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These banks may be violating laws requiring them to report incidents of possible fraud to the Treasury Department - laws designed originally to prevent money laundering and later updated to combat financing of terrorist organizations. Those laws require them to know what kinds of businesses their depositors are operating or affiliated with - a duty known as "know your customer. " A spokeswoman for the Justice Department declined to comment.
The approach has proven effective. In November, a Delaware bank paid a 15 million penalty to settle charges that it worked with payment companies to make fraudulent withdrawals from consumers accounts. More than half of the debits were rejected by consumers and their banks.
ETaxLoan had said it was a secure site, but now, many different companies had my application - and, presumably, my personal information. It turns out there's a huge online bidding process for such loans. ETaxLoan isn't a lender at all, but something called a lead generator. It finds potential customers, then passes them on.
When I tried to contact eTaxLoan to learn more, I might as well have been looking for the holy grail. The company's customer service line connected to a recording that said "due to an overwhelming response to great loans," it could not take calls.
The site lists an address in Delaware - but the company isn't at that address. I spent days trying to find the company's physical location, without success.