Alert number: CAC-19-2721_4.3.20(4.21)
The Washington State Department of Financial Institutions (DFI) has investigated a company called Avalon Financial Corp. d/b/a Avalon Financial Payment Solutions. The company has been enrolling Washington consumers in payment transfer accounts to purportedly assist the consumers in making their monthly mortgage payments. The service offered by Avalon debits a consumer’s personal bank account twice a month in order to make a full mortgage payment on behalf of the consumer. Avalon charges the consumer a small monthly fee for this service.
Avalon Financial Corp. maintains the following contact information:
Address: 24803 Detroit Road, Suite 5 Westlake, OH 44145
Avalon Financial Corp. is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
DFI warns Washington consumers that before doing business with a financial services provider the consumer should:
- Make sure that the entity is lawfully entitled to conduct business in Washington. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to check whether the company is licensed to conduct business in the state of Washington.
- Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.
Important Information For All Consumers
- If you feel you have been the victim of a scam you can contact the FTC at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or the Consumer Financial Protection Bureau (CFPB) at 1-855-411-CFPB (2372) or online at www.consumerfinance.gov.
- If the scammers already have your bank account information, social security number, or other personal information, you may be a victim of identity theft. You can contact your bank and the three major credit bureaus to take appropriate precautions. The FTC has information for victims of identity theft online at www.ftc.gov.
- If you feel you have been the victim of a scam involving the internet you can contact the Internet Crime Complaint Center online at www.ic3.gov.
- If you feel you have been the victim of a financial scam and are concerned about your personal financial information, you can contact your banking institution and the three major credit bureaus. Procedures for contacting the credit bureaus are available on the FTC’s website at www.ftc.gov.
- If you live in another state, go to this webpage to find the regulator in your home state. http://mortgage.nationwidelicensingsystem.org/consumer/Pages/AgencyContacts.aspx.