Complaint / review text:
On Jan. 2nd, 2013 I sat down with a personal banker at Wells Fargo Bank in Visalia Ca for more than two hours to set up my first business account, I am a newlywed college student just getting started in business. With my husband present not once where the words "lease" or "48 month commitment" or "non cancellable lease" or First Data mentioned. I was briefly introduced the merchant services associate and was told to come back tomorrow or the next day to finish the process for the business for the merchant serviced. I returned on the 1/04/13 and signed the paperwork handed to me by the branch manager. It wasn’t until the following month on 2/12/13 a charge was drafted out of my business account for $141.04 for a "Bankcard fee and interchange fee". Surprised, I contacted the merchant services rep who stated it was a set up fee for the terminal. I stated that I don't remember this fee being mentioned in the set up meeting and that I wanted the amount refunded. It was then only after inquiring with the Merchant Service manager, I was made known to me that I unknowingly signed a non cancellable 48 month lease First Data and a 3 yr agreement with Wells Fargo Merchant Services that included a $500.00 early termination fee. I promptly filed a complaint with the Better Business Bureau and Well Fargo apologized and canceled the merchant services account and waived the $500.00 fee. But First Data will not close the lease, a representative stated that Wells Fargo must request that the lease be closed.in a letter from Wells Fargo Merchant Services Executive office dated 3/14/13 stated that I would need to contact First Data regarding the cancellation of the lease. Neither party is accepting responsibility for this fraudulent lease agreement. First Data had acquired the 48 month lease agreement by means of Wells Fargo failure to disclose information regarding their merchant services. I want my money back and to return the terminal and the lease obtained by First Data Merchant Services through fraud cancelled immediately.