Complaint Review: Cash Now - Cash Now Plus - Cash Now USA - Miro Zecevic - Andrea Zecevic - Fort Lauderdale Florida

We are Victims of CASH NOW.com. We have given over $40 Thousand Dollars to CASH NOW.com for a Licensee and User Agreement and Bank Charter. Our experience is only one of many I have heard about. Below you will read actual e-mails from Cash Now.com. This is factual.

If you are researching Cash Now.com, Miro Zecevic or Andrea Zecevic the information here is true. I may never see any of our investment again but if I can save you from making the same mistake, then I have done all I can.

_________________________________________________________

Our Story:

I am the managing member of a 4 member LLC. I started looking into the Check Cashing and Payday Loan business in June 2004. This was going to be another venture for the 4 of us to invest in. We were looking for a place to invest some money that would get us a better return than the stock market.

While doing some reading on the net I can across Cash Now.com. I sent in my request for more information and started communicating with David McLean. Over the next few months he answered all my questions but one. That question was, can you get me some names of other Cash Now clients?

This is the e-mail I sent and David's response is entered within the e-mail.

To: [email protected]

Sent: Friday, June 25, 2004 5:19 PM

Subject: Investors

David,

Just a thought. Maybe you have some current Cash Now owners that would like to get into the Phoenix HOT market but don't live here. I have one guy who I think might be interested but I cannot speak for him. I will give him a call. Would you feel comfortable in asking if some might form an LP with me as I break this market open? 1. If if the owners are making a significant amount of money and believe in the service, then they would be willing to open more locations. 2. I can learn from their experience as well. Usually will offer references once an individual is approved at that point you would be able to pick their brains.

I am thinking and looking at every possible scenario. Understandable. I will give you a call on Thursday to let you know if the guy I have in mind is interested and also see what the outcome was with your partners.

Have a great one,

David G. McLean

Senior Business Development Consultant

Sent: August 25, 2004 6:34 PM

To: 'David McLean'

David,

I think my partners would feel a lot better if they could see and speak to a live owner/operator, and see the potential returns based on their success. We are young investors and know the real estate market. We know we need to diversify. CashNow looks like a model we could take and multiply over and over again. It is just getting the first one up and running that keeps us asking questions. You are asking questions and that is great, that usually means that a person is interested, however, I want to not only know that you interested but that you can realistically pursue this. My recomendation is that if your are sincerely interested you are more than welcome to meet us at our office. We will spend half a day together and cover all the bases. Simply pay a fully refundable deposit and by all means lets meet.

I would be willing to send you the $7,500 refundable deposit if you would show me the next card.>>>> We will show you everything if you would like to meet with us. We will even provide you with a indepth demo of our software and technology. I would like to talk to other owner/operators. Absolutly once we receive a fully refundable deposit. I would like to talk to you about demographics in Mesa/Tempe, in order to find out what my rent rates will be and build out costs. Not a problem.

At what point in the negotiations do I loose my $7,500? You will never loose it, the only thing we may do is deduct costs if there are any. E.G traveling expenses ect. And why don't you own one of these yourself? lol everyone asks me that, I am not as rich as you. Actually I came pretty close last year, however, I decided to purchased a home. I will be receiving stock options shortly and hope to use some of that for my first location. You may meet us and realize that this is not for you and thats fine but we want to make sure that the intent is there. Let me know if this works for you?

David G. McLean

Senior Business Development Consultant

08/13/2004

Hi _____,

I spoke with (other Franchisee) and He is busy opening two new locations and said that now is not a good time for him. As for the other individual in Scottsdale I left him a message and he never returned it. Have you tried to see what your bank can do for you? I remember you telling me that you own real estate, maybe you can arrange something with them?

David G. McLean

Senior Business Development Consultant

David did mention one other name. That connection was never made. Notice, only after one has sent in $7,500 and is approved, will you be able to get the names. I have since learned that there are many Cash Now former clients that would love to talk about their bad experience with CASH NOW.com. David and Miro never produced a list of names even after we had given them more than $40, 000.00. I have built a list since if anyone would like to call some of them.

