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Moneytree, Inc. is a retail financial services provider headquartered in Tukwila, Washington, with branches in Washington, California, Colorado, Idaho, and Nevada. Moneytree offers , , prepaid debit cards, , bill payment, Western Union transfers, secured loan and title loans.
In 2013, Moneytree won "Best Place to Work in Colorado" in the small business category. "Best Companies to Work for 2013"
In 2013, Moneytree hired Sound View Strategies, a well-connected public-affairs and lobbying firm, to help create and pass SB-5312, a bill that proposed raising the maximum amount a borrower can take out at one time from $700 to $1,500 with an interest rate up to 36 percent. The bill would allow lenders to charge a $225 "origination fee" plus a monthly 7.5 percent maintenance fee on the loan. Critics pointed out that these fees "could push the effective annual rate above 200 percent, according to a calculation by the state Department of Financial Institutions".
According to documents sourced by the Seattle Times, Sound View Strategies was retained for an $8,000-per-month “lobbyist's fee" with a $15,000 “wrapping up fee” if the legislation was approved by March 5 of that year. The bill made it through the Senate, but was unable to make it through the House before expiring at the April 19th deadline.
Moneytree again tried to change the laws in Washington in 2015. This time, a bill sponsored by Larry Springer and Marko Liias—both of whom had previously received donations from Moneytree—proposed creating a “small consumer installment loan” system that would allow lenders to offer 6-month to 12-month loans with effective interest rates up to 213 percent. The bill, known as HB-1922, stalled in committee and never made it into law.
On February 18, 2019, the Nevada state legislature introduced SB 201, a bill that codified provisions of the federal Military Lending Act and required the Commissioner of Financial Institutions to "develop, implement, and maintain a database storing certain information relating to deferred deposit loans, title loans, and high-interest loans made to customers in Nevada." SB 201 would require lenders to record not just loan details, but also "any grace periods, extensions, renewals, refinances, repayment plans, collection notices, and declined loans".
Lobbyists for retail financial providers, including Moneytree, claimed that the proposed law was "unfairly targeted" and that the measure could lead to more “underground non-regulated short-term loans". Despite this, the Nevada State Senate voted to approve the bill on April 19, 2019. After a delay due to the COVID-19 pandemic, the database was officially created in December 2020.
In March of the same year, a Carson City judge rejected the first petition because it was too broad, a decision that was upheld by the state Supreme Court in June. The same district court judge approved the narrower petition, which is pending an appeal in the state Supreme Court. This narrowed petition, S-03-2024, failed to get the required signatures by the November deadline, and the petition ended.
Debt traps are commonly targeted mainly at low-income borrowers. In 2005, the Seattle Post-Intelligencer and the University of Washington completed a demographic analysis which concluded payday-loan stores (including those run by Moneytree) were predominantly found in largely-black and low-income neighborhoods. Bassford has stated that Moneytree's products are not predatory in nature, but instead that "for the most part, they are a responsible business" and "there are people who misuse all kinds of products in society." The company also claims to promote financial literacy for customers, with Bassford saying he sponsors a group of students at the University of Washington who "deliver financial literacy in schools" though he could not recall any specific programs. Asked whether he works to improve financial education among potential clients, he said, "We're not conducting programs with our customers."
"Unfortunately, this request was not recognized as a scam, and the information about current and former Team Members who worked in the US at Moneytree in 2015 or were hired in early 2016 was disclosed. The good news is that our servers and security systems were not breached, and our millions of customer records were not affected. The bad news is that our Team Members’ information has been compromised."In 2016, the Consumer Financial Protection Bureau fined Moneytree for deceptive advertising and collections practices spanning two incidents: in 2014 and 2015, Moneytree sent out mailers that threatened to repossess the cars and trucks of 490 customers who were delinquent on loans. Also in March 2015, Moneytree left a percent sign off of an advertisement for their check cashing services in what the CFBP called "misleading," though Moneytree insisted it was an isolated incident and purely accidental. For these incidents, the CFBP fined Moneytree $505,000: $255,000 in consumer refunds, and a civil penalty of $250,000.
By the end of 2024, Moneytree's website lists 64 remaining locations, almost half of what it was before COVID. However, they now offer all of their products online to residents of those states. All five of their stores in British Columbia are now closed.
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