Bank of America
$500 fee for closing your Merchant Services Account

I recently closed my business and as such wanted to close my business checking account and Merchant Services account. After closing my business account I was told that BoA does not control their own Merchant Services but this was done my an outside company. The customer service associate at the BoA branch was nice enough to help me close the account where I was then told that I would incur a fee for closing the merchant services account and that fee would be applied to my newly closed checking account, which would open my checking account incurring a $35 reactivation fee plus a $35 non sufficient funds fee, and then this would be referred to collections for a $100 collections fee. I then asked how much that termination fee would be and they said that they did not know but I could call someone in Merchant Services on Monday to determine the fee.

I went home that night and looked at the contract I signed with BoA Merchant Services does it say anything about there being a mandatory 3 year period nor is there a mention of a fee associated with early termination. I looked at all documentation sent to my by BoA and I do not have anything that indicates any fee of any type.

When I called on Monday I found out that my termination fee was $500. I asked them if they had any proof of me ever agreeing to that fee and they said it was part of their policy that could be found online. I asked to speak to a supervisor and was informed that she was the supervisor but they were not allowed to waiver any fees.

So - because my business is no longer needing BoA services I will have to pay them $670 in fees and penalties.

This is not right and no-one has been able to show me the contract I signed agreeing to these fees... However... Do I have any rights to say I will not pay these fees?

Company: Bank of America
Country: USA
Address: 100 North Tryon Street Charlotte, NC 28255
Site: bankofamerica.com

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