ED Magedson – Founder
Intuit Inc.21215 Burbank Boulevard Woodland Hills, California USA
Intuit Inc. Intuit can and WILL hold your funds for 265 days! Beware. They will also take the merchant fee directly out of your bank account, even if your funds are on hold. Woodland Hills California
BEWARE. Intuit can and WILL hold your company's funds and your customer's funds for up to 265 days! They will also take the transaction fees directly from your bank account even if the funds are being held or the transaction is not funded. BEWARE
OUR COMPANY opened a merchant account with Intuit on Oct. 24, 2013. Intuit sales never informed us of any charge processing limits, charge restrictions, restrictions on foriegn credit cards, instructions or restrictions on "keying in" customers authorized charges etc.
10/25/13 - After processing our second transaction with Intuit which was for $14,000, we were notified by email that the transaction was being held because of "unusual transaction activity" and our company was asked to send in bank statements and other information to support the charge, which we did.
On October 28, 2013, our company contacted Intuit to get an updated status on the transaction and we were told that the transaction could take 5 to 7 business days. Our this date we processed a debit card charge for $1,187.00. The funds were taken directly from our customer's bank account.
On October 30, 2013, our company contacted Intuit to get an updated status on the held transaction and were told by a supervisor in the Risk Management Department, that the transaction would not be funded. We were also told no funds were being held because our account had been closed by Intuit. The reason given to us by the supervisor for the closing of our account, was that the transaction was over a transaction limit, keyed in by us and our customers credit card issuing bank was a foreign bank, all resulting in Intuit chosing not to proceed with the transaction. Intuit also told our company they did not want to do business with us.
On October 31st our customer confirmed that Intuit was indeed holding $14,000. Our company contacted Intuit to request they void the transaction to release the funds back to our customer. Intuit said they would not do that and the only way the funds would ever be released would be if our customer "disputed the charge” with the card issuing bank/Visa. Intuit stated they could and would keep a hold on the funds for 265 days, at which time the hold would be reversed. Remember, Intuit forced closed our merchant account on October 30th.
On Nov. 1st. our company contacted Intuit and a different Risk Management Supervisor who, after reviewing our account, said he would re-open the account, so we could process a void over the weekend. The account was never re-opened.
On Nov. 4th yet another representative tried unsuccessfully to re-open the account so we could process a void to get the hold off our customer's card. Risk Management would not allow her to do so.
It is Nov. 8, 2013. Intuit still has a hold on my customer's credit card for $14,000. They are still holding $1,187.20 from another customer (our account was of course, closed AFTER the transaction). The $1,187.20 can't be disputed by our customer because he has received the goods.
November 7, 2013 our company found that on Oct. 31, 2013 (the day after they closed our account) Intuit took $401.00 directly from our company's bank account. This would be Intuit's "fee" for the transactions above.
Fact from Intuit Risk Management Dept: Intuit does NOT process credit cards where the card issuing bank is a foreign bank. Furthermore, one of Intuit's agents confessed that thier bank does not ALLOW them to do business with "certain" banks in "certain" regions such as Panama. The agent went on to say that they "don't want to stereotype" "those people" but that most credit card fraud orginates from there.
Do your homework people. Paypal will never hold funds past 30 days. Paypal has better rates and you can qualify for lower merchant rates if you have larger transactions. Paypal has excellant customer service and if you upgrade to the virtual terminal, you actually work with ONE representative.
Each phone call with Intuit has averaged min. of 1hr.50 minutes. Even is the recording says "your wait time is 1 minute" it is never less then 30. We have documented over 26 hours on the phone with no resolve to the matter.
Just because a company CAN put a hold on someone's money for 265 days, the bigger question is SHOULD they? I am sure Intuit is making interest on the $15,187 in funds they are still holding since Oct. 24, 2013? I question how legal is that when Intuit closed an account? I'm sure it's just another banking loop hole that has companies like Intuit getting richer, while small business owners struggle to keep people employed.
Shame on you Intuit!
This report was posted on Ripoff Report on 11/08/2013 08:00 AM and is a permanent record located here: http://www.ripoffreport.com/reports/intuit-inc/woodland-hills-california-91367/intuit-inc-intuit-can-and-will-hold-your-funds-for-265-days-beware-they-will-also-ta-1097865. 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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