First, I will say that I really wanted to believe this was a legitimate operation. Now I know otherwise.
I attempted to cancel my MoneyLion Plus membership today, before my stated due date. However, I was told I could not, and the fee was already being pulled from my account, despite the fact that I did not authorize any payment. In fact, I was told I needed to cancel the fee three days ago to stop it, which makes no sense at all.
Amelia, the call agent helping me, was able to put the cancellation form through eventually. However, she did say I might still get charged $79 regardless because she was unable to stop it on her end. Considering it hasn't even been a full month since I signed up, and it was supposed to be pulled on my payday of 7/10, this is five days earlier than I initially agreed to. I am going to report this charge to my bank.
I will say that this whole process doesn't feel legal.
1. Call center staff should be able to cancel a membership no matter what stage in the pending process as long as it is before the agreed upon date.
2. Pulling money from someone's account before authorized is not legal.
3. This whole thing is ethically reprehensible. As someone who works with marginalized communities, those with low incomes are more likely to sign up for these services. Which means they are disproportionately targeted when scams like this happen.
I definitely didn't agree to be charged today and may have to take legal action if they continue to charge me for subscriptions and do not refund the fee.
Please don't open an account with them! It's all fake promises! They don't let you out, and it's a terrible process.
Bottom Line: No, I would not recommend this to a friend
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