_________________________________________________________

This next question was about the Bank Charters that they sell to Franchisee/Licensees.

David,

Question: Bank Charter: Is the $15K and estimated cost or does that cover all the filings, incorporation, and qualifications in order to obtain a charter? I have done some research on bank charters and it seems like a lot of paperwork. How many CashNow franchisees have bank charters?

Answer:

The charter covers everything there is a bit of paper work involved however, we will walk you through it. The charter is new and no one is operating with it yet. However, we have around 10 licensees that have signed up for it. There are great advantages to operating with a charter even if you are in a state that allows you to lend your own money.

David G. McLean

Look at this fresh off the press article from the American Banker:

New Twist on Payday, and FDIC Steps In

American Banker Thursday, February 10, 2005

By Hannah Bergman

WASHINGTON - The pitch was appealing.

For a $15,000 licensing fee, Cash Now Corp. pledged to help interested parties become a branch of a bank chartered by the Federal Deposit Insurance Corp. that could make payday loans.

"Operating under a FDIC Bank Charter will give your business instant credibility as you will include the bank's logo in your advertising and signage," Cash Now says in advertisements.

But the FDIC calls the ads deceptive. Though the company has some bank partners, there is no such thing as an FDIC-chartered bank. The agency has given Cash Now until Monday to pull the ads or correct them, and is raising questions about other details of the partnerships. Whether the FDIC will take action against the partnering banks is unclear.

The quirky case shows that the line between legitimate and off-limits partnerships of banks and payday lenders remains fuzzy. The Comptroller of the Currency, the Federal Reserve Board, and the Office of Thrift Supervision have banned such partnerships, but the FDIC permits them as long as they adhere to guidelines it issued two years ago.

David Barr, a spokesman for the FDIC, said the agency's general counsel sent a letter to Cash Now on Feb. 3 that gave it 10 days to remove misrepresentations from its Web site and prospectus and to correct press releases.

The advertising is "factually incorrect" and has "a capacity to confuse investors and consumers," Mr. Barr said. "We don't charter banks, and they don't become a branch of the bank."

The company came to the FDIC's attention after it issued a press release Jan. 13. At least 200 Internet and storefront lenders use a Cash Now product, according to the company's Web site.

Cash Now, which is a publicly listed company in Fort Lauderdale, bills itself as an aggregator and seller of information, meaning licensees of the company receive all the information they need to start a payday lending and check cashing business.

That includes software and even check paper to print cashiers' checks on, according to Cash Now's Web site.

"Cash Now deals with a variety of well known reputable banks and will choose the bank that is most advantageous for you," according to documents on Cash Now's Web site. It does not disclose the names of the banks, but an executive said in an interview two small banks receive most of the company's business.

Customers using Cash Now outlets can open bank accounts, receive a debit card, and get direct deposits of government benefits that can then be borrowed against for a short-term loan.

"When you choose to lend money on a face-to-face basis under a FDIC Bank Charter, you will be lending the bank's money," Cash Now says. "You will assume no risk regarding customers who default in repayment of their loans as the bank is solely responsible for collecting their own money."

Cash Now says its product is not what the FDIC fears it is.

Miro Zecevic, the company's chief executive, said Cash Now merely sets up partnership between banks and its licensees. The licensees attract their own customers, who can open accounts with the bank partner through them, receive a debit card from the bank, and then in most cases can overdraw that account by $200 - essentially taking out a payday loan.

Mr. Zecevic said the fees are much less than overdraft protection on a bank account or interest on many payday loans, though there are monthly fees to keep the account open.

Cash Now does not claim that paying them $15,000 will automatically lead to a bank charter, he said. Even if the ads are corrected, Mr. Barr said the FDIC would object to partnerships between a bank and the business that Cash Now describes.

For example, Mr. Barr said, Cash Now's documents suggest that when extending payday loans through bank partners, licensees can use standards that the FDIC would consider unsafe and unsound.

