ComplaintsforRTS Financial

• Initial Complaint

  03/31/2024

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  I am writing to file a formal complaint against RTS Financial regarding their wrongful placement of a UCC lien on my name. The purported debt amount of $386.17 allegedly stems from a business that ceased operations over five years ago. Despite repeated requests, RTS Financial has failed to provide substantive evidence supporting this claim or any notification of the debt within the last five years. I contacted RTS Financial's affiliate Lien Solution, who confirmed no indication of money owed on their end. During a recorded conversation with two individuals employed by RTS, a representative and their manager, ******* Both individuals acknowledged no record of debt associated with my name or my former company. Upon ******** recommendation, I initiated contact with RTS Financial's lien support team via email on March 22nd to request the termination and release of the lien. Their response on March 27th suddenly cited the alleged overdue amount. To my surprise, after spending several hours of my time calling and emailing trying to resolve this matter they say I owe money. They stated I owed this money without providing any proof of the debt after my multiple requests. RTS Financial later asserted that the charge stemmed from an overpayment for an invoice issued to my company five years ago. However, during that period, RTS Financial was solely responsible for managing all invoice obligations, thus absolving me of any transactional errors. As per the recovery provisions outlined by the ** ********** ** ****** individuals are not liable to repay overpayments if they were without fault, placing the onus of responsibility squarely on RTS Financial. Given the lack of substantiated evidence and the discrepancy in RTS Financial's communication, I seek your assistance in resolving this matter promptly. A fair resolution would entail RTS Financial filing for the termination of the UCC lien with the South Carolina Secretary of State, effective immediately.

• Initial Complaint

  03/29/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Unanswered

  More info

  Since the day I gave them my 90 day termination request to know renew my contract with them they have been absolutely hell to work with, since the are loosing my business with them they are also trying to make my company go under as well, there is been a tremendous amount of short payments and they don’t care they just take it from your reserves and then when you try to get them all paid back they decide to hold your account at a stand still for. 2 weeks waiting On a 500$ payment that they made the mistake and billed the wrong carrier so the payment went to a different mc#, the entire 2 week waiting period on that one invoice was for no reason it was like they set it up like that on purpose. So I had to buy that invoice backs in order to get my notice of release letter. Well Monday came around and I got my letter of release finally. Thought i was all done. Nope turns out they have to terminate the ucc on file b4 I can get back to billing on my own. So now with invoices tied up, insurance due, employee payroll, fuel bill, all due today on Friday. They are still holding the ucc and not responding to emails about it all week long. It’s like they are just watching me burn my company down simply because they were lying to me on my agreement factoring rate and I found out on my own so that’s why I terminated the contract. Long story short I would never find myself recommending any business to use rts financial as a factoring company!!

• Initial Complaint

  03/21/2024

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  I have a small fleet and I use RTS Financial trucking factoring services for fuel and my loads. I was promised one rate by Sales Representative ***** over the phone, but later they charged me a different rate on paper. Although I did not sign any papers, RTS claims they have all necessary documentation, yet they fail to provide evidence of any signed agreement. Another sales representative assigned to our company, ** *******, is lazy, irresponsible, and overall incompetent. ** ******* never answers his phone and fails to respond in a timely manner. ******, who oversees ** ******* and other sales representatives, avoids my calls and refuses to communicate. I provided a $4000 deposit which has still not been returned by RTS. At this point, as a woman who owns a trucking company, I will file a complaint through the District Attorney's office and will also file a complaint with the Federal Bureau of Investigation to get this matter resolved. I am determined to take legal action if I find more victims with similar cases who have worked with RTS Financial before and got scammed on the phone. I was also scammed by RTS. I will additionally reach out to their parent company, ******** ******* ************ ** ******** *** ********** ** **** ****** ** **** ** *********

• Initial Complaint

  03/19/2024

  Complaint Type:

  Order Issues

  Status:

  Unanswered

  More info

  Im the owner of TNT Transports. I wouldn’t recommend this factoring service to anyone. Upon signing year contract, everyone was friendly and available to get me to sign on. I chose to exit due to my year contract ending and the fact that I was extremely dissatisfied with the service provided throughout the year. They owe me $2500 from money sitting in my reserves and $900 that I have in escrow and it’s been a nightmare trying to retrieve my funds. Once you exit the company, you no longer have access to a rep that can help you verbally. Instead they give you a ‘transitions’ email that take days to respond and aren’t of any help. I just want my money that is owed to me and it’s been a constant back and forth for weeks in regards to this situation.

