ED Magedson – Founder
Ribbon642 Harrison St San Francisco, California USA
Ribbon Money Fraud, Refunded Customers that paid and already & had their products shipped without my consent & Withholding funds that do not belong to them. BAD COMPANY BEWARE San Francisco California
Ribbon is a fraudlent company and I would highly recomend that you choose another service. They are not FDIC Insured and I plan on filing a lawsuit to recover money ( 10K ) they took and damages for lost business.
Ribbon rep told me that there is a cap of 10K and that the 1st of the month is when thier users can expect a reset and each month on the first you can take I have the convo from the ribbon rep confirming the 1st of the month i was very clear in my question.
On april 3rd I tried to withdraw 9k and it came back as failed and I got a bit worried and begun contacting Ribbon via twitter as its really the only way to reach them , they say they are located in San Francisco but have no phone number. I tweeted them what should I do and asked if I should have my customers charge back as I need those funds and they said not to worry the money is safe and they will look into it. [continued below]....
Getting more concerned I kept asking them whats going on and should i have my customers charge back I had already shipped out the product and the secruity was the money paid to me sitting in my ribbon account. They finally got back to me an hour later and said they raised my limit to 15k and It was all clear to withdraw the funds.
I tried to withdraw the funds and it failed again and i contacted them and asked what should I do i need the money should i have my customers charge back if they can not release my funds they said no they can issue a refund but i told them I had already shipped the product and thats not going to be the best idea. They then told me I can take 5k and the balance would have to sit in my account and that the last person had mis informed me and the 30 days is a rolling 30 days.
I cashed out the 5k and asked what should i do about the balance I need that money should I have my customers charge back or can they release the money to me. About an hour later they informed me that they refunded all my customers totaling just under 9k , suspended my account from me being able to look at payment history and cash out history and blocked my ip address so i have no acess to the site unless im on a secured browser.
Ribbon had no authority to touch that money as it did not belong to them , they claimed I violated the TOS by mentioning charge back or I threatened them which is completely false i have the conversation saved. I lost product worth 10k and I lost under 9k cash. I have contacted an attorney and am looking for any other people or businesses that have been screwed over or had issues with Ribbon, I plan on filing a lawsuit against the comapny and filing criminal charges on them ASAP.
Do Not DO Business with Ribbon , consumers and businesses beware...
This report was posted on Ripoff Report on 04/07/2014 12:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ribbon/San-Francisco-California-94107/Ribbon-Money-Fraud-Refunded-Customers-that-paid-and-already-had-their-products-shippe-1136953. 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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