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(800) 683-5433
Note: As of 2022, it has been some time since we saw any evidence that Golden Eagle Leasing is still in business. However, because of the ongoing legal issues of parent company Northern Leasing Systems, we will continue to monitor Golden Eagle Leasing. If you have any information that the Golden Eagle brand is still in use, please let us know in the comments.
An Alternate Name of Northern Leasing Systems
Golden Eagle Leasing is one of several business names used by the equipment lease provider Northern Leasing Systems, whose Chairman and CEO is Jay Cohen. Other affiliates include MBF Leasing, Lease Finance Group, and Lease Source-LSI, LLC. Golden Eagle Leasing was originally a subsidiary of Hypercom but was sold for $30 million to Northern Leasing Systems in 2003. The company has since been wholly absorbed into the Northern Leasing brand, but it appears that some leases continue to be sold under the Golden Eagle name. Northern Leasing does not seem to maintain an independent website for Golden Eagle Leasing at this time.
Northern Leasing Systems Lawsuit Update 2021
In June 2020, the New York Attorney General won the 2016 lawsuit filed against Northern Leasing Systems, Inc, voiding thousands of fraudulently-induced credit card equipment leases. The ruling also vacates nearly 30,000 default judgments and bans Northern Leasing from engaging in equipment leasing, effectively dissolving the company. The Attorney General’s victory will also force Northern Leasing and its related entities, Northern Leasing’s chief executive officer, and others who engaged in the fraudulent scheme to provide restitution to small business owners who were fraudulently induced into financing leases for credit card processing equipment from April 1, 2013, through the present. Northern Leasing is ordered to dissolve 60 days after providing relief. Restitution amounts are to be set by the court at a later date. Small business merchants are not required to take action at this time in order to receive restitution.
In February 2021, the Supreme Court denied the Northern respondents’ motions for discovery and a trial or evidentiary hearing and denied the Attorney Respondents’ motion for summary judgment dismissing the petition as against them, effectively upholding the 2020 decision.
Additionally, according to EINPresswire, in November 2020, the OAG brought forward another, separate proceeding after discovering that Northern Leasing’s owners and officers had created two new entities — NLS Equipment Finance and Leasing Expenses Company — to continue defrauding small businesses using the same scheme barred by the court in the prior litigation, as well as to continue collecting on leases rescinded by the June 2020 court order.
The companies found liable by this ruling — also issued by the New York County State Supreme Court — were operated by former Northern Leasing Chief Financial Officer Ariel Schachter and former Northern Leasing officer Sara Krieger and were owned by trusts that benefited the families of Northern Leasing’s owners, Jay Cohen and Leonard Mezei. The court found that these companies had “risen on [Northern Leasing’s] ashes” in an earlier December ruling that granted a temporary restraining order barring them from collecting on any equipment leases. In February 2021, New York Attorney General Letitia James issued a decision and order in February 2021 effectively shutting down Northern Leasing Systems’ alleged attempt to continue to enforce illegal leases, including those voided in the 2020 decision. The parties named in this proceeding include Leasing Expenses Company LLC; NLS Equipment Finance LLC; Leonard Mezei; Ariel Schacter; Sara Krieger; Jay Cohen; a Jay Cohen Family Trust; Fieldston Capital LLC; and JS Ventures Holding LLC.
Despite the extensive and public legal action against the company, Northern Leasing Systems appears to be still operating at some level, as per a promotional article from March 18, 2021, celebrating the company’s 30th anniversary penned by founder and president Jay Cohen posted to PRWeb, a promotional website. Additionally, some former customers report to the BBB that they continue to receive bills from Northern Leasing Systems, including for properties that the customers no longer own. According to some comments from customers, Northern Leasing Systems no longer answers communications, though they continue to list a phone number on their website.
Golden Eagle Leasing Point of Sale
Golden Eagle Leasing is not a merchant account provider; rather, it leases credit card processing equipment like terminals, printers, barcode scanners, and other point-of-sale technology. As with Northern Leasing and Lease Finance Group, Golden Eagle’s equipment leases are often packaged with the merchant accounts of payment processors, meaning that the company’s customers are usually unaware that they are signing up for service through multiple companies.
For a more complete analysis of the primary company behind this network of lease providers, please see our Northern Leasing Systems review.
Golden Eagle Leasing Review Table of Contents
- Costs & Contract: Golden Eagle offers 48-month, non-cancellable equipment leases that often cost many times the purchase price of the equipment.
- Complaints & Service: Golden Eagle complaints number more than 700 on public complaints forums.
- BBB Rating: Golden Eagle has no rating with the Better Business Bureau.
- Sales & Marketing: Golden Eagle allows independent sales agents to package its equipment leases with other merchant accounts and has received an extremely high number of merchant complaints about its sales practices.
