Lenders pull incorrect amounts from student loan borrowers’ accounts [Video]
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Small Business Funding

Lenders pull incorrect amounts from student loan borrowers’ accounts [Video]

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Lenders often encourage federal student loan borrowers to enroll in automatic payments. It can seem like a good idea to do so: Borrowers don’t need to worry about missing a payment and often get a slightly lower interest rate in exchange.

However, the decision can backfire in a lending space plagued by problems that have “harmed millions of borrowers,” according to a new report by the Consumer Financial Protection Bureau.

“Unfortunately, autopay errors were one of the most widespread, basic and consequential servicer errors we saw this year,” CFPB Student Loan Ombudsman Julia Barnard told CNBC. “These errors are incredibly costly and completely unacceptable.”

In some cases, borrowers had money pulled from their bank accounts despite never consenting to autopay, Barnard said. Other autopay users saw incorrect amounts taken or were charged multiple times in the same month.

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Suspects in fatal Rutland shooting plead not guilty during court appearance [Video]
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Suspects in fatal Rutland shooting plead not guilty during court appearance [Video]

Two men allegedly involved in a deadly shooting in downtown Rutland last week faced a judge on Monday. And court documents show that the victim may have not been the intended target. Dylin Wainscott, 28, is facing a first-degree murder charge, while 31-year-old Precious Okorie is facing charges of conspiracy and accessory. Both pleaded not guilty to the charges.Police said the shooting happened near Elm Street and Grant Avenue on Friday night, and investigators found 32-year-old Christopher Hale shot to death.An official with the Rutland City Police Department told NBC5 they believe the shooting was a targeted incident.The charges that we brought indicate that there was some premeditation involved," said Detective Corp. Adam Lucia of the Rutland City Police Department.According to court documents, someone close to the invesigation told police that Wainscott and Okorie were looking for a suspected drug dealer that Wainscott has had issues with in the past. Wainscott allegedly told the witness that he shot someone that looked like the suspected drug dealer and that he "had seven shots and made all seven shots count." Court documents said police watched a surveillance video of the crime scene and saw Hale knock on the door of 19 Elm Street. That's when a man allegedly came from behind a nearby car and shot him. Hale screamed and collapsed.Because of the seriousness of the charges, the court ordered that Okorie be held on $100,000 bail. Meanwhile, Wainscott is being held without bail until his next court appearance.

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Hookle, a Finland-based tech company, is advancing sustainable growth for over 30 million U.S. micro-businesses with its AI-powered social media marketing app. By simplifying digital marketing, Hookle empowers micro-businesses globally