I set up an online store last December with Bankcard USA. I was told the account could be cancelled ANYTIME. I was told that the setup time for this would be one day. The rep faxed me some forms and I trusted him. He filled everything out and I signed what needed to be signed. (He actually called me back and told me what pages needed to be signed so he could get set up the account immediatly).
It took 2 weeks before I heard anything from them again. During that period I kept calling and was told I had to speak to the rep, but he was never available.
I received a credit card terminal, and was told it was part of the account. I called and said that I didn't need it as it was an internet business, I would never be dealing physically with a customer. I was told that was fine, I could send it back, but I had to activate it to start the merchant account.
I did this, and waited. I never got the business off the ground, and meanwhile I started getting more and more charges taken from my account. I called in April and cancelled the account. Next I start getting calls from CIT telling me that I was late on payment. I told them I had cancelled the account and was in the process of sending the equipment back.
I was given an address and told to enclose a letter stating why I was sending it back. I sent the equipment to them with delivery confirmation. If I was going to have to continue paying off the 48 month lease, why was I given an address to return the machine to. My conversation with her led me to believ that after sending the equipment back everything was over and done with.
After a few days I started getting phone calls from CIT and I informed them that I had sent it back. It was then I was informed that it was a non-cancellable lease and had to continue to pay them until the 48 months were up.
Since then I have been getting calls about 5 times a day. I informed them that I had been told I could cancel the account anytime. They said that I couldn't. The way the rep made it seem in the beginning was that I could cancel at any time, but that I could not have my account closed by the company for no reason after having paid them for so many months.
In other words if I paid them for 47 months they couldn't up and demand the equipment back before the lease officially ended, leaving me with nothing to show for the almost $3000 I would have paid,one month short of the lease ending.
I have been paying about $60/month since December. I closed my bank account because of the payments being withdrawn. They will not accept that I was told I could cancel the account anytime. I went back through my paperwork and saw that I had signed the lease hidden in among other things. Does anyone know what I can do about this? I really feel like I've been naive and been taken advantage of. I will have to pay about $3000 over the next 4 years for a $250 machine that I never needed nor would ever have a need for.
The reps from CIT have been harassing and rude, to the point of being beligerent. They have been told numerous times not to call back but have continuously been doing so.
If there is a class action suit against this company please contact me immediately as I think something needs to be done to stop these merchant account businesses and "lease" companies from getting away with their dirty business practices.
Hudson, New York