• Initial Complaint

  11/29/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I paid $300 to receive a $3,000 fuel credit line which never happened once I made the $300 payment I was no longer allowed to get the $3,000 line of credit for fuel because I was mislead as a consumer from a RTS financial representative

  Business response

  12/08/2023

  ********
  
  Thank you for bringing this matter to our attention. We sincerely apologize for any inconvenience you may have experienced regarding your fuel credit line.
  
  Your feedback is important to us, and we take such concerns seriously. Our team is currently investigating the situation to understand the details. We understand the frustration this situation may have caused you, and we want to assure you that we are committed to resolving it promptly.

  A representative will be reaching out to you to gather more information and discuss potential solutions.

  Your satisfaction is our top priority, and we appreciate your patience as we work to address this issue. If you have any additional information or details you'd like to share with us in the meantime, please feel free to reach us at *******************************

  Sincerely,
  The RTS Team

• Initial Complaint

  09/21/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  March 2023 I inquired services from RTS financial (factoring services). I never followed through or signed any contract of agreement. Actually I shut my operating authority down and leased onto another carrier. I informed RTS that I would not be signing any agreement with them because I no longer have operating authority. Today is September 21st 2023, I just renewed my operating authority and I was shopping around for a factoring company. When I found one that I liked I contacted them and agreed to move forward with the contract. I was told by the factoring company that I had a UCC lien filed on my company and in order to move forward I would have to contact the lien holder and have them send a release of service letter. I been calling all morning trying to get somebody on the line to send me a letter stating that I don’t have a active business agreement with them since I never signed no contract. I kept calling, a representative told me that if I was to get a lawyer involved then RTS could be spiteful and take there time and not respond in a timely manner. He also went on to say if I wanted to have the lien removed I would have to pay. He then attempted to negotiate lower rates than the company I chose to work with. I told him that I cannot be persuaded and I’ll do what o have to do to have the lien on my company terminated. He told me he was the only one who could help me. I felt like I was being bullied and taking advantage of for not choosing to do business with RTS financial. I still have a lien on my company and there is no agreement on file with my company and RTS financial. They aré retaliating against me for speaking out and not choosing to do business with there company. Also the representative said they requested that I be released back in April once I told him I wasn’t moving forward.

  Business response

  09/29/2023

  Hi ********

  Thank you for your feedback. We're sorry to hear about your negative experience. A representative has reached out to you to resolve this issue.

  If you have any questions or require additional assistance, please don't hesitate to reach out.
  
  Best,
  The RTS Team
  ******************************

• Initial Complaint

  05/16/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  While being a customer with this company for about a year they suddenly decided to change rules that almost placed me out of business. RTS was factoring our invoices and suddenly stopped paying out our income that our business generates. Long story short RTS makes a sudden decision that because I work w/ ONE broker more than I do others they will stop issuing our funds. There was no warning prior too just a sudden change and our company was not able to receive our Income because RTS suddenly with no prior information froze our accounts. I spoke with senior executives and they confirmed that Defender freight LLC did nothing wrong. That there should have been communication to that RTS did not like when we worked too heavy with on broker. I was able to leave RTS because they were not willing to factor our loads as agreement stated. Fast forward a year later I now have 3 UCC filed with the state of Texas affecting our credit score by RTS. I contacted RTS if owe them any money and they stated NO, I have a $0 balance. But yet I have 3 UCC Filed against Defender Freight LLC MC 1237028 I am disgusted in how RTS conducts business. I demand for these 3 separate UCC filing to be removed

  Business response

  05/26/2023

  Dear Mr. D*****

  Thank you for taking the time to share your feedback. We appreciate all reviews as they help us improve our services. We apologize for any inconvenience or misunderstanding that may have occurred during your experience.
  
  We understand your frustration regarding the freezing of your factoring account. It is important to note that our decision was based on our standard operating procedures and credit concerns. As a factoring company, we have certain limitations and risk mitigation strategies in place to protect both our business and our clients. Concentration limits are put in place to ensure a healthy balance and minimize risk.
  
  In your case, the rapid increase in concentration with a single broker raised concerns, as it exceeded the cap we have in place. We attempted to communicate with you regarding this matter and work towards a resolution that would benefit both parties. We offered alternatives such as diversifying your business and seeking a security deposit to mitigate the credit risk. However, you expressed your preference to find another factoring company that would not impose these restrictions.
  
  We were notified of your decision to pursue a buyout with another factoring company, and we facilitated the transition without charging an early termination fee. We aim to be fair and understanding in such situations, even though it means losing your business.
  
