MoneyCo USA Faces Suit for Withholding Refunds

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(Memphis) A court hearing is set for Thursday afternoon involving Memphis-based tax preparer MoneyCo USA.

This after the Missouri Attorney General filed a lawsuit Tuesday naming two St. Louis MoneyCo franchises and Markey Granberry.

The AG is asking for a preliminary and permanent injunction against MoneyCo based on allegations of unfair practices and misrepresentation. The suit states MoneyCo misrepresented the total amount of fees it charged customers, placed refunds in company accounts instead of customer bank accounts and failed to provide customers with copies of their returns.

The plaintiff also alleges MoneyCo could recoup fees by withholding a portion of customers’ refunds. The injunctions would ensure that once refunds are deposited, MoneyCo would have to distribute them within 48 hours of receipt.

The suit also asks for full restitution for customers already hurt by the company.

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