Golden Eagle Leasing is a POS leasing branch of the former Northern Leasing Systems.
Golden Eagle Leasing Reviews and Complaints
Here's What Their Clients Say
Complaint Summary
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Total Online Complaints
700+
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Live Customer Support
Yes
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Most Common Complaint
Non-Cancellable Lease
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Lower Complaint Total Than Its Affiliates
There is a much lower volume of negative Golden Eagle Leasing reviews than its fellow Northern Leasing companies; however, the company still shows over 60 complaints in a search of Ripoff Report. Common themes among complainants include non-cancellable, long-term leases, expensive equipment, deceptive sales claims, poor or unavailable customer service, and aggressive collections practices. We will also hold Golden Eagle accountable for the hundreds of complaints filed against its DBAs, as there appears to be little if any separation between these entities. If you have your own Golden Eagle review to make, please do so below.
Northern Leasing Systems Lawsuits and Fines
In March 2013, the New York Attorney General reached a multi-million dollar settlement with Northern Leasing and its affiliated companies over a scheme to drain nearly $11 million from the bank accounts of small business owners. The case alleged that Northern Leasing had created a shell company called SKS Associates LLC, through which Northern Leasing misled customers and began withdrawing lease payments from merchants’ bank accounts long after their leases had expired. Although this settlement concludes the Attorney General’s lawsuit and appears to be the end of SKS Associates, Northern Leasing and its related companies still conducted business and grew into a very large equipment leasing network.
In April 2016, the New York Attorney General filed a lawsuit against Northern Leasing Systems, Lease Finance Group, and MBF Leasing “for their fraudulent and deceptive practices that trap small business owners across the country.” The lawsuit alleges that Northern Leasing Systems and its subsidiaries knowingly deceived thousands of business owners into buying overpriced equipment and then abused the judicial system by filing suit in New York to collect on overdue lease payments. The lawsuit seeks to vacate default judgments obtained by Northern Leasing against business owners, enjoin the company and its owners from further deceptive practices, obtain restitution for merchants, dissolve Northern Leasing, and force the company to notify all three major credit reporting agencies that the default judgments have been vacated. It was allowed to proceed in December 2017 and was resolved in June 2020 with a victory for the New York Attorney General, providing relief to thousands of small businesses. This marked the second action that the New York Attorney General took against Golden Eagle Leasing. Merchants who have been harmed by Golden Eagle Leasing are instructed to take no further action at this time. Restitution amounts are to be set at a later date, undisclosed as of this review.
In 2021, the Supreme Court upheld the 2020 decision and the New York Attorney General made a further decision and order shutting down subsidiary companies that Northern Leasing Systems was allegedly using to attempt to continue to enforce their voided leases.
Over the time of its existence, Northern Leasing has racked up about $11,300,000 in fines for fraud, benefit plan administrator violations, and consumer protection violations.
Golden Eagle Leasing Customer Service Options
The company (as Northern Leasing Systems) offers dedicated support numbers and emails on its website.
We have located multiple Golden Eagle Leasing (Northern Leasing Systems) customer service numbers:
Golden Eagle Leasing – Toll-Free General Customer Service
(866) 781-0440 – Lessee Customer Service
(866) 781-0440 – Lease Documents
(888) 607-3607 – Collections
(800) 342-7172 – Fax
Northern Leasing Systems also offers the following email addresses:
Based on merchant feedback, these communication channels appear to be lacking when compared to top-rated providers for customer service.
Golden Eagle Leasing BBB Rating and Report
Our Better Business Bureau Profile Assessment
BBB Summary
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Total Complaints
0
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Resolved Complaints
0
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A Newly Dedicated Profile
Golden Eagle Leasing previously shared a BBB profile with Northern Leasing Systems, which is not an accredited business with the Better Business Bureau and held a BBB rating of “F.” At this time, the company has no BBB profile and is not rated by the BBB.
A Well-Deserved “F”
In light of the company’s association with Northern Leasing Systems, we agree with the BBB’s previous rating of an “F” for the company.
Golden Eagle Leasing Fees and Rates
A Closer Look at the Contract
Cost Summary
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Swiped Rate
N/A
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Keyed-in Rate
N/A
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Early Termination Fee
Liquidated Damages
|
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PCI Compliance Fee
N/A
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Equipment Lease Terms
48 Month (locked)
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Non-Cancellable Four Year Term
The standard Golden Eagle Lease Agreement contract involves a non-cancellable 48-month agreement, which means that upon signing the lease, merchants are obligated to pay the full cost of the four-year lease whether they use the equipment or not. The full cost of standard Golden Eagle rates and contracts appears to be several thousand dollars, often up to ten times the cost of purchasing the leased equipment independently. It should be noted that most credit card terminals can be purchased for under $500. Non-cancellable, long-term leases mean a merchant can pay thousands for that same equipment making them a contract term to avoid. We encourage merchants to check out our list of the providers of the best merchant services.