  Regarding the UCC filings, we have been actively working on resolving this issue. We provided your new factoring company with the necessary permissions to terminate our UCC filings once the buyout was complete. We have also communicated this to you recently and requested that you reach out to your new factoring company for further assistance. We understand that the process is dependent on your switch to the new factoring company being finalized, and we have done everything in our power to facilitate a smooth transition.
  
  In our investigation, we found that one UCC filing from our company, RTS, is still active, but it is in the process of being reassigned to your new factoring company. The other UCC filings mentioned in your review do not originate from our company, and unfortunately, we have no control over those.
  
  We genuinely apologize for any breakdown in communication throughout this process. Our representatives have been working diligently to provide you with all the necessary information and resolve any outstanding issues. We value your business and are committed to addressing your concerns.
  
  If you have any further questions or require additional assistance, please don't hesitate to reach out to us directly. We appreciate your feedback and the opportunity to improve our services.
  
  Best regards,
  The RTS Team

• Initial Complaint

  05/15/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I have been under contract with RTS going on 1 year and its been a horrible experience thus far. I wish i never signed up with them. This company has complete control over all my funds and only serves their best interest not the carrier. I have to wait on hold for long periods of time and speak with random people every time to try and resolve any issues im having. I have to deal with smart mouth men who don't attempt to help. They will stop you from being able to do whats necessary for your company to serve the best interest of their business. They will not release letters of release over very small amounts. They will talk good initially to sign you up and treat your business like trash once under contract. I would much rather do quick pays than to deal with RTS its not worth the headache dealing with them. After dealing with RTS i learned that there here to make a profit and cover there end! They don't care about there carriers they will place you in bad spots and care less. This factoring company will run you out of business there not worth the headache. Try Apex or just do quick pays trust me sign up with them and learn the hard way!

  Business response

  05/26/2023

  Dear Mr. ********
  
  We appreciate you taking the time to share your concerns about your experience with our company. We understand your frustration and we apologize for any inconvenience caused during your time with us. We would like to address your concerns and provide some insight into the background of your account.
  
  Firstly, we apologize for the difficulties you encountered while trying to resolve your issues. We strive to provide excellent customer service, and we regret that you had to endure long wait times and speak with multiple representatives. We understand the frustration this can cause, and we will take this feedback into consideration to improve our processes and reduce wait times.
  
  Regarding your statement about us having complete control over your funds and serving only our best interests, we would like to clarify that our goal is to work in the best interest of both parties involved. As a factoring company, we provide funding and financial services to carriers, ensuring their smooth operations. It is essential for us to maintain a balanced approach to protect both our clients and ourselves. We aim to establish a mutually beneficial relationship with our carriers, and we apologize if you felt that we did not meet your expectations in this regard.
  
  In regards to your negative balance and the delay in providing a release letter, please understand that our release process is contingent upon resolving any outstanding financial obligations. Once we identified the negative balance in your account, our priority was to recoup the funds owed to us to maintain the financial stability of our operations. We appreciate your patience during this process, and we promptly provided the release letter once your account balance was resolved.
  
  We want to assure you that we strive to support their businesses of the carriers we serve. Our aim is to provide reliable factoring services and assist carriers in managing their cash flow effectively. We apologize if you felt that we did not meet these expectations in your case. Our representatives have been in contact with you to resolve any outstanding issues.
  
  Once again, we apologize for the negative experience you had with us. We appreciate your feedback, and we will use it constructively to improve our processes and customer service. If there is anything else we can do to assist you or address any outstanding concerns, please do not hesitate to reach out to our customer support team.
  
  ***** *** *** **** ************** *** ** **** *** ******* ** **** ****** ********** ********** *** *** **** ******************************

• Initial Complaint

  05/11/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  They have stalled all operations up. No accountability and making us suffer because they didn’t do their due diligence about our insurance. All our insurances are legit and we are listed on the federal motor carrier website . They are stalling things up because they don’t want to find, and they are lying . I want out of the contract and I don’t want to do business with them . They are sending invoices to the wrong place and holding us accountable for them not doing their job. Charging me more than they told me they would on percentages. I was getting 3.5% with truckstop. Why would I want anything more? This is a big bait and switch. This is not okay.

  Business response

  05/19/2023

  Dear Mr. ********
  
  We sincerely apologize for the negative experience you encountered. We understand your frustration and would like to address your concerns.
  
  Our our team members have reached out to you regarding your issues. They spoke with you directly and successfully addressed the pain points you raised. We have taken immediate action to ensure that your insurance questions have been properly resolved and that you are set up for success with our services.
  
