ED Magedson – Founder
Monex Group135 - 5751 Cedarbridge Way Richmond, British Columbia Canada
Monex Group Trap, Liar, hidden terms, unreasonable charge, unreasonable penalty Richmond British Columbia Canada
I have been using MonexGroup Credit Card Processing Services for almost a year. The sales representative didn't explain clearly to us, only mentioned that they're cheaper and better than all other company in N. America. In fact, NO. Thers's a bunch of hidden fees, abscure transaction when transfering money back to our bank account, the so-called hotline is only open from Monday to Friday, 9 to 5 eastern time, take more than a day for transfering the money ... etc ! Absolutely POOR SERVICE !
Then we decided to look at our options for our merchant processing in Oct'2013 and took advantage of a trial period with Moneris Solutions. The Sales Team of Moneris Solution informed us not to terminate the service with MonexGroup and keep on paying their service even we chose to use the service of them. We have been paying for the service to MonexGroup even though we have not been using the terminal. On Feb 11, 2014, they suddenly sent an email to us for closing our account and charging us $2816.97 penalty for terminating our contract. We have never cancelled our services with MonexGroup and continued to pay all of our charges during this time. We contacted Henry at MonexGroup our sales representative concerning the letter and he explained that MonexGroup is now taking legal action against us. Then we then contacted Brian Griffiths at their legal department to ask what our options are. He was being so rude and stated that the contract stipulated that we were not allowed to look at our options. We explained that it was only trial however now knowing this we would like to continue using MonexGroup services. Brian then told us that if we decided to continue using MonexGroup services we would still be charged for not processing any transactions in the past 3 months.
Monex's stand is that we have to process transactions every month to maintain the account open at any time that we stop processing transactions they will consider that a breach of contract. When reviewing the contract we cannot tell where this is stipulated.
We are so frustrated, we haven't received anything, such as, reminder, warning ... before they sent us the termination letter. We don't expect this is a service. We feel that paying $2816.97 penalty in termination fees for a service we have never terminated is obsured. And they are taking advantage of us in this condition.
Don't use MonexGroup ! It's a trap.
We have just filed a complaint to BBB for this matter and waiting for their reply.
This report was posted on Ripoff Report on 02/14/2014 01:54 PM and is a permanent record located here: http://www.ripoffreport.com/reports/monex-group/richmond-british-columbia-v6x-2a8/monex-group-trap-liar-hidden-terms-unreasonable-charge-unreasonable-penalty-richmond-1123603. 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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