I own/manage a small retail business. NAB has been my credit card service provider over two years and in that time, our banking information has remained the same. On March 26, 2013, inexplicably, our credit card deposits stopped. NAB never contacted us in any shape, form or fashion.
When I contacted NAB via phone on April 3rd to find out what the problem was, they insisted the bank had refused one of NAB's ACH transactions and therefore NAB could no longer make ACH deposits or debits to our account without a letter from the bank confirming our banking information. Apparently, NAB was just going to sit on our money indefinitely!
The bank insists they did no such thing and our account continues to recieve other ACH activity daily, so I am inclined to believe my bank. The bank did send the letter via fax re-confirming our account number and our ability to handle ACH deposts and debits.
Once again, NAB never contacted me to confirm they had received the fax. I contacted them and was told they received the communication yesterday, but the money would not be released for another 24 to 48 hours!!! In addition, the amount of money quoted as being "released" was $2,000 LESS than I have outstanding and that is accounting for fees and discount rate!
Everytime I call NAB (and it has been several in the past 48 hours) they have confirmed my merchant number, name, phone number, email address, etc etc. It is not like they DON'T know how to contact me. In addition, I receive a synopsis of each phone conversation via email almost immediately after hanging up with NAB Customer Service.
I am livid. NAB has shown total disregard for their fiduciary responsibility. There was no attempt to resolve the problem before I called. All the while, they were stockpiling hundreds of dollars a day of MY money. I worked in the treasury department of a large trading firm and I know how exceptions work and how they're resolved. This company is incompetent at best and potentially negligent.
Thankfully, my contract with these jokers ends this year. I have already drafted my termination letter since they require a 90 day notice or you're stuck with 'em for another 12 months!
PS - I did not research nor voluntarily "choose' NAB. Like so many other small businesses, ours was hammered during the recession and we had no where to turn for cash. I made the egregious mistake of taking out a "loan" against my credit card sales. The agreement required a switch to the credit card service provider of their choice...North American Bancard. Thank goodness, that was paid off and the lesson learned. But I think it's telling that the credit card service of choice for what amounts to loan sharks is North American Bancard.