Geneva Bancorp

Complaint Experience

N/A

BCA's Summary and Analysis:

Complainants allege that the company accepted up-front deposits on equipment leases, but failed to fund the leases. One complainant alleges the company retained $9,709.44 which consisted of six months of advance lease payments and $500 for documentation fees, but failed to provide the lease financing in time for the customer to pay for equipment. The customer was denied a refund of the deposit when a request was made. Two months later the lease still had not been funded. Another complainant alleges the company withheld $250 for documentation fees after the customer declined to sign a new proposal at a higher price. The company responds to a few complaints by stating the customers agreed to continue with the lease process. They responded to one complaint by stating that the lessee provided misleading information and the lease could not fund unless it was restructured. The company responded to another complaint by explaining that the proposal changed when they determined the customer was a credit risk and the company was justified in retaining the $250.00 to offset their costs. One complaint remains unresolved, meaning the customer is not satisfied with the company's response. A few complaints remain unanswered.

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