• Report: #1098284

Complaint Review: Kaiku finance

  • Submitted: Sun, November 10, 2013
  • Updated: Sun, November 10, 2013

  • Reported By: dahliatr — Ft Lee New Jersey
Kaiku finance
3435 e thousand oaks blvd thousand oaks , California USA

Kaiku finance Dont be fooled by low fees Worst debit card out there thousand oaks California

*General Comment: KAIKU CLASS ACTION

*UPDATE Employee: Response from Kaiku Finance, LLC.

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 I thought this debit card would help me when I go to Europe for 3 months. I opened this card about 3 months ago  and have had nothing but trouble using it. They seem to have only one person ( customer service)  in the office. They seem  hold your funds for a long time.  Most of the charges I made were in pending mode for weeks.  Never had that before.  Many companies wont accept them as I was told by two comp  they are  out of costa rica?? I had to fight with them to credit my card back as it wasnt acceoted.  Nothing but rejections when I tried to use this card 5 times. They still wont release all my money. WORST EVER


This report was posted on Ripoff Report on 11/10/2013 07:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Kaiku-finance/thousand-oaks-California-91362/Kaiku-finance-Dont-be-fooled-by-low-fees-Worst-debit-card-out-there-thousand-oaks-Califo-1098284. 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

KAIKU CLASS ACTION

AUTHOR: CaptainSaveAConsumer - ()

Please report your KAIKU complaints here.

We are prepping for a class action. They have a history of just closing accounts and cutting off access to people's money.

 

 

http://kaikufinance.quora.com/

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#2 UPDATE Employee

Response from Kaiku Finance, LLC.

AUTHOR: Kaiku Finance, LLC - ()

The KAIKU Visa Prepaid Card is accepted anywhere in the world where Visa is accepted. Ms. Silverman made fourteen (14) domestic purchases to date. She has not transacted in Europe to date. None of the purchases were ever in a pending mode with the exception of a restaurant expense for $3.92. Her account has always been in an active status and all of the funds in the account are available to her to use. Ms. Silverman called Kaiku’s customer service because she had attempted to pay a utility bill from her telephone.  She said she received a decline. A Kaiku Customer Service Representative looked at the account history. There was not a decline from PSE & G. The representative attempted to explain to Ms. Silverman that the transaction did not go through the authorization process for approval or decline.  The decline must have happened prior to the transaction being submitted. Ms. Silverman was not satisfied with the answer and spoke to several other customer service representatives that day.  On 10/26, a charge for $13.95 posted from PSE & G to Ms. Silverman’s account.

On 10/31, Ms. Silverman attempted to make an online purchase for $21.40. The company, Smashbox is located in Culver City, California and has a system that does not accept international cards.  Payment systems look at the first six numbers on the Card to identify the issuing bank and its location. Visa, MasterCard, Discover and AMEX control the issuance of the numbers to the financial institutions and provide systemic updates routinely.  Smashbox's system had not been updated so it showed that the KAIKU Card was issued from Costa Rica. We spoke with the merchant and the system has since been updated to accurately reflect KAIKUs issuing bank – The Bancorp Bank, which is located in the United States.

When a Card is processed, it is first authorized to ensure there are available funds on the Card. The available balance on the Card is reduced by the amount that is authorized because ordinarily a sale for that amount is posted.  If no sale is posted within 8 days, the authorization is reversed.  The eight day timeframe is industry standards and best practices. On 11/8, the eighth day from the date of the authorization, $21.40 was added to Ms. Silverman’s balance on the Card. Our system does not reflect that Ms. Silverman received a decline from any other company due to this issue nor did she mention it to us during the conversations we had with her.

Although, Ms. Silverman had an issue on her KAIKU Card account, the issue was not caused by KAIKU and she was treated fairly, professionally and with a sense of urgency.

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