- Report: #367884
Report - Rebuttal - Arbitrate
Complaint Review: Innovative Merchant Solutions
Innovative Merchant Solutions26541 Agoura Rd #200 Calabasas, California U.S.A.
Innovative Merchant Solutions Charged $295 Termination Fee after 4 YEARS of Doing Business with ME Calabasas California
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I set a merchant account for my company K12connect, Inc. over 4 years ago with a phone rep. I cancelled our account this month because we are switching to a new merchant bank. I called customer service and was told to "just fax over a letter" saying that I wanted to cancel the account and "everything would be all taken care of." I did so and about a week later $295 was taken from our bank account (plus the normal 30.00 monthly fee). As many others have reported on this site, when I signed up for the account the sales rep made absolutely no mention of this "Termination Fee" and assured me that I could cancel anytime after 6 months with "no penalty".
Further, for the first 3 years of having this account, everymonth we got charged a mysterious $14.99 fee in addition to our normal minimum monthly account charge. I called and called at least 5 times and the customer service department could never even identify what the charge was for. Finally I put a stop payment on any transactions from them and they were finally able to identify the charge as my "subscription fee" for being enrolled in their "Merchant Supply Discount" program (which the sales rep never mentioned and was not listed on my contract). They did refund 1 year of the charges, but I still got fleeced for about $360 for for the prior two years.
New york, New York
This report was posted on Ripoff Report on 08/28/2008 01:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Innovative-Merchant-Solutions/Calabasas-California-91302/Innovative-Merchant-Solutions-Charged-295-Termination-Fee-after-4-YEARS-of-Doing-Business-367884. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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