• Report: #896496

Complaint Review: Monex Group

  • Submitted: Tue, June 12, 2012
  • Updated: Thu, November 01, 2012

  • Reported By: chris — London Ontario Canada
Monex Group
71 Silton Road , Unit 3 Internet United States of America

Monex Group Monex/Money Express Financials/Money Express POS Solutions/CIT/LFG Auto-Renewing 7.5 Year Contracts, $1000 cancellation fees, No Terms & Conditions, Internet

*Consumer Comment: Monex defininition-- scammers and liars

*REBUTTAL Owner of company: Currently experiencing similar problem with Monexgroup

*Consumer Comment: Name of Business?

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Hi everyone.

I want everyone to know how Monex Group and it's involved companies treat you. I am a small business owner of local computer store. I originally signed up with Monex Group for their Debit Machine services back in November of 2004. I have since been stuck in this contract for 7.5 Years. I would now like to get out , and switch providers; as the customer service, and trust just isn't there with Monex.

It is now June 2012. I called Monex a few Month's ago ( Roughly early January 2012 ) to find out when the contract was up , and to cancel my contract. I was told their is a large fee ( around a $1000 ) cancellation fee, and that i was unable to cancel it unless i was willing to pay. I was also informed i was in a 7.5 year contract, which is Auto-Renewing in june 2012. I was informed to call back in June when i was ready to cancel the contract, or pay the large sum of money upfront. at this point i wasn't logging my conversations, as i didn't think it would end up becoming a nightmare.

On June.8th 2012 ( 4:40pm ) i called into Monex again , to look into my contract information. I requested the information, I was told that i was paying 9 cents per transaction , and a $9.49/m service fee. as for the contract end date.. I was told that my contract was 7.5 years, and that I signed Nov.22nd 2004 , and my contract was over Nov. 2012. I said to the Representative that makes 8 years not 7.5 years. She put me on hold to double check. When the Representative returned she now tells me my contract Auto-Renewed in April 2012 ( for another 7.5 years!!!! ) . I informed her that a 7.5 year term would mean the contract ends on June.22nd 2012 based on the sign up date. At that point the agent hung up.

I called back 15 min later to get the story straight. This time i spoke with Tashna and was informed i'm paying 10 cents per debit transaction and $9.14/m service fee. ( is this company just making up prices? ).  I asked this agent same question, when my contract is ending. I was told she was unable to find the contract on her system. Yet not more than 15 min ago they were able. The Agent told me she would file a "request for the contract" and i would be receiving it via email in 48 hours.

I did receive the copy of the contract from monex via email within the time frame originally quoted. however it wasn't a complete contract, simply a invoice for the debit terminal , with my signature on it. right above where i signed it shows "I agree to the terms and conditions provided on page 2 ". There was never a provided copy of page 2 via email. Nor can i find any record of the terms and conditions on the so-called "page 2 " dating back from 2004. 

I called back June.11th 2012 to speak to monex regarding page 2 of the terms and conditions, spoke with janice briefly. I was then transfered to Brian Griffiths in the "Legal Department / cancellations " Department. As apparently he handles all the cancellations, because they don't actually have a cancellations department. ( Probably because their a big scam, and impossible to leave ). 

I spoke with Brian regarding getting my hands on page 2 of the contract, as well leaving monex. Brian offered horrible service, and doesn't seem much a people person.I was told that Monex Required 120 days written notice prior to canceling, otherwise their would be a cancellation fee. This is ridiculous as i called back in January, and nothing was mentioned about written notice. 120 days, that's 4 Monthes! what company requires that anyways? Without the terms and conditions i don't even know if that is true.

I was also told that before anything can happen he would have to "review" my contract. This would be done at his convenience , when he has time. I asked for a approximation and was given nothing. just whenever he got around to it. how re-assuring is that? I mean this is the legal department!!! 

Is brian just going to sit around for 3 weeks and let my contract Auto-Renew? what do I do ?.

Later that day , i thought i'd'e try another method. I contacted Live Chat Support found on Monex website. spoke with Lauren McCullough. Again i requested they email me my contract. she was very kind, and attempted to be helpful she said she would send me the contract and that it won't be an issue. she was going to send me an email within 10 min. 20 minutes later i did receive and email. However as you might guess it wasn't the contract. it was the run-around again. i was told my contract was very old, and that they would need to dig it up. it will take another 48 hours to request it again. 

at this point i don't know what to do , other than to expose the company, and to seek the help of other's who have had similar experiences. As of today i have send a letter of cancellation to Monex via Email , Fax, and Registered Mail. I don't want to be a part of this horrid company any longer. I will also be filling a complaint with my local better Business Bureau today. 

