ACCOUNT CLOSED NOW FUNDS ARE ON HOLD

Any update on this issue? This just happened to me as well. I’ve had my merchant account with QB for almost 10 years. It almost sounds like a class action lawsuit. They also suddenly closed my QB checking account and cannot explain to me where around 50K has gone. 

This just happened a few weeks ago, customer paid with credit card, then it was on hold, I sent and answered their questions giving them all my documents.

Still it says viewing. Customer wants his money back, I can’t even refund  him, cause my account is closed!!! 

I appreciate you joining the thread, @MarkAD808.

I understand that receiving the payment on time is very important to everyone. I'll be glad to share additional details about the payments that are still not available.

In QuickBooks, customer payments may be placed on hold when there are pending details in a merchant's account, transactions, or customers that require clarification before funds are released. This measure is taken to ensure that everything is in order and running smoothly. If a payment is ever on hold, we'll let you know. You'll get an email at the email address you used to sign in to the Merchant Service Center.

Since it's already been a few weeks, and the funds are still unavailable even if you already sent all the documents needed and your account is already closed, you'll need to reach out to our Merchant Support Team to get this sorted out in a secure space. To reach them, click the Chat with Us link or get the phone number in this article: Contact Payments or Point of Sale Support. Then, go to the QuickBooks Payments section.

I've also included these helpful references when receiving online payments from your customers:

• Why are my funds on hold?
• Find out when QuickBooks Payments deposits customer payments
• Managing and Avoiding Payment Holds

Tag me in the comment section if you have clarification about it or other QuickBooks-related issues. I'm always happy to help you.

Any update? This just happened to me as well. Spoke to every representative I could and they are saying they have no answers to why they closed it and can not do anything about it. I said so you're just taking the customers money, and closing the employers account so you get to keep it? I'd like to know if there's any action I can join

@Cherrybomb   Sorry this has happened to you. QB is the WORST!!

If you use the Search bar at the top of ANY page, here in the community, you will find information on class action lawsuits, on of which is a FB page.  

Know that QB "holds" YOUR money to collect interest off of it.  The longer they have it, the more interest they collect.  They can "hold" your money for up to 270 days, after which they HAVE to release it.  But the usually don't release it to you, the customer.  They release it to your state.  Then, you have to turn around and collect it from your state.  

There is no rhyme nor reason for them to do this, other than making money off of YOUR money. They are VERY greedy.  It would be a good idea to report QB and this practice to the BBB, FTC, your state's Attorney General, and any other agency you can think of.  

If more people would actually report QB for this, the more likely it is to stop. 

Good luck.  

I will definitely be reporting them, as is the customer. My customer is contacting their bank at the moment to try to get the money back from quick books. So what ended up happing with your problem? Did they ever release it to you?

The state.  I've talked to a bunch of people that have had to do the same thing.  

We have all been trying to warn others and get the word out for months now. 

We will NOT use QB for payments, banking, or more than just bookkeeping.  And that's only because the accountant said so. 

I am starting to learn that quickbooks is no longer the accounting soft for my either of my companies. Just yesterday they removed a large amount of money from my business bank account 5 days after is was deposited. I sent a customer an invoice, they paid it, quickbooks deposited the money to my business bank account. I used the funds as my business saw fit. 5 days later I don’t even get a call, just an email in my spam box that this customers bank account had a problem and they will now be removing the funds from my

bank and taking it back. Why the heck is it our problem that quickbooks failed to do their job up front and collect the money in a secure way before depositing it to the business bank account for use. I called them when I received the email 5 days after the deposit and they said “oh well we didn’t go to collect the money until today and when we did the customer closed their bank account.” So apparently it was more than likely a scam. The customer paid, quickbooks deposited the funds in my account. They cleared my bank account, the funds are used for business as intended, the customer/ fraud person closes their account days later and it’s the small businesses fault and it the company collecting the payments. What trash. I will be moving all business accounts to another software suck as NetSuite

or Sage since quickbooks would rather blame the person who isn’t at fault than do what’s right. Won’t be wasting my time with this type of trash anymore. Oh, and their customer service sucks and just wants to pass you

onto someone else or an email. 

Wish I would of did my research they have $47k of our money told us there is nothing we can do... This is absolutely robbery I don't understand how it is legal to do this.

Is there some steps to get this review by attorney or anything with the state.