"The FDIC would not permit supervised institutions to participate in the business model described in the materials, and many of the misrepresentations are in violation of our July '03 guidance on payday lending," Mr. Barr said. "If we do find that any of our institutions are in this type of program and are in violation of our guidance, we would ask the bank to work within the guidelines, or we'll take appropriate action."

Consumer advocates also question Cash Now's products.

Jean Ann Fox, the consumer protection director for the Consumer Federation of America, said she was aware of Cash Now's January press release and that she had expressed concerns to the FDIC about the ads.

"We took it as a sign that this is more explanation why the FDIC should make sure that the banks they insure are not involved in the payday loan industry," Ms. Fox said.

Cash Now has caught the attention of other regulators. It was one of 91 payday loan companies that were issued cease-and-desist orders Thursday from Massachusetts' bank commissioner.

_________________________________________________________

Cash Now and I continued discussions. It is now the middle of November 2004 and the training class was coming up fast. We wired our $7,500 deposit and then received our letter of invitation along with our contract for services. We sent back our signed contracts and the balance of our Licensee fees, $37,000.

According to the contract and this next letter from David McLean, the motel and airfare for training is covered in the license fee. I submitted my receipt for reimbursement on 12/15/04, as of this date 02/15/05 I have not received any reimbursement or correspondence.

11/08/04

Hi ____,

Good price, remember that your hotel and air fair are included in the license fee. (for one person)

The training has been bumped ahead to Dec 9,10,11. The company wants to make sure licensees are well prepared as time is running short. I am out of the office today but will be returning tomorrow morning, I will call you then to discuss.

Have a great one,

David

_________________________________________________________

From this time until training David was a great help for looking at possible locations. I sent over several pictures and addresses and he would pull up demographic information about all of them.

Florida Training, December 9th to 11th:

As you will read, the training in Florida was a waste. This is a letter that I was requested to write to Gary McNulty per this e-mail:

Hi ____,

I just reviewed with Gary what you had told me today regarding the training and software. Gary has asked me to ask you to create in a professional but still candid manner a letter stating what you found to be unsatisfactory during training. Also, if you could, a list of areas that you feel need to be improved on and suggested remedies. For example the software, training and what you expect to be provided in order to consider Cash Now's training to be more than adequate. Basically what you told me. Gary will then present your letter to the other management.

Thanks,

David

This is the letter we wrote, (my partner and I who attended training).

December 22, 2004

Mr. McNulty,

Attached is a letter written by ___ ______ and myself outlining our training experience, recommendations, examples, and a request to refund our Licensee fees ($34,500) and Bank Charter fees ($10,000). Your prompt response is appreciated.

Thank You!

Mr. Gary McNulty

International License Development Manager

CASH NOW

3100 Steeles Ave. East, Suite 201,

Toronto, Ontario. L3R 8T3 CANADA

Dear Mr. McNulty,

Following is ____________ analysis of the training we received in Florida in December 2004.

Per ___________:

Prior to our arrival in Florida we were asked to read and review the manuals provided. Pete and I both accomplished this. On the first day we reviewed the introduction to these manuals in some detail and also did some role- playing directly from a script, which could have been reviewed in our own time, we felt it was a waste of important training time. After training, Andrea stated to us that she didn't want to overwhelm us on the first day. At the lunch break most of the class did not return due to their interest in only the payday loan portion of the training and there were only 3 trainees left, we returned at 1:00 and Andrea finished with her introduction (directly from the manual) to check cashing at 2:30 and released us, training was scheduled until 5:00. The third trainee chose to leave; ____ and I remained as we had several questions for the instructor. After about 40 minutes of this Andrea seemed anxious to leave and said this info would be covered in tomorrows training. We were hopeful!

2nd day:

We arrived anticipating some answers to our questions and a full day of training with the software. The first task was to fill out an application in the training vault. There were 8 people in total and none made it through their application on the first attempt. The first line is User name (it needed to be Create a User Name)! We all entered our names and our info and were rejected. This happened several times for some of us until we were told that this was a code name. How would an applicant feel at this point? Not only was our info rejected, all other information was erased and needed to be re-entered.

