• Report: #1039967

Complaint Review: Bank Of America Merchant Services

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  • Submitted: Tue, April 02, 2013
  • Updated: Mon, April 07, 2014

  • Reported By: Pats Appliance Reapir — Sterling Hts Michigan
Bank Of America Merchant Services
16 Schoenherr Sterling hts, Michigan United States of America

Bank Of America Merchant Services BAMS The rep for Bank Of America signed me up for the business credit card swipe told FREE not true they charge for everything then some more. Sterling hts , Michigan

*General Comment: Merchant will hold you for 48 months

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Bank Of America rep Justin  ripped off by telling they have a FREE credit card swipe  only 2.70% then hit you for dozens of hidden fees and early termination fee of $500.00 in case you figure out what they are up to. Here is 1 list for the month and  then they also have a pending list same month. Was told only 2.70% per swipe and no termination fee when I emailed Justin he stated different percent at different times plus bank fees and yes a $500.00 termination fee. WHAT A RIP OFF

FEES CHARGED
Date Type Description Total
02/02/13 SC VISA MID-QUAL SALES TRANS FEE 1 TRANSACTIONS AT .150000 -0.15
02/02/13 SC VISA NON-QUAL SALES TRANS FEE 1 TRANSACTIONS AT .150000 -0.15
02/02/13 SC DISCOVER NONQUAL SALE TRANS 1 TRANSACTIONS AT .150000 -0.15
02/02/13 SC VISA SALES DISCOUNT .025500 DISC RATE TIMES $56.76 -1.45
02/02/13 SC MASTERCARD MID-QUAL SALES DISC .027500 DISC RATE TIMES $160.00 -4.40
02/02/13 SC VISA MID-QUAL SALES DISCOUNT .027500 DISC RATE TIMES $160.00 -4.40
02/02/13 SC MC LICENSE VOLUME FEE .000050 DISC RATE TIMES $257.94 -0.01
02/02/13 SC VISA NON-QUAL SALES DISCOUNT .035000 DISC RATE TIMES $323.98 -11.34
02/02/13 SC MASTERCARD DEBIT SALES DISC .025500 DISC RATE TIMES $97.94 -2.50
02/02/13 SC DISCOVER NONQUAL SALES DISC .035000 DISC RATE TIMES $180.46 -6.32
02/02/13 FEE BATCH SETTLEMENT FEE 5 TRANSACTIONS AT .200000 -1.00 

PENDING FINANCIAL CHARGES AND FEES Financial charges and fees incurred but not funded during the statement period.
See future statements for processing information.
Transaction Date Net Amount
Type Posted Description Posted

FEE 02/28/13 BATCH SETTLEMENT FEE 4 TRANSACTIONS AT .200000 -0.80
TOTAL FEES -0.80
INTERCHANGE 02/15/13 ASSESSMENT FEE ADJUSTMENT VISA NETWORK FEE CNP 2-03 -5.00
INTERCHANGE 02/15/13 ASSESSMENT FEE ADJUSTMENT VISA NETWORK FEE CP 1B-01 -2.00
INTERCHANGE 02/28/13 VISA ACCESS FEE 1 TRANSACTIONS AT .026900 -0.03
INTERCHANGE 02/28/13 MASTERCARD ACCESS FEE 1 TRANSACTIONS AT .026900 -0.03
INTERCHANGE 02/28/13 AX ALL OTHER -4.95
TOTAL INTERCHANGE -12.01

SERVICE 02/28/13 VISA CREDITS TRANS FEE 1 TRANSACTIONS AT .150000 -0.15
SERVICE 02/28/13 MC SALES DEBIT TRANS FEE 1 TRANSACTIONS AT .150000 -0.15
SERVICE 02/28/13 VISA NON-QUAL SALES TRANS FEE 1 TRANSACTIONS AT .150000 -0.15
SERVICE 02/28/13 MC LICENSE VOLUME FEE .000050 DISC RATE TIMES $149.41 -0.01
SERVICE 02/28/13 VISA NON-QUAL SALES DISCOUNT .035000 DISC RATE TIMES $395.95 -13.86
SERVICE 02/28/13 MASTERCARD DEBIT SALES DISC .025500 DISC RATE TIMES $149.41 -3.81
TOTAL SERVICE -18.1

This report was posted on Ripoff Report on 04/02/2013 09:32 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America-Merchant-Services/Sterling-hts-Michigan-/Bank-Of-America-Merchant-Services-BAMS-The-rep-for-Bank-Of-America-signed-me-up-for-the-bu-1039967. 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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#1 General Comment

Merchant will hold you for 48 months

AUTHOR: Anonymous - ()

This is an excellent report merchant services will send you back and forth to first data and first data will charge any where from $500-$1000 for breaking a contract. Bank of America will never tell you about the third party until you start using their equipment. They will charge you close $70 for the lease and the line. Compared to paypal which charges only $30 for both credit cards and your website and you do get your money same day. Bank of America holds your money for 24 hours to make profit of it before releasing your money. They claim the lease cannot be broken even when you pay them the penality this do not sound right.

If you are a big company then go to bank of america but for small business I will say shop around because bank of america and the big names do not want to see small businesses grow, they will always slap you with charges that is how they make money. Watch those contracts and take pictures of the ones you sign plus copies and record everything the sales person tells you because they will change their words to favor them. Bank of America is just there to make profits and not to help the customer build a good business, America use to be the country for small business now it is about the big guys. Small businesses are going down whiles Mr. Big or Mr. Corporate is raising. For your petty investments do your research because bank of america will lash you with fees and fees, have every agreement in writing with them because they will always change their story to suit them, they are in to make big bucks and that is all they think about bonuses not the survival of your business.

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