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Bank mistake put me out of business!!!

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ReallyTicked

Junior Member
I ran a tour bus business here in Alaska for the first time last season, (May through September). A major US bank set me up with the business account I needed and also credit card processing.

The three year credit card processing contract was signed and I was to receive the equipment by the start of the tour season (Apr 30th 2008).

Throughout the month of May, I continued to inquire at the bank when would my credit card machine arrive, and was told soon. It didn't show until May 29th. I eventually found out that there was an additional signature needed for me to receive the equipment, this oversight was the banks fault, not mine.

My tour season is only five months, meaning I lost 20% of my first year income right off the bat. If I cannot get this lost money back from the bank through a lawsuit or out of court, I cannot get back on the docks to continue with my business. (We have a four year contract with the city). I was not able to pay approx $10k of my bills and need $5k to repair equipment and prepay dock booth leases and insurance.

I need to know if I have a right to seek damages. Can I seek to settle out of court or in court? And if they do not respond in time for me to return to the cruise ship docks this year, can I sue for lost income for the next three years, which will total roughlt $500k?

If anyone knows of a good lawyer that has no problems going after a major us bank, please contact me. Thanks Rick C in the State of Alaska
 
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You Are Guilty

Senior Member
Rick, I have some bad news for you. Unless you have a written contract, signed by the bank, that the machine would be delivered by such-and-such date, the fact that it took longer than you expected to arrive is not something you can sue the bank for and win.
 

Dandy Don

Senior Member
Is the April 30th date mentioned specifically in the contract? If it is, then you may have a case, especially if you can document or estimate what your loss of income was during a certain time period. Consult with a local business law attorney to evaluate your case.
 

HomeGuru

Senior Member
I ran a tour bus business here in Alaska for the first time last season, (May through September). A major US bank set me up with the business account I needed and also credit card processing.

The three year credit card processing contract was signed and I was to receive the equipment by the start of the tour season (Apr 30th 2008).

Throughout the month of May, I continued to inquire at the bank when would my credit card machine arrive, and was told soon. It didn't show until May 29th. I eventually found out that there was an additional signature needed for me to receive the equipment, this oversight was the banks fault, not mine.

My tour season is only five months, meaning I lost 20% of my first year income right off the bat. If I cannot get this lost money back from the bank through a lawsuit or out of court, I cannot get back on the docks to continue with my business. (We have a four year contract with the city). I was not able to pay approx $10k of my bills and need $5k to repair equipment and prepay dock booth leases and insurance.

I need to know if I have a right to seek damages. Can I seek to settle out of court or in court? And if they do not respond in time for me to return to the cruise ship docks this year, can I sue for lost income for the next three years, which will total roughlt $500k?

If anyone knows of a good lawyer that has no problems going after a major us bank, please contact me. Thanks Rick C in the State of Alaska
**A: the way I see it is that you only lost one month of estimated income.
 

VeronicaLodge

Senior Member
and even if you have a contract with the bank im sure there is a limitation of liability clause that reads something to the effect that they are not liable for loss of profits, loss of sales, loss of revenue, and/or interruption to business. i would be very surprised if they didnt.
 

Dandy Don

Senior Member
Why weren't you more proactive in figuring out an alternative option when you realized that they were not going to provide the machine on the anticipated date?
 

ReallyTicked

Junior Member
HomeGuru, the way you see it it's only one month. I have a five month tour season up here in Alaska. Thats is 20% of my income lost right off the bat.

I need this money to get on the docks this May, otherwise I am out of business and stand to lose roughly 500k.

I surely didn't anticipate the bank making such a drastic mistake, so I naturally did not have a backup plan. My wife and I have been saving up for nearly a decade to start this business and now I think we lost it thanks to incompetence on the banks behalf.

Needless to say, now I'm in debt, I have three more years of a city contract to fufill at $25,000 a season (vendors booth fees), not to mention bills I couldn't pay due to running short on funds.

The bank in question will not even respond to my emails, phone calls. How totally crass of them, they might as well send a hit man and put me out of my misery while they are at it.:mad:

I have part of the contract, and have requested the entire document from the local bank rep who set up my account, but like I said before- NO RESPONSE AT ALL. After I lose this opportunity to get on the dock in May, the lawsuit will be a whopper. It would be wise of them to just dish out the $15k I need for insurances, maintenance of equipment and paying back taxes.

Hear that Wells Fargo?

You guys who say I have no grounds, do you have any law experience? Are you a BAR member, or are you just guessing? I think I made a mistake thinking I'd find knowledgeable folks here, instead I've found a bunch of amateur speculators. ha, think I'll take Dons advice=) and stick with the business lawyer.
 
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Might I humbly suggest you remove your personal and business name from your post? Google likes this site a lot, and if people look up your business, they're likely to see this post. This isn't information you want your competitors OR your customers to see.
 

Dandy Don

Senior Member
Talk to a business law attorney about whether it would be advisable for you to have this lawsuit heard in a civil court instead of small claims. If a lawsuit is ever filed, the document that you want from the bank can be requested for court and your lawyer can tell you how to do it.
 

HomeGuru

Senior Member
HomeGuru, the way you see it it's only one month. I have a five month tour season up here in Alaska. Thats is 20% of my income lost right off the bat.

I need this money to get on the docks this May, otherwise I am out of business and stand to lose roughly 500k.

I surely didn't anticipate the bank making such a drastic mistake, so I naturally did not have a backup plan. My wife and I have been saving up for nearly a decade to start this business and now I think we lost it thanks to incompetence on the banks behalf.

Needless to say, now I'm in debt, I have three more years of a city contract to fufill at $25,000 a season (vendors booth fees), not to mention bills I couldn't pay due to running short on funds.

The bank in question will not even respond to my emails, phone calls. How totally crass of them, they might as well send a hit man and put me out of my misery while they are at it.:mad:

I have part of the contract, and have requested the entire document from the local bank rep who set up my account, but like I said before- NO RESPONSE AT ALL. After I lose this opportunity to get on the dock in May, the lawsuit will be a whopper. It would be wise of them to just dish out the $15k I need for insurances, maintenance of equipment and paying back taxes.

Hear that Wells Fargo? Signed Richard Corrigan Alaskan Fun Tours
**A: you have a very poor cause of action. I set up and bank new biz account and ordered and received a mobile wireless credit card machine in 15 days. So you did not take the steps to mitigate your losses and now blame the bank.
 

VeronicaLodge

Senior Member
i seriously doubt the lawsuit will be a whopper unless you mean you will get enough cash out of it to buy a whopper from burger king. but i doubt that as well.
 

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