish dollars outstanding and then they could re-lend to me!! WHAT?!?!?!?! I told him no, absolutely not, and that I would not be able to pay the 50ish dollars this pay period, especially since I now am not able to pay my rent... guess what I saw on my online account today? A charge from the cash store of 55.12 that has again caused me to be overdrawn and will cause me an additional 42.50 in NSF... WTF? I've spoken with Janet at Heritage Cash Store in Edmonton and she once again is not at all helpful... they will not replace the NSF fess that they caused me and still want 55.12 from me, which is of course going to bounce today.
Please remember, if you have already used the Cash Store and are unable to pay your loan in full, they CAN and WILL process a payment for whatever amount they want to - they have your cheque, which is basically a contract that you have signed and they can make attempts to take money from you over and over again until they get their money! DO NOT USE THE CASH STORE!
the unfortunate thing is, if you are reading this post, you likely already have made this mistake, and I feel for you! :(