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Community Contributor *

What does Funded mean?

A payment which cleared on March 31 had been in a Pending status until today when it switched to Funded.  It hasn't been deposited into my account however.  I cannot get a straight answer from support as to what the Funded status means?   Seems like it would be an easy question to answer, but it is way too vague.  If it's not been deposited, but it was cleared and now funded, then where is the money?

8 Comments
Established Community Backer ***

Re: What does Funded mean?

Funded should mean that intuit actually collected from the payee and that intuit is able now to sit on it and earn interest for 2-3 days justifying why there stock is valued at 44 times earnings

QuickBooks Team

Re: What does Funded mean?

Hi there, @slglobal.

 

Thank you for adding a post here on the Community page. I'm here to help share information about QuickBooks Payments Deposits.

 

Credit card payments are submitted by Intuit by batch automatically each day at 3:00 PM Pacific Standard Time (PST), 6:00 PM Eastern Standard Time (EST).

 

Funds reach your deposit bank account within 1-5 business days of the transaction. The waiting period, known as the time to funding, varies depending on the time of day you enter transactions, which financial institution you choose for your transactions to be deposited in, and how long it takes your bank to verify and process electronic deposits. QuickBooks bank transfer (ACH) payment deposits can take 2-7 business days. Some banks may take longer to verify and process deposits.

 

At settlement on day 2, your bank may notify you that Intuit has sent funds to your account. This doesn't mean that your bank actually cleared the funds. When funds are in this state, the Merchant Service Center shows the deposit status Pending. When Intuit gets word from your bank that the deposited funds have cleared, status changes to Funded.

 

If you're wondering about the status of your funds, you may search for deposits in the Merchant Service Center.

 

If the payment wasn't deposit yet on the said period, I suggest reaching out with our Merchant Services Support to check and investigate this further for you.

 

In addition, to learn more about QuickBooks Payments, you may check this article: 

 

Stay in touch if you have any other QuickBooks Payments questions, I'll be always here to help you. Have a good one!

Community Contributor *

Re: What does Funded mean?

Wow.  Actually, I know they collected it days ago (my customer told me when it was debited from their account- 3 days ago).  I was under the naive impression that "funded" meant they were actually funding my account (or in the process of sending the deposit), but if you are right then... there is some false advertising going on in QB payments.  How do they get away with this?

Community Contributor *

Re: What does Funded mean?

The canned response does not answer the question I asked.  I'm the vendor and QB debited the customer account 3-4 days ago.  It's been in pending status, changed to funded today and not deposited.  The funds cleared on March 31.  

QuickBooks Team

Re: What does Funded mean?

Hello, @slglobal.

 

Since the funds aren't deposited yet, but the status is now funded, it would be best to contact our Merchant Support to check the deposits.

 

For the Merchant Support contact information, you may check it here: QuickBooks Payments.

 

On the other hand, for more information about processing a payment in the Merchant Service Center, you can check this article: Process a Credit Card payment.

 

You can always add a post/comment below if you have any other QuickBooks concerns, I'd be glad to keep helping. Wishing you the best!

Community Contributor *

Re: What does Funded mean?

After reporting the deposit as "funded", I got a subsequent "Withheld" notice asking for a laundry list of documentation, including the invoice (already submitted through QB online) which includes most of the information they are asking for.  In addition, they are asking for the contract behind the payment and, I'm sorry, but as an attorney I am not going to hand over documents protected by attorney-client privileged (i.e. our engagement letter) just to receive the funds QB has already collected and have been cleared for days, nor am I going to provide the home phone numbers for my clients and risk QB pestering them with confirmation phone calls.  If the funds have been cleared for days without any dispute collected from an invoice submitted through QB's platform, I do not understand how QB can justify creating such a burden just to do the minimum of what they advertise in their payments platform.  

In addition, the "further action required" email was such an obviously mass-produced, generic email, it was laughable.  Stating that "We saw some transactions" (there was only one, my first) requiring further review, pretending like it was something they do from "time to time" on a random basis to ensure no fraud occurred.... Well, it was my one and only transaction... so I guess I was just unlucky?  Common QB, I know Intuit is a Goliath but not even quasi-monopolies are immune to class action lawsuits.  I'm only out the $2,200 from the client fees you are holding (no I'm not breaking attorney-client privilege or letting you harass my clients for verification), but I know others have lost more and you should be careful not to go too far.  You will be sued eventually and end up paying more in damages than what you've illegally gained in passive investment income from all the deposits held without merit.

QuickBooks Team

Re: What does Funded mean?

Having a Withheld notice is tough to deal with, slglobal.

 

In this case, it would be best to contact our Merchant Support again (with your case or reference number). They'll further check the payment transaction history and help you deposit it to your account.

 

You can click this link to contact them: QuickBooks Payments.

 

You can always visit the Community if you need anything else.

 

Established Community Backer ***

Re: What does Funded mean?

Let me jump in here , so according to @Angelyn_T Funded means the the payment has arrived at the recipient's bank and has cleared. Thus Funded but not showing up in one's bank account could mean an error in supplying the destination routing and account number or an error that misdirected the funds to someone else's valid account. Or it could be a problem with the recipient's bank clearing process.

 

However first reaction to any email requesting additional information would be to assume it is spam and a blatant phishing expedition not unlike getting a notice from Netflix that there is a problem with processing payment so click here and then we can empty your bank account. @slglobal is absolutely correct not to divulge any information especially when there is no guarantee that the information request is legitimate.

 

Tracing of funds should now start, in my view, between slglobal and his/her bank. If the funds are in the right bank then it is the bank that has misplaced them. If your bank has no record of the funds arriving then that's a different story and that is when you start looking for the personal cell phone number of Intuit's CEO