I am filing a report about the identical information filed in another report. We used Moneris for more than 3 years, with a contract that automatically renews after 3 years. When I inquired about termination fees, I was told to hold on while the telephone rep checked into it. He came back and told me he saw no reason I would be charged any fees, but could not guarantee that. I closed the account, and was charged $250 in "early termination" fees. I can understand a company charging this in other situations, like a cell phone company that sells you a phone which you cancel early - they've sold you something which you are paying out over time. Or a company that has significant outlay in resources setting up your account. But a credit card company? No equipment was purchased! On top of that, after the entire initial 3 year period is complete, how can there be any "early" termination fee? This is, as quoted in the other complaint, simply a fee they can get away with. And since they have my bank account information and an agreement to put money in (for credit card payments) and take money out (for "discounts" every month), they took the fee out themselves. This is not easily undone, as a charge on your credit card bill may be.
I can only hope many people read this and cost them far more in lost business than they get from these fees. It won't help me get my money back, but anything I can legitimately do to hurt their business, I will. For the record, I am not in the habit of complaining like this. Moneris deserves extra effort here. I'll celebrate when they go under.
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