Bewenched - 2:54 pm on Jun 17, 2010 (gmt 0)
Here's a little update:
They basically froze our account on June 1st and we got nothing for an entire week.
We've started getting deposits, but they are holding back 20% to add to "their fund". A non interest bearing account.
On June 1st-3rd we had issued credits to some customers.
As of June 17th Paymentech has not given our customers the credits although it was deducted from our account and we have the transaction numbers from those credits.
June 16th, we got a chargeback on one of the credits we had issued on the 1st! We have customers calling and yelling at us because they think we still have their money, but we don't.
And the worst part is that the individual in charge of doing this to us will not return phone calls nor will he respond to emails. This is becoming a real nightmare.
We had this happen 10 years ago with Bank of America. They were withholding a little of every deposit. So small we didn't even notice, then one day a HUGE deposit was made into our account and when we called to find out what it was ... we were told it was the reserve fund being given back to us.
How can they withhold payments and not notify you first?
Bank of America did it and now Chase/Chase Paymentech.
Paymentech/Firstdata didnt tell us a thing, it wasn't until we noticed we weren't getting ANY deposits and called to investigate. It took two days and numerous phone calls and call transfers to get a real answer.
How can they legally do this without notifying you of an issue?