ED Magedson – Founder
Merchants Capital Access515 Broadhollow Rd., Melville, NY. 11747 Melville , New York USA
Merchants Capital Access Frank Fodera Tacked on a Large Penalty without my knowledge Melville New York
During loan discussions with Merchants Capital Access, I asked for next day funding of credit cards and was told this would be no problem. After signing the agreement I discovered that it was two or three days depending on the type of card. Sometime later we ran into financial struggles and started processing with my previous company because of the next day funding. Sometime during this process Merchants Capital used a lawyer to send a letter to my previous credit card processor and the processing ended with that supplier.
When I finally got the account down to a few hundred dollars I checked my online statement and the balance wasn't moving and showed around a $1,500 difference greater from what I showed.
When I contacted Merchants Capital they informed me that this was because the recovery of legal fees for this letter. This letter occured nearly 6 months prior to this revelation and I was never informed that this was the case.
I would recommend never using this company as they are very expensive and tack on fees without notifying the customer that they are doing it.
This report was posted on Ripoff Report on 07/24/2013 10:40 AM and is a permanent record located here: http://www.ripoffreport.com/reports/merchants-capital-access/melville-new-york-11747/merchants-capital-access-frank-fodera-tacked-on-a-large-penalty-without-my-knowledge-melv-1069675. 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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