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  1. #1
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Demand Letter

    Quote Quoting mc352@yahoo.com
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    4. They refuse to provide any documentation that this error actually occurred.
    If it was me I would tell them to pound sand until they do.

    Quote Quoting mc352@yahoo.com
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    5. If I don't pay them in 2-3 days, they will take me to court, so they say.
    Are you afraid of court? If you are, then pay. If you aren't, tell them where to stick their threats.

    Quote Quoting mc352@yahoo.com
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    Any legal and/or accounting expenses due to their "administrative error" should be their responsibility? Any other expense derived by court findings and actions is also their responsibility, regardless if they are right or not?
    Not right. In the American legal system each party to a lawsuit bears their own attorney fees unless the contrary is specified in the contract.

    If you get sued you pay your lawyer, they pay theirs.

    Just what kind of financial institution is this?

  2. #2

    Default Re: Demand Letter

    Not afraid of going to court, my concern is the expenses I could incur. Is it ok for me to replay... You ask me to pay due to an "administrative error", yet you do not provide any documentation to substantiate that your "administrative error" is correct. I am willing to hire a law firm to investigate your issue. Are you willing to pay for any legal and accounting expenses to verify this problem? Note that should you decide to have a court decide that your "administrative error" is correct, you may still be responsible for travel expenses, coronavirus, etc.

  3. #3
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Demand Letter

    Quote Quoting mc352@yahoo.com
    View Post
    I am willing to hire a law firm to investigate your issue. Are you willing to pay for any legal and accounting expenses to verify this problem? Note that should you decide to have a court decide that your "administrative error" is correct, you may still be responsible for travel expenses, coronavirus, etc.
    No, don't include any of that. Scammers and legitimate creditors see that kind of thing all day, every day, and know it's BS.

    Just keep is simple. No proof, no owe.

  4. #4
    Join Date
    Jan 2011
    Posts
    401

    Default Re: Demand Letter

    Small claims limit in MO is $5,000. Are they demanding more or less than that?

    Do you have a copy of this financial institution's contract and terms of service for the transactions? I'm a bit surprised that somewhere in their terms of service there's not language stating that they have the right to withdraw erroneous deposits from your account if they do make a mistake.

    When you contacted the financial institution did you use the contact info on the letter, did you use Google to get the company's contact info, or did you get it from an old statement from when you used their services?

    Did the letter refer to a specific account number, transaction date, amount, etc.?

    How do they want to get paid?

  5. #5
    Join Date
    Feb 2020
    Posts
    750

    Default Re: Demand Letter

    Steve Lehto is a Michigan attorney who has hundreds of videos on his U-Tube channel. He's a very sharp guy..see for yourself. He says, in at least Michigan, that a bank has 30 days to find their mistakes. Otherwise, the mistake cannot be fixed after that.

    In his case his client was accidentally given $12,000 and not discovered by the bank until 90 days later. His client kept the money.

  6. #6

    Default Re: Demand Letter

    This is a forex company based in Ireland. They claim the transaction occurred on January 16, 2020. Not sure what the banking laws are over there, hopefully the same as Michigan. I don't even know how they want to get paid, they don't say in their email and they froze my account so I can't even transfer any funds over there. They did not provide any proofs of their "administrative error" and there is nothing stated in their Terms and Conditions in case of an "administrative error". Maybe better to sit tight and see what happens, if anything!

    This is a forex company based in Ireland, the transaction occurred last January 16, let's hope they have the same statute of limitations of Michigan. They did not provide any proofs of their "administrative error", just emails. And there is noting in their Terms and Conditions on what happens in case of an "administrative error". Maybe just sit and see what happens, if anything!

  7. #7
    Join Date
    Apr 2018
    Posts
    100

    Default Re: Demand Letter

    Have you read the terms of service you agreed to when you signed up with them? I will bet you dollars to donuts that you agreed to be subject to the laws and to the courts in Ireland and there is where they may sue you.

  8. #8
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Demand Letter

    Quote Quoting mc352@yahoo.com
    View Post
    This is a forex company based in Ireland. They claim the transaction occurred on January 16, 2020. Not sure what the banking laws are over there, hopefully the same as Michigan. I don't even know how they want to get paid, they don't say in their email and they froze my account so I can't even transfer any funds over there. They did not provide any proofs of their "administrative error" and there is nothing stated in their Terms and Conditions in case of an "administrative error". Maybe better to sit tight and see what happens, if anything!

    This is a forex company based in Ireland, the transaction occurred last January 16, let's hope they have the same statute of limitations of Michigan. They did not provide any proofs of their "administrative error", just emails. And there is noting in their Terms and Conditions on what happens in case of an "administrative error". Maybe just sit and see what happens, if anything!
    They sent you an EMAIL? I would wait and see what happens, and find other ways to send money if you need to.

  9. #9
    Join Date
    Sep 2018
    Location
    Ohio
    Posts
    434

    Default Re: Demand Letter

    Quote Quoting Harold99
    View Post
    Steve Lehto is a Michigan attorney who has hundreds of videos on his U-Tube channel. He's a very sharp guy..see for yourself. He says, in at least Michigan, that a bank has 30 days to find their mistakes. Otherwise, the mistake cannot be fixed after that.

    In his case his client was accidentally given $12,000 and not discovered by the bank until 90 days later. His client kept the money.
    I would greatly be interested in the legal authority for that. Does he have it posted? Does it make a legal difference if it is $12,000.00 or $512,000.00?

  10. #10

    Default Re: Demand Letter

    Black Monday?

    There is nothing in the terms of service about that. One interesting paragraph: 9.2 The Company uses reasonable skill and care in providing its products and services to you. However (to the maximum extent permitted by law) the Company is not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you from your use of, or your inability to use, the Website or the products or services offered through or by the Website however caused notwithstanding any error or omission including negligence. This should construed as a two-way street?

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