• Report: #1038339

Complaint Review: Monex Group

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  • Submitted: Tue, March 26, 2013
  • Updated: Tue, March 26, 2013

  • Reported By: Mark — toronto Ontario
Monex Group
111 Zenway Boulevard Woodbridge, Ontario United States of America

Monex Group Company has requested $9,500 payment from me for cancelation of there services after my contract with them for 5 years! Woodbridge, Ontario

*Consumer Comment: Monex is fraud. Auto renewal should be banned.

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I am a small business owner and  had used monex group services since I signed up in 2008. My contract is completed as of Nov 09 2012. I decided to continue our services with this company. On March 19 2013 I realized a $500 transaction has been withdrawn from our business account.  As I called to ask what this was all about I was told it was a fee that applied to the unusage of the terminal machine for 2 months. I had told customer service that business was really slow and not everybody wants to pay by credit card. I had aslo asked why is it nobody from there company sends any notices or calls to notify us? There response was they do not do that.  Desperate to resolve this matter I had ask them to compromise and have the fees returned to us considering we have been conducting business with them for 5 years with no late payments. Again there reponse was not something they were interested in helping out with. Furious with the customer service they had provided us with, our next step was to cancel there services, so we called and made that request. No problem, nothing said on there behalf. Days later they send us mail indicating that we now owe them 9 thousand five hundred dollars due on April 5 2013 for cancelation of there services...... Unreal how is it possible they could come up with those figures? Apparently they say, if we do not issue a cancelation letter to there company within 120 days before our contract is complete they decide to automatically renew your contract for you and lock you in for another 5 years of horror! If anybody has had any issues simular to this, please help. I do not know what to do all I know is that this is really unprofessional customer service and monex group is a scam company. Stay away or youll be the next victim. They have 67 complaints in the bbb within a short period of time and is plastered all over the internet with many victims caught into there  world of scams and hidden charges... Someone please help, lets get something together and shut this company down! 

This report was posted on Ripoff Report on 03/26/2013 08:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/Monex-Group/Woodbridge-Ontario-l3h3h9/Monex-Group-Company-has-requested-9500-payment-from-me-for-cancelation-of-there-service-1038339. 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

Monex is fraud. Auto renewal should be banned.

AUTHOR: Mohsin - ()

Hi there 

I have similar experience with monex. They are threatening to litigate and asking for more than $ 9000.  this is very odd situation for me and I would like somebody to call me who have been in such sitation.  Pl email me (((email redacted)))  If there is any body interested in a law suit to ban the auto renewal, I will join.

 

 

 

 

 

 

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