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

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/

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.