Complaints

• Initial Complaint

  05/23/2023

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  **************** onwer signed contract with Capiital Depot as a factoring company. Once I transferred the company in my name I looked for better offers since company is in business for many years. I knew I will get better rate by Triumph business so in February I notified Capital Depot manager Anca by email that I do not wish to renew the contract. I attached communication for the reference, you would be able to see the ways she responded. In my emails I tried to get confirmation that she received notice and contract will not be renewed. Once I started working with Triump on transfer, Capital Depo at first didn't respond on our request for the release of information, later noted that I am switching to RTS and also that contract is renewed. I went directly to their office twice to meet the manager so I can get correct infromation on the release and transfer process. She was at first understanding, advising me there is no buyout because there is 0 aging invoices (company didn't operate for a year). That afternoon I received an email with the Wire instruction and $10,000 fee to pay to them. Both, me and Triupmh underwriting team tried to get explanation on the $10,000 amount, unsucessfy. At the end the respond I got is that is not buyout, nor prorated early termination fee, but their fee for canceling contract. I must note that I have advised them more than 90 days before the renewal date that I am terminating the agreement. I did not see anything in the agreement that allows them to charge you $10,000 to get release of UCC and with their way of NON-communication the to enforce the agreement to renew.

  Business response

  06/13/2023

  Capital Depot agreements requires a termination notice to be sent to our office and not via email. Please see Article 17 of the agreement. We did not receive a termination notice in the mail according to our terms. The agreement has an automatic renewal if a termination notice is not received. This is the case an early termination fee was imposed.
  As a matter of fact, the client paid the termination fee and moved the account to the other factoring. I believe this case is being closed. 

  Customer response

  06/13/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

  Case is resolve, release is paid and CD provided release letter. Thank you for assistance and CD on correspondence.

  
  Sincerely,
  
  *************************

• Initial Complaint

  06/08/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I own a small transportation business and we carry loads for the brokers.The invoices we send to the broker get paid by factoring company.They charge us a fee for that service.Recently my team conducted an audit on them and we found out they did not pay us the money they received. Also,as per contract there was no invoice fee,they keep on charging us each and every time.The managers do not respond,they are rude and when we reached out to them they stated we harass them.We reported the company already to ** attorney General and CFPB.Outcome desired:Contract cancellation *** refund for wrongly billed invoices and fraud investigation

  Business response

  06/09/2022

  ********************************, Capital Depot does not owe you a ***** as of today. All your invoices were paid, and all the rebate funds were forwarded. I just called you few minutes ago to find out if you have any problems and you call me F*B* before ending the call. It seems you are a very frustrated person,and you just pick on fights with no reasons. I understand you may have your issues, but weve done nothing wrong to deserve your tantrum every day. Your account representative does not like to work with you anymore as you harvested her and call her names several times. I know you are doing all this just because you would like to exit your agreement without early termination fees. You are just trying to get us upset so we can terminate your agreement. This is not going to happen. You must respect your agreement and if you cannot do so, please pay the early termination fees and you are free to leave. No one is holding you back.Please let me know what your requests are and what can we do for you. Thank you.  

  The management

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