Good Afternoon,
To confirm, we have received your closure request and it has been forwarded to the appropriate area for completion. There is no applicable termination fee applying on this closure due to the fact that you have a remaining account (xxxxxxxx1885) that is currently processing. If this account closes in the near future you will be charged the applicable early termination fee.
In case this occurs: Attached you will find copies of your signed agreement with Moneris.
There would be a $1246.22 charge that will be applied to your account for the early termination fee associated with terminating your merchant services through Moneris prior to the term completion date of your agreement. To confirm, your business entered into an exclusive merchant services agreement with auto renewals and the current term was not scheduled to expire until 12-21-2013. The Early Termination Fee is calculated based on the greater of Two Hundred Fifty Dollars ($250) or Bank’s average monthly volume derived from processing Merchant’s transactions (based on an average of the highest three (3) months of processing volume during the previous or current term of the Agreement, whichever is greater), multiplied by .003, multiplied by the number of full and partial months remaining in the term of the Agreement. The early termination fee is referenced on the Schedule of Rates & Fees page in the paragraph below the itemized fees. The agreement conditions, including the term length and auto renewal provision, can be found in Section 9, Subsection d and the exclusivity clause is in Section 15.
You can view the terms and conditions of the contract by visiting: https://www.monerisusa.com/terms-and-conditions.
Thank you,
Merchant Retention Team, U.S.
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Moneris Solutions, Inc.
Ph# (800)471-9511
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