Finally after we successfully completed an application we went to the import /export portion. There was a choice for either the o or f online /face-to-face for those who chose the F we could not log on and were rejected. Then we would receive an error message. When we attempted to return to the previous page we were sent back to the beginning with all information lost. At this point in the training we all (8) had a question. Where is the Back button, how do we go back and forth? Andrea stated that there wasn't one but one of her office staff was able to accomplish this with little effort but she was not sure how this was accomplished. She is the trainer, right? After about an hour by mistake ___ (franchisee) found that by right clicking on the page a menu was brought up allowing us to go back and forward. I asked, Why is there not a back button on the page I was told to write this question down and give it to her after class. My real question is has no one in all of the training sessions ever asked for this function, we were all curious about this?

Also during the training, after completing a portion of the application, Andrea asked us ok where do we go next Everyone just stared at her as if this was the first time seeing this process, my next question to her was why is there no next button? Once again I was asked to write it down to present later.

We continued the training through lunch, starting over several times trying to perfect the process, this continued until 6:30, we were all (8) still confused on how to use this state of the art program Also during the training several questions arose and were asked several times in different ways and were never answered.

Later that night we were able to talk to one of the franchisees alone, he told us that he had been to a previous training session and it was disastrous so he was here for further help, we were becoming very concerned as this session was looking that way also, but he had so much time and money invested he was going to stick with it, not to mention he was opening his doors on the following Monday and had very little choice.

That night Miro and Andrea invited us to dinner, we hoped for some insight from the owner concerning structure and percentages but only found more confusion. Maybe it was too much to expect at dinner, as Miro also was able to deflect any direct technical question.

After dinner (my partner) and I went to the hotel guest computers and got online and searched for payday loan software, within seconds we were looking at software pages that were structured in a user friendly easy to understand format, why if Cash Now were leaders in the industry did they not also have this user friendly format?

3rd day

We arrived early and were greeted by two other licensees, they promptly asked our opinion of the software, and we stated that it was not in our opinion user friendly and was confusing, they wholeheartedly agreed. When Andrea arrived, she had some other portion of the training prepared but the entire class asked for further training on the software because no one understood the process. Andrea, somewhat frustrated, decided to write it down and proceeded to write it on the 2'X3' easel. Several times during her listing she was questioned by one of the class members for skipping a step we had talked about in prior sessions. Upon completion there were 27 steps, 3 steps per sheet and tacked to 2 walls of the meeting room. Completion of the application was but one step. The average person has trouble remembering more than 7 phone numbers, how were our employees expected to remember 27 steps with no user-friendly promptings. This went on until lunch. At lunch all the trainees met downstairs and we took an extended lunch discussing our concerns, by the end of lunch we all agreed, no one was comfortable with the software. Upon returning Miro was still not there so Andrea continued for another hour. Finally Miro came, two of the licensees talked to him outside and presented their concerns, (my partner) and I soon joined them and Miro decided to address everyone in class. All of us voiced our concerns about the software but he took it as a personnel attack on himself and his company, placing blame on two of the franchisees for corrupting the class. After an hour of discussion, Miro still would not recognize the problem with the software. Miro then attempted to access the software on his computer and was unable to, even though we were all able to access it on ours! After many more attempts we were unable to relay our concerns. We then presented Miro with a letter asking to release us from our license agreement; he would only recognize our request not grant it, ____ and I promptly left. Later that evening, ____ called ___ (franchisee) and asked what happened after we left, ___ said they took Miro to the hotel computers and even he was unable to complete the application, let alone the total process. On a good note the weather was nice in Florida.

We were promised: (taken directly from CashNow website)

We are very proud of the training provided to our licensees and franchisees. It is absolutely the best in the industry. We take new operators through all aspects of the payday loan and check cashing business from A to Z!

YOU WILL LEARN EVERYTHING THERE IS ABOUT THE LOAN BUSINESS!

