FBFG Investigating Potential Class Action Relating To Merchant Banking Fees
Are you a small business that processes credit card transactions? Has your merchant bank charged you fees to which you believe you never agreed? Are you being forced to continue paying merchant banking fees, even though your business has closed? If so, you may have a claim against your bank.
In the modern economy, it is virtually impossible for a business of any size to survive without accepting payment by credit card. In order to do so, a small business must use a merchant bank to process those transactions and should be able to rely on those banks to provide this service at a fair price and in accordance with the terms and conditions to which it has agreed. Unfortunately, some merchant banks appear to have taken advantage of their superior bargaining position to impose draconian contract terms and unexpected fees, such as minimum account or early termination fees, on account holders.
Such fees are actionable, and, indeed, a recent publicly-filed federal lawsuit in New York has alleged claims against Wells Fargo Merchant Services, LLC, for misleading businesses about the fees they would be charged for credit card processing services.
Attorneys at Finkelstein, Blankinship, Frei-Pearson & Garber, LLP have successfully brought lawsuits on behalf of consumers aggrieved by the wrongful acts of banks. If you have been wrongfully charged unexpected fees (such as minimum activity or early termination fees) by your merchant bank, please contact us immediately to discuss your legal options.