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In Q1 I reached out to QB because my ACH fees were 1% and we routinely run 5 figure transactions, was looking for better rates. I was asked what's important and what's not. "Getting the money fast" was/is NOT important. That was made very clear which is important in a minute.
SO, my CC processing rate was not changed despite some significant volume but my ACH fees were capped at $10. Then, on April 14th, I received an email from QB that ALL accounts were moved to 1% with a $10 cap with and next day funding is no charge.
We are very busy so I just got around to reviewing ancillary expenses for Q2/Q3 with my book keeper and that's when we noticed an insanely high amount for ACH fees. I called and chatted with QB support 5 times since and here is what I learned...
1. Sorry, can't help you. Reach out to someone in Payments (disconnected on transfer)
2. Sorry you've been inconvenienced. 10 minute hold, never returned.
3. 15 minute chat discovering that I was apparently enrolled in "instant deposits" (whatever that is?). This is a 1% fee, with no cap, IN ADDITION TO the 1%/$10 fee on the transaction itself. I couldn't find any information about this within my account. No way to change it. No explanation of my specific fee structure anywhere in the platform. No record or explanation as to why I was enrolled in this. Asked how to change this. Support left the chat.
4. Spent another 15 minutes explaining the situation all over again, received a handful of apologies and working on a refund of fees. Asked me to hold 2-3 minutes. Support left chat.
5. Chat started. Operator left chat within 10 seconds. No response.
I saved all the chats to PDF.
At this point, I don't know what to do. Quickbooks has inexplicably stolen money from me and are refusing to acknowledge any sort of fix or make good and what's most frustrating is I may still actually be enrolled in this ripoff "Instant deposit" feature and I can't get out of it.
I'm firing off emails to every business and consumer protection agency and local government contacts I have but I would like Quickbooks to acknowledge this issue and remedy the situation.
I'm so sorry this has been your experience so far, @beelocal.
I'm here to clarify some information for you!
The correct fees associated with ACH bank transfers are 1% per transaction, with a max of $10 per transaction. I'm linking our FAQ page for you to look over on this: Accept ACH payments and eChecks.
Secondly, instant funding is an opt-in-only service; and once added to the account, it can't be disabled, unfortunately, and we have no way of removing your debit card. However, you don't have to cancel the Instant Deposit feature to avoid instant deposits and paying the extra fee. All you need to do is turn off the scheduling of them:
Now, when a deposit becomes available, you should be prompted to mark it for Instant Deposit, or not.
Additionally, you can utilize the QuickBooks Cash account. There's no additional fee for using this service to use instant deposits.
Lastly, I want to apologize once more for the poor communication. It appears there's an open case that the chat agent reached out via email, and you can respond here or directly to that email if you have further questions.
Please let me know what else I can be of assistance with, I'm absolutely here to help. Take care.
Consider using another payment processor to accept ACH for free
I clocked the Instant Deposit setting and it says "Get set up"!
Who so I contact for a refund of those charges?
Also... in your unedited original reply you said there was no way to change that and now the setting appears in my account?
I can clear things out for your about the Instant Deposit feature, beelocal.
The Instant Deposit feature won't disappear on your QuickBooks account. You simply need to uncheck all marked days to turn off automatic instant deposits.
I'm adding these links in case you need more details about the feature.
About the refund, I recommend chatting with our QuickBooks Live Team. They can verify your account and discuss its process. They're open M-F 6 AM to 6 PM PT.
Also, you can browse this link: Learn how to receive and record invoice payments in QuickBooks Online. It provides a video tutorial and steps on how to handle transactions made by your customers.
Don't hesitate to leave a comment below if you need additional information about the instant deposit process. I'll be right here to help you.
This has never been set up. When I go to that screen it asks me to Set it up.
WHY AM I BEING CHARGED THIS FEE?!??!!??!
Hello Mary - I have been charged for "instant deposits" as well, but my deposit speed is set as "standard", "No schedule has been selected" for instant deposits and I don't have any way of changing it in our settings - there is no edit button or live links in this section of our settings - see screenshot. How do I fix this? How do I get a refund for the instant deposit fees that I've never requested and am not signed up for? This has the makings of a class action lawsuit...
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