Mo' Money Taxes no longer giving out refund checks - WMC Action News 5 - Memphis, Tennessee

Mo' Money Taxes no longer giving out refund checks

While Mo' Money Taxes prepares tax returns, it's in the business of providing instant money, but some of the company's customers have been waiting for tax refunds for weeks. While Mo' Money Taxes prepares tax returns, it's in the business of providing instant money, but some of the company's customers have been waiting for tax refunds for weeks.

(WMC-TV) – While Mo' Money Taxes prepares tax returns, it's in the business of providing instant money.

But some customers have been waiting for tax refunds for weeks and their checks may be delayed even longer after the company announced its banking partner has severed their relationship.

"I've never seen where a bank will withdraw their relationship from a tax preparer," said Michael Gray, who now owns a check cashing company after years of experience in the tax preparation industry.

He said offering rapid refunds requires a bank.

"So yeah, you've got to have a relationship with a bank or you will not be successful as a tax preparer," he said.

Mo' Money's Southaven location is closed during regular business hours.

A sign in the window blames threats to employees and false media accusations and goes on to say checks will now be mailed directly from the bank.

"For the record, no one in the entire company was holding your check it simply just hadn't arrived for us to print it," the sign said. "It's a shame when rumors can get so out of hand! To all our loyal customers who understood that this was not our fault thank you!"

But despite the sign, many customers remain upset.

"We are concerned," said Gary Cordell, of the Tennessee Consumer Affairs Division. "We've got folks who are at their wit's end."

The division of consumer affairs has received dozens of complaints about Mo' Money within the past week and has been logging every one of them.

"It also helps us if we need to get to a point where we need to take an enforcement action either through a law enforcement agency or the attorney general's office or maybe even working with the IRS," said Cordell.

Mo' Money says the bank will FedEx checks to addresses on record.

Meanwhile, state officials say there's not much else they can do, but log all those complaints.

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