• 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: 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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#1 Consumer Comment

Name of Business?

AUTHOR: anon23 - (Canada)

what is the name of your business?

similar problems with monex.
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