Mo’ Money Tax Service shuts down locations

Posted at 4:20 PM, Feb 08, 2012

After several locations closed their doors, now the customers of Mo’ Money Taxes don’t know where to turn for answers.

“I feel like they stolen my money. You know, I’m stressed” says James Smith.

And James has a good reason to be – he took out a $2,000 loan on his car, betting on Mo’ Money’s promises of a quick refund. And now he’s just left with mountains of debt.

“It’s killing me. Certain people are desperate at that moment because you just done Christmas in December and you went far and beyond trying to do things for the kids, so in January you try and catch up on the money you borrowed,” he says,

But if the refunds do eventually come in, some customers still can’t trust the validity of their checks.

Rhonda Knight got a check from Mo’ Money Monday night, but was told by Navy Federal it would be put on a two-day hold because they didn’t recognize the bank.

NewsChannel 3 did a little digging and found out that Value Bank of Texas does have an A+ credit rating with the Better Business Bureau, but they did not comment about the checks Mo’ Money gave its customers.

“I’m gonna go, like I said, I’m gonna go ahead to the IRS and I’m gonna put in my complaint. You know, and hopefully they will take care of me,” Rhonda says.

With 17,000 customers, there will be mountains of complaints to go through. There’s missing money, no paperwork and even claims of fraud. One man in Suffolk filed a police report Monday. He says he just wanted an estimate from Mo’ Money and the company still went ahead and filed the taxes without permission.

Then there are those like James who still don’t know where to turn for help.

“Man, it’s just the worst nightmare of my life. You know, I mean, I would have never gotten a loan on my car if I thought I wasn’t gonna get my taxes,” he says