MBF Leasing - Leaders Mechant Services ripoff Hidden Leasing terms New York New York

As the originator of this report, I would like to make further comment. The issue was, and is, that Leaders acted as an agent of MBF. Secondly, MBF did take money out of another account, FROM A DIFFERENT BANK. I would like to know how they developed that ability. We are continuing to pay, as it would indeed impact on my credit report and is not terribly expensive every month. I had to pay for the education that I have, and this was another educational opportunity. After contacting an attorney in NY, we are indeed able to take action because of the way the situation actually was handled. However, the legal cost to do this was more than what is due on the lease, which makes it a moot point.

The point is that when leasing never, ever, take someone's word for something. Take the paperwork to an attorney before submitting regardless of the sales pressure - this WILL save you money in the long run. Also, deal with a reputable firms such as Royal Bank of Scotland or with Quickbooks Mechant Services. Quickbooks appears to have the best to offer right now.

We will now be faced with another issue once the lease is paid off. The equipment was shipped back to MBF previously at the direction of Leaders - sorry if the truth hurts someone, and I am sure when the lease is done they will want me to either buy the equipment for some price or ship it back - which I obviously can't ship something back that has been previuosly returned. Oh well, more lessons to learn.

Gregory, If you are such a detailed business man as you claim to be you need to quit blaming Leaders for your problem! You knew that the lease you signed with MBF was non cancellable! (or did you just sign and not read the contract??) The MBF lease also states that if you close the account that is being used to deduct their monthly fees they have the ability to LEGALLY request the hosting financial institution to provide funds from any of your other accounts (YES IS IS LEGAL FOR THEM TO DEBIT YOUR OTHER ACCOUNTS AT YOUR BANK PER NACHA RULES) with out your approval! Leaders terminated your processing account to your satisfaction so do not blame them for your issues with MBF! Also, since you did NOT read your MBF lease you need to know that YOU are DESTROYING your personal credit by STOPPING mbf's ability to debit the monthly payment! YOU signed and listed your SSN and drivers license to this agreement!

Leader and MBF Leasing are the same business, they are part of organized crime ring. There are many other names that they go under. Leasecomm, Microfinancial, Northern Leasing, Vericomm , Universal Merchant Services and many other names. They are all joined together and are part of a nationwide scam and I am surprised that government has not stopped them because their actions are so blatent.

The merchant's credit card processing account was opened with our company on February 11, 2005. Due to issues concerning the merchant's average transaction value, LEADERS and the merchant mutually agreed to close the merchant's account. Please note that the merchant's account was closed 14 months after its inception.

The merchant also leased a credit card terminal through MBF Leasing and wanted to return the leased equipment after 14 months. Leaders Merchant Services is unable to cancel this lease or any lease with MBF Leasing. The MBF Leasing contract clearly states the lease for the equipment is non-cancelable and the merchant needs to continue to address this matter with the leasing company. We never tell merchant's to return leased equipment to the leasing company. This exceeds our authority and is contrary to industry practices.

The merchant's complaints should not be directed to LEADERS. We served the needs of the merchant for 14 months without issue. The merchant chose to leave our company and we complied with their request. But the leased equipment is from MBF Leasing and the merchant's complaint should be directed accordingly.