Northern Leasing - I GOT RID of Northern's Lease

Northern Leasing - My bank account has been frozen to include my salary and retirement

Northern leasing has froze my bank accounts, please read this!!!!!

As a small business owner you don’t have extra funds to waste on poor business practices or poor investments. It can be challenging, however, to actually sort through all of the companies you do business with on a daily basis. It’s increasingly necessary, however.

Small Business Fraud

The companies bound and determined to harm others don’t usually attack the large corporations. They don’t go after the government where they can be easily identified and prosecuted. Instead, they tend to target the small businesses out there that don’t have the time or resources to take them to court or to perform complex background investigations before signing a contract.

Most small business owners accept this as a risk of being in business, and they work to sort through the industry’s offerings to find those who rise to the top as reputable business people. Of course, sometimes a company may slip through looking reputable when it is anything but.

The area that needs the most careful monitoring is anything financial. When you turn over a bank account number to a company for any reason, you had better be willing to stake your salary, your retirement and your entire business on their reputation.

Of course, if you’re a business interested in defrauding customers, the best place to work is in direct connection with a bank account. It’s a shame that payment processing – a job that should be reasonably dependable – can be so fraught with peril.

Losing Money to Fraud

Take for example the payment processing company whose employees work hard to save their customers money. The customers, small businesses naturally, sit down with a representative to sort through the paperwork, lease equipment to process checks and credit cards and then arrange fees in a way to best suit the business.

It seems like an ideal arrangement, and the customer support that comes with the equipment initially makes you feel comfortable that this is a company who will stand behind their products. And they do.

They stand directly behind their products with their hand in the till.

You start noticing a problem when your bank accounts don’t seem to match the reports for processing. The fees are heavier than discussed. You may realize that the company you were working with has sold your account to a larger company and the good feelings are quickly disappearing.

Suddenly you’re paying fees you didn’t sign up for. You look back through the paperwork and discover hidden clauses in the back. Panicked, you cancel the lease and return the equipment. You may even feel relieved that you have broken ties with the company before things got worse.

But they are already worse.

The company may have their leased equipment back, but they demand more fees for returning it. And until they get their fees, they freeze your accounts.

Now you’re a small business with frozen bank accounts, and nothing short of legal intervention is going to get this shady customer out of your banking. If you don’t move fast enough you may even wind up the proud owner of a failing business.

Small businesses need cash to survive, after all.

Protect Your Assets

The next time you sign up with a credit card or check processor, that’s assuming you still have a business to take credit cards, do more research initially.

But even better – take action with your bank before taking action with the company. Immediately close out the account citing fraud. It may be a headache to write up new checks and sort out payments from a new account, but at least you’ll still have your funds available.

Best of all, the fraudulent processor can’t do much with a closed, empty account anyhow.