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Report: #201631

Complaint Review: National Bankcard Corporation - Chicago Illinois

  • Submitted:
  • Updated:
  • Reported By: Thomaston Georgia
  • Author Confirmed What's this?
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  • National Bankcard Corporation 119 W Hubbard St Chicago, Illinois U.S.A.

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My wife own a small computer company and we hired National Bankcard Corporation to be our card processing company for us. We were never told it would take 24-48 business hours for our transactions to be credited to our account. We were told they would be in our account 24 hours after we batch out.

Our Sales Rep Alan Megank did not tell us anything of this nature. We have orders coming in now and cannot pay for them because of this misrepresentaion and had we known this we would have waited for placing our weekly orders. We batched out on Friday and it is tuesday and we are told it will be Wed or Thursday before we see our money. Basically I feel they are keeping our money so they can earn interest.

BEWARE of NATIONAL BANKCARD CORPORATION. They don't tell you the whole story.

Harry
Thomaston, Georgia
U.S.A.

This report was posted on Ripoff Report on 07/18/2006 06:58 AM and is a permanent record located here: https://www.ripoffreport.com/reports/national-bankcard-corporation/chicago-illinois-60610/national-bankcard-corporation-ripoff-chicago-illinois-201631. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
4Consumer
0Employee/Owner

#4 Consumer Suggestion

It may just be a misundertanding

AUTHOR: Honorablebiz - (U.S.A.)

POSTED: Friday, June 19, 2009

I am not affiliated with the either parties but I hope these comments help others who may have a similiar issue. First, as far as I know I have never heard 24-48 hours include the weekend. There are indeed some processors who do promise 24 hour settlement. You have to batch a certain time during the day in order to receive this benifit. However, it should be understood that once the batch process takes place then you receive deposit every day. There would have to be a really good reason for most to have to have a deposit in 24 hours. If you can't manage your business with deposits within 2 days then that would put up a red flag to many processors.

Second, you are selling computer equipment. Computer equipment for a lot of processors is in the moderate to high risk category. In other words, it could be because of a high level of industry chargebacks etc. that could be the reason for this. A merchant should be told this upfront, even if the processor accepts the risk without question. That way he would be a better educated merchant if and when he decides to leave. Why is this information important? Sometimes a processor will keep the deposit for longer than the 2 days in order to cover his risk.

Based upon the risk there are processors that will keep the deposit even longer than a month. However,they usually tell you upfront what they are willing to do and how it is done.

The fact that a processor will assume the risk doesn't mean that he will allow you to function the same way as a low risk merchant like a restaurant with a low average ticket.

Last, your personal credit along with whether it is a face to face transaction will also make a difference especially if you are operating in a high risk business category.

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#3 Consumer Comment

Federal Reserve

AUTHOR: Jimmy - (U.S.A.)

POSTED: Monday, June 08, 2009

It is the Federal Reserve that transfers funds and is responsible for the time it takes to make a transfer of funds, not the company.

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#2 Consumer Comment

Agree with this and the rebuttal

AUTHOR: Okmom8 - (U.S.A.)

POSTED: Wednesday, May 13, 2009

I read the complaint and the rebuttal. We own a home based construction company and were just contacted by this company this week. I was told 24-48 hrs. I assumed it meant business days, not weekends. However, batching on Friday would mean Tuesday is 2 days and business days at that unless the time you batched on Friday was after hours. Then the batch would be Monday and money should be received by Wed. at the latest. While this may be a frustration, it seems they do offer a good service with less fees than others. I will be doing my research before deciding. Appreciate the heads up and i do agree with the rebuttal (although it was a bit strong) that you need to have a buffer for the unknown in your accounts. I know it can be hard to save for a buffer but usually well worth it so you don't ever get overdraw or other fees and potentially lose business.

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#1 Consumer Comment

Not a legitimate complaint at all!

AUTHOR: Stylesofny - (U.S.A.)

POSTED: Saturday, April 11, 2009

Anyone with half a brain knows that ACH transactions can take a few days to show in your account. 2-5 days usually! I have never had a situation where it only took 24 hours.

You should also not have to bank on those funds entirely to purchase new stock for your business. You are heading on a path of self destruction. Get a credit card, line of credit, use your banks overdraft, anything. Plus you should always have a few dollars in that account to cover the unexpected things, like unethical customers that are unreasonable and want a refund. How can you do that if your account is empty?

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