ED Magedson – Founder
ladco/elavon/bank of the westladco 555 st charles dr, siute 200, thousand oaks, Internet United States of America
Last February I started a small business and when I opened a business account at a local bank I was convinced by a very friendly bank representative to go through them for merchant services. At the time I was going to go with an online service where I bought the equipment for a couple of hundred dollars and paid a monthly fee, the company needed a letter from my bank to verify that I was a lagitimate business. The bank repersentative (a very nice lady) warned me against scams and convinced me to get my merchant services through them as their service was honest, she warned me against scams she had been hearing about. The bank is local, small and very wonderful and I trusted her. The equipment arrived a evening before my store opened and was brought over to me by the bank lady who assured me it was a great service and I signed in good faith. From the stickers on the machine and the paperwork that came along with the machine I was under the impression I was dealing with a company called Elavon.
I opened my business and things ticked over but, after several months I decided I could run my business from home and a web site rather than paying rent for a store and contacted Elavon about terminating my lease. They were very helpful and explained there would be a $300 cancelation charge and after a year that figure would be reduced to $200, I agreed to pay and decided to keep my agreement till a year was up (yesterday). When I called Elavon to cancel yesterday the converstation was very polite and everything was going well until I asked them where I should return the equipment, at that point the lady informed me that the equipment was leased through another company and I would need to contact them separately.
When I called Ladco they were very unfriendly, Brian informed me that I had signed a lease that I could not get out of and I was obligated to pay $48 a month for 3 years or could pay the lump sum of $1040. when I asked if he would reduce the amount if I sent back the equipment he said it was only worth $5. I understand that I should have read the contract but this whole thing is a wolf in sheeps clothing, having a smiling bank rep you deal with and trust sell you such an abominable service is just not fair.
When I went to discuss matters with my bank yesterday the manager was shocked and appauled at the contract they had had me sign, this practice needs to be outlawed and I would be very happy indeed to get together with any interested parties to make sure this cannot happen to any other buisness owner. Small business it the cornerstone of our economy and entreperneurs who are willing to take the plunge need to be protected from scams like this, if you go on the internet as I did this morning and look up Ladco there are hundreds of complaints of shady and illegal practices, please help make sure this can never happen again
This report was posted on Ripoff Report on 02/24/2010 05:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/ladcoelavonbank-of-the-west/internet/ladcoelavonbank-of-the-west-ladco-leasing-scam-a-wolf-in-sheeps-clothing-Internet-574486. 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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