North American Bancard Stole money from my merchant account Troy Michigan

Dear Loir:

In response to the above-referenced merchant account I am providing the following information. We would like to take the opportunity to resolve this issue without further delay.

First and foremost I would like to apologize for any inconvenience Mr. X may have incurred. Here at NAB we strive to provide quality service to all of our merchant's while maintaining a competitive edge in one of the largest growing industries in the country.

Our records indicate that Mr. X signed a Merchant Account Agreement Application with North American Bancard on or about December 5, 2006 for a term of 36 months, upon which time he agreed to all terms and conditions contained within the Agreement.

The 15% discrepancy questioned is not the Discount rate associated to the processed transaction. Mr. X should refer back to the welcome letter that was dated December 5, 2006 and sent to the address on file. The addendum clearly stated, We are able to approve your application with a reserve that will secure the performance of the merchant account. This reserve account will be set up under the name of Exoloop, Inc. and funded under the following conditions: 15% of gross sales will be deducted from your daily batch deposits prior to settlement. We have included a copy of the Welcome Letter for review in the response sent in writing. The funds placed in reserve may be available for release as also noted. Mr. X may contact our Risk Management Department to inquire on its status.

In closing, our records show that this account has been closed as of July 15, 2008; any and all fees assessed remain effective, as do the terms and conditions of the Agreement. If Mr. X has further concerns, he may contact Customer Service at 800-226-2273 Ext.1300 for assistance.


Sincerely,
Kimberly Tippin
Director of Customer Contacts