• Report: #1059131

Complaint Review: Steven Kinyon

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  • Submitted: Fri, June 14, 2013
  • Updated: Fri, June 14, 2013

  • Reported By: Steven Kinyon — Arkansas
Steven Kinyon
POBOX 550588 FT LAUDERDALE, Florida USA

KAIKU Card (first california bank) kaiku prepaid card first california bank FT LAUDERDALE Florida

*UPDATE Employee: Response to Complaint

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Hi,my name is Steven Kinyon I would like to inform you regarding the situation I have with a KAIKU Card Services and their bank (First California Bank). I opened KAIKU prepaid card earlier in 2013 and started use my card for a direct deposit. After 2 direct deposits my card was suspended and I was told to send them photocopy of my ID, SS card and my utility bill as identity verification. I did it immediately, but I had a response that they were unable to verify something (!?) and my card will be closed permanently. I was told that since they I had to resolve it directly with First California Bank who had to send funds to originator. I read their terms and conditions 5 times and it says there that if the decision of account closure was made the funds will be sent in a paper check. They just ignored it, saying that funds will be sending back to originator.

Once I called Fisrt California Bank and asked what's going on there they started with some sort of stuff, that my account is currently on investigation. What kind of investigation? Am I a suspect or something? No answers. I was kindly asked to call within couple of business days to get some response. I called them again and lady told me that my account is still on investigation (!?)...and they can't tell me exactly when is it going to be resolve, how I will get my funds back and so. Really, it's disgusting, that you use your card for a direct deposit that they promote on every webpage and then they close it with a money on it. I do have about $10.000 there and now really have some hard times just because I trusted my money to some sort of guys who don't even tell you when and how you can get your money back! They just don't care of you!

Now I'm getting into the lawsuit stuff.

Beware


This report was posted on Ripoff Report on 06/14/2013 08:58 AM and is a permanent record located here: http://www.ripoffreport.com/r/Steven-Kinyon/FT-LAUDERDALE-Florida/KAIKU-Card-first-california-bank-kaiku-prepaid-card-first-california-bank-FT-LAUDERDALE-1059131. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 UPDATE Employee

Response to Complaint

AUTHOR: Kaiku Finance LLC - ()

KAIKU followed standard banking practices to block an account when there are multiple factors which suggest potential fraud. Account monitoring is required by Federal Law and is an important part of protecting our Cardholders and the integrity of our Card program. On 6/1/13, Mr. Kinyon’s account was blocked because there were factors indicating fraudulent use of the account; therefore, proof of identity and address were requested. On 6/2/13, the documents were received by KAIKU. On 6/5/13, after a review of the documents received and the spending pattern of the Cardholder, there was strong evidence of fraudulent use of the Card account.  Mr. Kinyon was advised that we were unable to reinstate his account and that the decision was based on various pieces of information available to us.  He was advised that should he want specific information he could request it in writing.  KAIKU never received such written request.  We also told Mr. Kinyon the remaining balance in his account would have to be sent back to our issuing bank, Pacific Western Bank, formerly First California Bank to ultimately be returned to the originator. 

Mr. Kinyon is attempting to use the following portion of the Terms and Conditions out of context to try and get access to funds in his account.  The Terms read, “if the decision of account closure was made the funds will be sent in a paper check”; the quoted portion refers to a card that is in active status and has a balance but the card has expired.  The full text of that provision from the cardholder agreement is “If there is a balance remaining on the Card upon expiration, the balance will be transferred to a new Card. If we do not choose to issue a new Card to you or if we cancel your Card privileges for any reason, we will send a refund of the balance remaining on the Card, after deducting fees and charges owed to us and any outstanding transactions, to you at the address shown in our records.”  This cardholder is in a fraud status. Federal law and our issuing bank restrict us in what we can do about giving the cardholder access to the funds, when there are red flags surrounding the cardholder and the source of the funds.

Prepaid cards are financial instruments regulated by federal banking laws.  KAIKU has followed all applicable laws and acted in accordance with best practices in the financial services industry in regards to this account. 

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