Mr. McNulty,

I concur with all that ___ has stated above. I want to make clear that we told Miro we loved the CASH NOW name and the people we had worked with to this point. We appreciated Miro and Andrea's efforts to teach us on software that was not cooperative. Several times during the training I could tell that Andrea was frustrated by the problems the class members came up against. It didn't seem as though Andrea has ever sat across the desk from a real customer. I recommend that you send someone whom has had hours of front line experience with this software, both online and face-to-face, to assist whomever is doing the actual training. Andrea may be the perfect person for the technical aspect but we don't care about the programming, we want to know it is going to work time and time again.

___ mentioned that we looked at several Payday Loan software venders on the internet. These are just a few I found today that are Windows based and had a user friendly appearance. We have not used any of them but thought you might want to look at them as an example of what we are looking for.

http://www.idealss.com/products/cc.htm#, http://www.aocg.com/Windows_Cash_Advance_Software.htm, http://www.echecktrac.com/screens/

These are other software that I use on a daily basis, along with some tours and tutorials at the following links. Quick Books Online has great online software that is user friendly and easy to follow.

http://oe.quickbooks.com/see.shtml Click on See A Product Tour

https://www.paycycle.com/services/default.jsp?SetBizType=sb Enter AZ as state and Click on the DEMO button

http://www.proseries.com/products/basic/index.aspx ProSeries Tax Software Click View Tour

When I read that Cash Now had state of the art software, I compared it to the other tools I use daily. As an accountant I was interested in reports and reconciliation and flow of information, I didn't see that with this software or training.

Looking back I can see why we were not allowed to contact any current franchisees. It would appear that they are not singing the praises of Cash Now. I have been told that there are anywhere from 125 to 200+ licensees/franchisees using the Cash Now system. During our discussion we repeatedly asked Miro for a list, that we would not keep, that we could choose 6 or 8 names at random to call and ask about the software. Miro refused to give us such a list, but offered to hand pick some customers we could call. I would venture a guess that the franchisees are not using the software either because it doesn't suit their needs or it discloses the number of sales they generate and increases the royalties they pay to Cash Now.

I have been told by different people in the Cash Now team that there are no Licensee/Franchisees in Arizona, but at dinner, Miro said that he thought there were two. Why is it such a mystery?

We realize that Cash Now has spent time and money in order to bring us to this point. We to have spent over 6 months researching just to find out we had been over promised and under delivered. We have learned nothing about the Bank Charter. We have not filed any applications nor do we see a need for the charter after the training. We request that Cash Now refund the $10,000 we paid for the Bank Charter.

We paid $34,500 for the Licensee agreement because the software was such a secret that we would not be able to be trained or have access to it without paying first. We trusted that we would be satisfied and even paid for ____ flight to see the training. We request you refund our $34,500 we paid for our Licensee Agreement.

Thank You

____ ______

Six days later after the Christmas Holiday I got this note from Gary McNulty:

12/28/04

Hello ___:

Thanks for your candid input. As the refund of fees is not within my jurisdiction, I've passed on your comments to Miro. You should be hearing from him shortly.

Gary

This was my response to Gary McNulty:

12/28/04

Mr. McNulty,

Thanks for you prompt response. I was planning to call you this morning. Unless there is any other information you need from me I will wait until the first of next week to make any contact with you or Miro.

I would like to know why you or Miro think Cash Now has earned our $44,500 and why there is any question about it being refunded?

Thanks

This is Gary's response:

____:

I'm now out of the picture. You must deal with Miro only. He's the only one who can authorize refunds.

Gary

On 12/28/04 I also followed up on my travel reimbursement that was faxed 12/15/04. This is the response:

Hi ____,

You should be contacting the Accounting Dept regarding your reimbursement for your training expenses.

Note: I have been advised by the Accounting Dept that it takes 60 days from training for a check to be processed and mailed to you.

Thank you

Paula Estrada

Administration

It is now Feb 15th, 2005 and I have never seen a payment or a call.

01/04/05

I have waited for a call from Miro. This is the e-mail I sent to Miro.

