However, the parties were known to have reached a settlement amount in April 2006. If you have any knowledge of how this case was resolved, please share that information in the comment section below this review.Key Points North American Bancard’s most frequently cited drawback seems to be its marketing practices.The complaint further alleges that as a result of this, North American Bancard advised CP Direct to create a new company and reapply for processing under the untarnished name.
According to Warfield’s complaint, these payments totaled over 0,000.
Nearly all of these problems can be traced back to agents who fail to verbally disclose important terms of the contract.
These agents are either unaware of the terms or rely on merchants to read the fine print prior to account setup; however, we hold providers responsible for their agents’ actions since the provider enforces the terms and conditions of the contract and sets the policies by which agents can sell their services.
North American Bancard’s standard contract (available below) has a service agreement of 36 months with what appears to be a Liquidated Damages Early Termination Fee (ETF) that is automatically debited from a merchant’s checking account upon cancellation of service.
Essentially, merchants who cancel service prior to the expiration of their contract will be expected to pay the remainder of any monthly fees that would have been assessed throughout the entire contract, with the minimum ETF costing 5.