I am a small business owner. I confided in Business Financial Services (BFS) in accepting a small business loan that they were just itching to give me. BFS connected to my bank account and took a percentage of each credit card transaction from my business. This is how the loan would get paid back.
Last month I switched bank accounts, a choice that was long overdue. Upon switching I immediately notified BFS by phone. I submitted a facsimile following the phone call with a Bank Change form with a copy of a voided check to my new bank accoun attached. After faxing, I received the confirmation report that the fax did indeed go through.
Well, just last week I began to receive harassing phone calls from BFS and their peon, Koch Recovery. They harassed my employees over the phone. They were of the utmost unprofessional. It got to a point were the harassing turned into threats. Because of this I was forced to contact the police in which a report was filed against this company.
BFS continued with the harassment. They told me that if I did not submit the full amount of the loan within 48 hours (nearly $13000) that they would be by business and repo everything. They wished me good luck and told me that it would be in my best interest to seek new employment! Can you believe the nerve??
I could not understand why BFS was acting in this hostile and juvenile manner. I contacted BFS & Koch Recovey and they explained that they never received notification that I changed my bank account information and because of it, they explained that I forfeited my contract. I explained to them that I phoned them as well as sent correspondence via facsimile upon changing my bank accounts. I even faxed over to them the original fax along with the confirmation report.
BFS told me that they did not care and that it was no longer their problem. It did not matter to them that I properly notified them of such changes, and it did not matter that I did not "truly" breach contract. What mattered to them was the present and them getting their hands on MY money within two (2) days!
BFS failed to take responsibility and failed to take fault in this situation. Even after immediate and proper notification of account changes, BFS still holds that I breached contract even though I absolutely did not. They fail to see fault on their end.
In fact, they do not care. This is what they do. They can dream up a "breach of contract" regardless if it is truly a breach of contract. They harass you and tell you that they will repo your business. They threaten you and torment you that your business will cease to exist and that they will force you to close the doors.
This company should not have the right to be in business. They are crooks! Crooks that should be behind bars! Why should we allow them to continue to prey on small businesses? We need to put an end to them now and forever!
Who is to say that they do this to handful of accounts? That they make up a "breach of contract" so that they can recover their funds within two (2) days as opposed to two (2) years or longer? If they did it to me, they will certainly do it to you!