Miro,

As per the e-mail I received from Gary, the refund of our Bank Charter fees ($10,000) and Licensee fees ($34,500) is now up to you. My partners and I have waited long enough for you to respond. We do not want to spend the money for legal council but will if necessary.

Please respond as soon as possible.

Thanks

This is Miro's response:

01/04/05

Dear Mr _______;

Enclosed please find a copy of my e mail to (another franchisee) which is self explanatory. I'm sending you a copy of that e mail as your concerns are similar to his. Simply put you refused to take in the training and accept that this is how the payday loan operates. The license and bank charter fee is non refundable. If you wish you can sell it and we will waive any transfer fees.

Be advised that we intend to defend our interests vigorously with any legal claim brought forth and that your actions have caused us over $ 250,000 of tangible and equitable damages;which we will be seeking relief for.

Regards

Miro Zecevic

X-Sender: m.zecevic:[email protected]

X-Mailer: QUALCOMM Windows Eudora Version 6.0.0.22

Date: Tue, 28 Dec 2004 23:44:35 -0500

To: "Mark at Cash Now Naples" ,

"Andrea Zecevic" ,

"Miro Zecevic" ,

"Paula Estrada"

From: "Miro Zecevic (remote eMail)"

Subject: Re: reply 1 to CASH NOW COMPLIANCE WITH FLORIDA STATE LAW:

APR RATE:

X-iHateSpam: Checked on 12/30/2004 12:35:07 PM

X-iHateSpam: Detection -129

(Franchisee Name);

I must first tell you that what you are doing constitutes abuse and I'm not sure how long we are willing to tolerate this unnecessary and ridiculous behavior. Had you just absorbed the training and understood why things are calculated the way they are and why things are done in such a way then none of this would be relevant at this time. Instead you as one of the ring leaders choose to argue why the software does not have pretty pictures with pretty buttons instead of being what it is a serious business utility tool. We admit the software does not have pretty big buttons with "PRESS HERE" text under each button with help text. ITS A BUSINESS TOOL NOT AOL!!! That is in the Trust Vault but you never allowed the training to proceed to hear that!

Having said that and setting this aside the Florida contract is CORRECT!!! Read the language in the contract!!!! While we, the various associations and the entire industry are fighting tooth and nail saying that this is not an APR loan but rather a 1 time fee you say (as an operator) this is not so!!! OK go figure!!! . Our contract goes on and says your rate is 51% as we want the MAXIMUM capitalization on default. Remember 60% is the max and at 51% with compounding; you are very close to the 60% range !!! Now there are 11,000 payday loan companies in USA who share our view and multiple payday loan association's stance THAT THIS IS NOT AN APR rate yet you based upon your multi year experience are going to admit that you are a loan shark, and that you do charge over 60%!!! Look at the fact sheet on this link. (You can also get there from the software did you take notes in class?)

https://cashnow.securesites.com/prospectives/facts/

In Florida you can NOT RE UP! Read what the Florida law states!!!! Now use your head why does the contract say 51%? How will you collect or get a judgment if it says 340%? What judge will grant you a judgment? Mark, as so far as your comments that the contracts are wrong, our contracts were done by a large and respected International law firm in Washington DC. Our legal bill was close to $ 200,000

As so far as your comments that the software is useless be advised that in the next 2 weeks we will be posting in the newsgroup that we exchanged our technology with a certain other payday loan company that provides their systems to large chains. We are providing them with Trust Vault (that you see no value in) and they are giving us their desk top based software used by other leaders in the industry. Cash Now software is the only software that will export from the Trust Vault without you having to re type an Internet application, it will soon allow tracking of affiliate programs that you can set up yet you choose the path of least resistance of slaving away in a single retail establishment. We are trying to tell you that there's another world out there of consumers on the Internet but you simply do not want to listen!!! If you get a chance review CBS 60 Minutes that aired this past weekend! This is the same thing we have been saying! To reach generation X and Y you have to embrace the Internet and not retail!