Has anyone else on this forum had this problem obtaining their contracts , made up prices , etc.. this company is a Major Scam.. Please Help me get out of the contract!!!

This report was posted on Ripoff Report on 06/12/2012 01:49 PM and is a permanent record located here: http://www.ripoffreport.com/r/Monex-Group/internet/Monex-Group-MonexMoney-Express-FinancialsMoney-Express-POS-SolutionsCITLFG-Auto-Renew-896496. 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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Updates & Rebuttals

#1 Consumer Comment

Monex defininition-- scammers and liars

AUTHOR: Debbie - (Canada)


You are not alone!!

They increased my rates from 7 cents per transaction to 25 cents per transaction without notice.

By law they must notify you 3 months prior to increase which gives you the opportunity to end the contract.

When I demanded to see the notice they could not produce it---said it was posted online but they took it down after the increase.  

I contacted the FCAC and they suggested I get in touch with Interac and file a complaint.  

Interac asked to see the increase notice which they created months after the increase to appease interac.   Any reputable company would have given the customer proof of the notice of increase on demand if it existed.  Their new story was they had mailed it and produced this fraudulent letter  to Interac.

They also told Interac when I had contacted them origanally that they had offered to reduce my rates back to the agreed on contract rate, provide new machines and without increasing the term of my contract.

The real story was they wanted to extend my contract for another 4 years---I refused and insisted since I not recieved notice the contract was void or put my rates back to the signed contract rate

After Interac told me of Monex fictious offer  that they had supposedly provided to me I responded by requesting that if they are telling the truth then offer it now. 

Interac asked them to come good with their offer but they declined saying I had taken to long to accept.


During the investigation, you later expressed that you would like the Association to
ask if Monex would reduce your rates and upgrade the equipment, but only under the condition that you could complete the remaining term under the initial contract.
The Association presented this request to Monex on your behalf, and it's Monex's position
that they presented the offer in good faith on April 6, 2016 and April 13, 2016 in which you had sufficient time to accept the offer, but you declined. Therefore, Monex has withdrawn their offer and expects that you will continue to comply with the terms of your original contract.
If you have any questions, please do not hesitate to contact us.

I recommend anybody dealing with this company that has any issues big or small contact the FCAC and Interac--compliance and regulations
It was strongly indicated that there are lots of business with the same problems with this company
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#2 REBUTTAL Owner of company

Currently experiencing similar problem with Monexgroup

AUTHOR: sb-owner - (Canada)

I have the misfortune of switching to Monex group for Payment Processing Terminal for my small business on Jan. 29, 2012. The Regional Sales Manager who encouraged me and got me to sign for the switch is apparently no longer with Monexgroup although I still have his old contact card. I was told by Marco (the name of Regional Sales Manager)  upon signing the contract that the Payment Terminal Machine was a lease to own. I use this Terminal only when a customer doesn't want to pay cash or do not have enough cash in hand. I also sell my merchandise on my business website that uses Paypal for billing and payment collection services which does a wonderful job for this particular business needs. My business at the Plea Market operates only on week-ends and to maintain, repair, lease, and extra charges costs I realize I'm not getting my money's worth due to frequent inactivity. At one time the Terminal refused to go online for customer payment, I have to pay $80.00 to get it working online again. Hence, I decided to cancel my account and faxed the cancellation on July 6, 2016 with Monex group.

After I faxed my cancellation, I received Monexgroup's response that showed I apparently owe them $479 (which is supposed to be paid by check on July 22, 2016) for breaching my contract that automatically renewed Jan. 29, 2016. I really think I should have received a note regarding this automatic renewal but I did not receive any notice at all. I just checked my online business account with my bank and  I noticed that Monex has already taken $500.00 on July 11, 2016 for miscellaneous fee; $169.15 for Service Charge on July 8, 2016; and $78.94 for Terminal Rental. I intend not to pay Monexgroup the $479 that was billed to me payable by check July 22, 2016 as I think this company is now really taking advantage of me. Hopefully I can take this complaint to the attention of BBB as well whatever the outcome of this problem I consider rip-off.


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#3 Consumer Comment

Name of Business?

AUTHOR: anon23 - (Canada)

what is the name of your business?

similar problems with monex.
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