  We understand the importance of promptly resolving account issues and have developed a plan to address any future invoicing concerns. Your feedback has helped us identify areas for improvement, and we are committed to enhancing our services to ensure a smoother experience for all our clients.
  
  We genuinely value your business and regret any inconvenience caused. Should you have any further concerns or questions, please do not hesitate to reach out to us. We appreciate your feedback and are committed to continually improving our processes.

  ********** *** *** **** ******************************

• Initial Complaint

  05/11/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  RTS is a fraud. They are lying to customers to get their business then changing the terms of the agreement in the written contract and refusing to release the contract. My customer service rep told me that I would only be charged 1.85% fee and not to worry about the fee schedule on the contract it was just verbiage they had to add. Initially he told me that the only thing that mattered was using their fuel card. But, then also told me that the gallons pumped didn't matter and was not going to be checked so not to worry about that when I insisted that the number be brought down to a realistic number before signing. It has now been 18 mos and what they didn't tell me was that my rate would begin to fluctuate with the prime rate and it is now 8%. Additionally, they won't not release me from my contract through a buyout unless they get $7500 for money they would make off of me.

  Business response

  05/23/2023

  **** *********
  Thank you for reaching out to us with your concerns regarding your experience with RTS. We appreciate your feedback and would like to address the billing and collection issues you have raised.
  
  Upon reviewing your account and the information provided, we understand that there have been some misunderstandings and miscommunications regarding the terms of your agreement and the information relayed by our customer service representative. We apologize for any confusion that may have arisen during the initial agreement process, and we will take this opportunity to review our communication processes.
  
  In regards to the buyout fee, we understand your reluctance to incur additional costs for terminating the contract. However, as per the terms of the agreement, an early termination fee is applicable. Our team has reached out to you to discuss potential options and work toward a resolution.
  
  Thank you for your understanding. We look forward to the opportunity to address your concerns and find a mutually agreeable solution.
  
  Sincerely,
  The RTS Team
  
  

  Customer response

  05/24/2023

  *** ****** ** ** ******** **** ****** ** * ****** *** **** **** ** * ****** *** *** *** ********* *** ********* ** ** ****** ** ******** **** ********* **** ** ****** ** ******* ********* 
  There is no miscommunication. There are only lies. Here is the agreement I signed on 12/02/21 with RTS. This proposal shows the verbally agreed rate of 1.85% fixed for 12 months. Nowhere on this proposal do they mention fluctuations, prime rates, or anything other than 1.85%. Yet, I am now in an agreement with a fee schedule that differs from the proposal that we spoke about and this one signed on the original date of my conversation with the sales rep because they changed the contract without my consent and didn't tell me they were implementing completely different terms from this proposal. When I questioned the fee schedule upon signing the rep told me it was just verbiage. But, that my fee would be 1.85% as discussed throughout my contract. 

  Further, the contract does mention an early termination fee of $5000. However, what they have proposed is in excess of this despite that I am halfway through this contract. They are asking for a buyout of absured amount of $7500 which they were aware would not be given to further prevent this transition. 

  
  ********** ********
  
  I am rejecting this response because:
  
  Regards,
  
  ******** ******

  Business response

  06/01/2023

  Dear *********
  
  Thank you again for taking the time to share your concerns. We understand that you are frustrated with the current situation, and we apologize for any confusion or inconvenience caused. We would like to address the points you raised and provide some additional information to ensure clarity.
  
  Regarding the agreement you signed on 12/02/21, we acknowledge that the proposal stated a fixed rate of 1.85% for 12 months. However, it is important to note that the proposal only outlined the starting rate and fuel discounts, which are standard practices for our contracts. We do have tiered rates in place, which are determined based on various factors, including volume. When your volume dropped significantly, it resulted in an adjustment to your rate.
  
  Regarding the early termination fee, we would like to clarify the misunderstanding. The $5,000 mentioned in the contract is not an early termination fee but rather a fee applicable when a carrier decides to discontinue our services and switch to another factoring company. This fee covers the investment we have made up to that point in setting up the client's account. However, as your contract is set to expire on 12.2.23, our senior sales management has determined that an early termination fee of $7,500 is appropriate based on the remaining months and the average revenue we generate. This is a common practice among factoring companies.
  
  We regret that you are not willing to accept phone calls from us or engage in further discussions. We genuinely want to address your concerns and find a resolution that satisfies both parties. We value your business and would appreciate the opportunity to work towards a mutually agreeable solution.
  Please let us know if you would be open to reconsidering communication with us or if there is any other way we can assist you. We remain committed to resolving this matter to your satisfaction.
  
  ********** *** *** **** ******************************
  

*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. ↩