Contract Termination
To terminate the contract, merchants can either notify Golden Eagle of their intent to terminate the contract, return the equipment, and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments. It appears to be standard company policy to simply withdraw the amounts owed on delinquent accounts in monthly or lump sums, often without ever notifying the merchant. The vast majority of complaints online indicate widespread dissatisfaction with these contract terms, and we are inclined to agree with the merchants in this case. Golden Eagle’s leasing terms are not at all competitive with the equipment rental terms offered by budget-friendly credit card processors.
Golden Eagle Leasing Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Key Points
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Employs Independent Resellers
Yes
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Advertises Deceptive Rates
No
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Discloses All Important Terms
No
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A Supplier for Resellers
Golden Eagle allows independent sales agents with any merchant account provider in the industry to resell its equipment leases as an addendum to his or her usual merchant account contracts. Golden Eagle appears to exercise little-to-no oversight when it comes to how the agents sell its products, but it will typically enforce the full terms of the agreements that are signed.
This does not compare favorably to our list of best credit card processors.
Hundreds of Sales Complaints
We have found hundreds of Golden Eagle complaints filed against the company and its DBAs that allege that the sales agent did not disclose the conditions of the equipment lease. There are also numerous reports of aggressive collections efforts by Golden Eagle, even when merchants state that they were completely duped into signing the agreement. In general, there is no positive information to be found about Golden Eagle’s sales approach, and the company has earned an “F” in this category. Merchants are advised to seek a third-party statement audit to renegotiate the terms of improperly disclosed equipment leases.
Golden Eagle Leasing Review Summary
Our Final Thoughts and Opinions
An All-Around Terrible Option
Although Golden Eagle Leasing is a lesser-used DBA of Northern Leasing, it appears to offer the same expensive, non-cancellable contract terms that its affiliated companies provide. We do not recommend that merchants sign any contract with Golden Eagle at this time, and we advise business owners to carefully read the terms of any lease before signing up for service. Please see our Northern Leasing Systems review for a full breakdown of this company’s contract terms and to understand why it rates as the worst equipment leasing company in the merchant services industry.
If you found this article helpful, please share it!
Jeffrey Linder
My merchant service company from Irvine California uses this company for its cc equipment. Do not use this company. I paid $40 monthly for an inexpensive cc machine for 48 months. At he end of the lease, they demanded an extra $150 restocking fee. I leased many automobiles, copy machines, company equipment and was never asked to pay a restocking fee. The fee was mentioned in the fine print of the Merchant Services contract. So read the contract for any hidden fees. You will find them when dealing with Merchant Services and their sale rep will not mention them. Stay away.
Ronnie Palmisano
This is a terrible company. One of there sales Reps Jack Bridges sold me this equipment. He said it was a month to month lease. No contract for the equipment or the processing. Just a 60.00 monthly lease. After many years of using there services si find out that they been taking out 89.00 A month. You try calling them and you get no answers. I just retired and been trying for almost 6 months to cancel there service with no luck. I called jack Bridges he won’t return my calls . They took out the 89.00 while the business was closed. I Retired. I had to cancel my bank account for them to stop taking out money. Now there sending be statements saying I owe them back payments. How can a company get by doing business like this. I called the BBB got no help there. So all I can do is put this on the internet. And I hope people read this and stay as for away from these people as possible . there a horrible company. Ronnie Palmisano
This post will help: Cancelling a Merchant Account Without Paying a Fee
-Phillip
KATHY ROTHROCK
This company is horrible! We terminated our lease YEARS ago, and were unaware that they were still taking money from our bank acct! When we told them we had not used cc “machine” in MANY years, they proceeded to harass by phone and by mail, threatening OUR credit! We have been in business since 1945, and our credit is spotless! This company is the worst!!! BBB score- F Our BBB is A+! We have been fighting them since last year! Our lawyer will sue them. This is ridiculous.
This post will help: Cancelling a Merchant Account Without Paying a Fee
-Phillip
Dr. E R. Wright
This pseudo-company is a complete scam. Never sign a contract for any of their equipment. We signed a lease-to buy agreement with what turned out to be an independent agent representing them in 2008 for a 4 year contract which then would ownership of the equipment. Foolishly, we allowed them to take $40.15 a month from the business checking account. When we moved our business in 2012, we tried to contact them to finalize the arrangement, and since we had paid over $1900 for a $400 piece of equipment, we thought we were through with them; however, they continued to charge our account monthly. We tried 4 different times to contact them and have them stop the withdrawal to be told that the contract was still in force. They were impossible to get hold of and if you did get someone to answer the were totally rude and unhelpful.We stopped payment on our account only to have them change the amount to $40.17 and continue collection. We finally had to completely change our bank account to stop payment. This finally led them to contact us today and if we paid a one time payment of $175, they would close the account. We agreed to this total ripoff just to get rid of them. If we didn’t pay that they would leave the contract in force and report it to the credit agencies. Never do business with this company or any of its variations and warn others to avoid.
