After our 36 month contract was up I compared interchange plus pricing versus the Suntrust tiered pricing and determined we could have saved thousands of dollars in fees. I sent a letter (per the program guides directions) to Suntrust's address for notices to cancel our accounts for our two stores on sept 28th, 2012. My second mistake was this not being a certified letter (the first being signing up with them in the first place).
After two months I called to follow up as we were being charged a minimum 25$ dollar fee per account per month and there was no record of the letter and you have to call or email to cancel I was told. I don't see that anywhere in the program guide.
I figured it was money lost and had the representative cancel our account. We discussed both accounts which have the same business name and deposit in the same bank account. No credit cards have been processed for either account since october 2012.
Today, Feb. 14, 2013, I found another charge for 25$ processed this week from our bank account. I called customer service and she said she had only the record of our cancelling one of the two accounts when I called in december. I specifically referred to both accounts in december as I was disputing the charges from each account. She had given me a cancellation number but today I was told it applied only to one account and would I like to cancel the other?
I asked for a refund of only the last 25$ and she said it would not be possible.
Our new processor has no min. fee, and is a flat rate of only a dime per transaction, no percentages, no bumping up into the next tier, no qualified vs. non qualified or any of the other little fees. I caught them the first two months charging a .29 cent/batch fee and was refunded that 15 dollars no problem. It's a month to month contract, no ridiculous cancellation charges, etc. I've been with them since october 2012 and it's been refreshing.
It's another big bank but the statement is very easy to read, as is the contract. I processed 28,204.60 dollars at one store in Jan in 342 transactions with a couple of call authorizations and a cross border fee for a grand total of 38.72 in fees (not counting the interchange fees everyone has to pay). Any small business or anyone for that matter should use interchange plus pricing.
Please do your own research about tiered pricing versus interchange plus. I hope this helps at least one person make a decision that will save them money and also hopefully cost Suntrust the 25 dollars that I requested if they switch from them.