Now, the software works! The system works. Step back and see the forest!! By February you will receive desktop based software with pretty buttons used by many retailers however we will continue to enhance and keep adding to the Cash Now system.(Don't worry once the desktop is released you will no longer have the Cashnow software access it will be out of your hair!!) I gave Paula the OK to tell you to just do whatever you want. You can print the contracts insert 4,000,000,000% rate do whatever you want because you are beyond receiving assistance. You wanted out, so therefore you must stop using the Cash Now name and I figured its only a matter of time till the authorities shut you down for loan sharking and bad business practices! That's the direction you are headed into and I can't stop you! WE CAN'T STOP YOU!!!

I do not want to end this note on a negative, but what a waste of time instead of spending quality time with my family! I'm simply asking you to read your manuals provided to you, and to take the time to absorb the law, the methodology and get past all this whining! Again the new software will be here in a month and if that doesn't work for you then NOTHING WILL! In the meantime I ask that you show some respect, professionalism and courtesy to the staff at the home office, until we get through this or we part company on amicable terms.

We are ready for both!

Regards;

Miro Zecevic

This was my response to Miro:

01/04/05

Miro,

After reading your response and the response you sent to (franchisee name), I would have to say you don't understand my position. How can you honestly say you have earned the $44,500 I have paid you for something I will never use? Please explain how I have "caused us (CashNow) over $ 250,000 of tangible and equitable damages"?

Thanks

This response came directly back from Miro:

Mr _______;

The services we offer are training, banking relationships, how to manuals and books, our proprietary web based software and 3rd party suppliers relationships for the payday loan and check cashing industry. I have no knowledge if you will or will not use any or all of the services you were provided. They are there, they were supplied to you and if you choose not to use them that is your prerogative. Your, your partners (named two franchisee that were at training, no relationship to us) slander have caused us significant damages and be advised that we are adequately prepared both financially and motivation ally to see this to its finality!

Had you given the system just 1 week to work a reasonable person could say is there possibly something wrong? Simply put there is nothing wrong! You either got buyers remorse or you saw an opportunity to extract all the suppliers names how to etc without paying the consulting and licensing fee.

We take the position that we provided the services we were contracted for and if and when you choose to start operating your business is beyond our control. I feel you missed an opportunity to be involved with a dynamic company and a chance at something big!

We wish you all the best in your future endeavors

Regards

Miro Zecevic

We hired legal council to review the contracts. We found that according to the agreement, if we were never approved for the bank charter we could be refunded our money.

On 02/02/05 I sent the following letter certified as well as e-mailed.

February 2, 2005

CASH NOW .COM LLC & TRUST VAULT.COM

Miro Zecevic, Andrea Zecevic, Gary McNulty, David McLean

3100 Steeles Ave East, Ste. 201,

Toronto, Ontario Canada L3R 8T3

Re: Cancellation of Bank Charter and refund of $10,000 Fees.

Cash Now:

Our legal council has advised us, __________________, LLC to our right to a refund of the $10,000 we paid for a Bank Charter that was never approved. Per our Software License and Service Agreement;

Section 6.03 FDIC Bank Charter: For USA Operators only. Licensee shall have the option of applying for a FDIC Bank Charter. The fee for the charter is a one time payment of $15,000 and is payable together with the License Fee. If Licensee's bank charter application is not approved, Licensee shall receive a full refund in the amount of $15,000.

The Bank Charter application was never completed therefore was not approved.

Please send certified payment to: _____ __________, LLC

(Business Address)

Arizona

Thanks,

_____ _______

for _____ ____________, LLC

There has been no response to this demand.

Conclusion:

Our goal is to help others from making the same mistake as we did. We have registered the domain names www.cashnow-ripoff.com www.mirozecevic.com and www.andreazecevic.com If you want more information about CASH NOW.com and the others who have volunteered information about their experience with CASH NOW.com. go to that site and see. As of 02/15/05 it is under construction, keep trying back.

Aspen Enterprises, LLC

Phoenix, Arizona
U.S.A.