This post will help: How to Report Bad Credit Card Processors
-Phillip
Nicolette Schouten
They are threatening me. I had billing after equipment was returned. I was attached to a rip off merchant service paid until merchant service contract was over only to find equipment still had to be paid. Not what was told to me. I blocked payment and am constantly being harassed over less than 400.00. I do not or ever will feel I owe them a penny. I paid per month for over a year without even having the equipment or service merchant. And the fee kept going up from the promised 65.00 per month for nothing towards the end of contract these companies were taking over 200.00 per month. I simply blocked them from taking any more money and am now being harassed with very scary threats.
From The Editor
This Post Might Help: Cancelling a Merchant Account Without Paying a Fee
Marty
Avoid!!! After 2 years having received my equipment, I get charged a $150 restocking fee. Called and finally spoke to someone after 5 transfers and a 20 minutes wait who explained this. Wanted payment today. I said next month. Said I have to call back in October and hung up. Lower company with poor personnel
From The Editor
This Post Might Help: Cancelling a Merchant Account Without Paying a Fee
Ramona Hendricks
Not sure why they keep calling me. asked them to stop. Have know idea how to make it stop. Calls saying they are with a lawyers office when asked which one they hang up.
From The Editor
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Dianne
Never sign anything with this company – they do not return phone calls and make excuses for any issue you bring up to them. They are a scam
Amos Cooley
This company is terrible. They are taking money out of account that I have not given permission to do so.
they are not even providing service.
Kishore
Golden leasing company work with merchant service and charge thousand of dollars for many years for equipment that cost less than five hundered dollars and they profit by not allowing you to cancel the lease which you never know you had with them as they tie up with merchant service and they do not disclose these policies. Please be careful and do not lease with them or else you will lose thousands of your hard earned dollar to these folks who are not in right kind of business.
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Are you with Golden Eagle? Learn how to resolve this complaint.
Dawn O'Connor
You are so right. They have harmed by business under false salesmanship. I need to get out of this and don’t know how to go about it. They are the lowest of the low.
Kim Kelley
Golden Eagle keeps sending me a notice that they can’t debit my account$57.41 for cc machine leasing. They want a voided check so they can debit me monthly. Thing is, they ARE NOT my cc leasing company. Glad I checked here for fraud alerts. They are CROOKS & need to be taken down!
Candice Dimond
I need help. I have been scammed out of 10 years of leasing payments to this company. I have not had their equipment for 10 years yet they continue to take money out of my account. The employees are rude and not helpful. I have cancelled this account several times, they will not cancel the account. I put a stop payment on the account
Gretchen Morava
Have you found any solution? We have same issue
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Are you with Golden Eagle Leasing? Learn how to resolve this complaint.
Mark
Has anybody been able to get them off their backs? I can’t believe that I am still dealing with them after 18 years! The stupid card reader has been paid for 100 times over. We had a four year lease and they were still charging after 6 years. I called them and they made circular arguments intended to confuse and insisted we still owed monthly equipment payments. Eventually I blocked them with my bank. Five years later around 2010 or so, I get threatening letters demanding the equipment back and over three hundred bucks or Iwe would be reported and charged off. I sent a check and the equipment. Now every year I get threatening Final Demands. The last one arrived yesterday claiming a $975.70 balance on something I haven’t used in 10 years and is completely worthless. How do they get away with this after they were already beaten in court? What are my options? These bastards can continue to terrorize and ruin credit histories with impunity? Has anybody here found a way to fight them without having to hire a lawyer?
Noemi Bravo
Its been a terrible process trying to get rid of this company, we have been with this company for 8 years so the minute we try to cancel everything has been nothing but bad experience with them. Every time we think that we had already done everything possible to get rid of them and cancel, a new withdraw has been take of from our account and if I call them back they always have a run around to excused the withdraws knowing that is already canceled. They still getting money out of the account always making new excuses for this scams. This company is horrible I will never even recommend this company to my worst enemy. This company is an scam and their employees are well trained no heart total cold hearted people.
Susan
My 48 month lease is over. I sent back the machine and pinpad. Theyre accusing me that I sent in the wrong pinpad. Am i the only one with this problem?
From The Editor
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