I'm
a business owner in Huntington Beach that back in 99 had a representative
from Universal Bank that solicited my place of business, walked
in my office took a look at the credit card terminal we had(one
that we own) and told me that it will not work after Y2K that
we will need a new one, he then went on to how he could set
us up with a new terminal on a lease program. I explained to
him that in no way would I sign up for a long-term lease ending
up paying four thousand some dollars for a credit card terminal,
that either I would by one outright or rent one month to month
until we decide what to buy,he then told me that is not a problem
he could put a clause in the contract that it could be canceled
with a 30 day notice. With that option I agreed to let him place
a new terminal at my business,since the one I owned accordingly
to him would not work after Y2K. Some time later I got a visit
from another rep from another bank who also offered credit card
processing, I explained to her the agreement that I had with
Universal and showed her the contract, she looked at the contract
and pointed out that the 30 day clause was nothing else than
a right for the bank to cancel the service and NOT anything
about our right to cancel the lease on the terminal. So having
trusted this individual from Universal on his word,I now realized
that I was locked in to a 48 month contract on the terminal.
Feeling completely taken advantage of by this rep's misleading
statements and of course he never offered me to read the fine
print before signing, besides I never suspected that he would
lie to me about the contract when he told me it could be canceled
at any time. Back then I did not take the time to fight the
matter due to my busy schedule and that I felt that It would
be a major headache that I didn't have the time to deal with.
It was not until earlier this year when a person from First
Bank came by and offered processing service, I told her about
my situation with Universal and what had taken place. She then
asked me if I still had the old terminal(the one that is obsolete)
I did and I showed it to her and she told that this terminal
will still work fine even though now it is year 2002,she hooked
the old one up and VOILA it worked. So now I found out that
all along there was never a need for a new terminal and at this
point I had been making payments of $91.19 a month for THREE
years that was automatically deducted from my checking account.
Upon discovering these facts I called my bank instructing them
to stop the payments, I then gave Universal a courtesy call
telling them I stopped the payments and the reasons why,needles
to say they never contacted me back. On the other hand I am
getting collecting notices from the leasing company who want
an additional $1,816.15 and they have no interest in dealing
with Universal they just want that amount. What am I supposed
to do?
Sincerely, Frustrated business owner
K.S. |
