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Quickbooks set a hod for about four payments two to three months ago, and there's no sign that there's any plan about this money,
Although I can still login to my Quickbooks online and they keep charging me every month for some subscription, they permanently closed my Payment Account, with NO instructions or updated about the payments on hold. The amount involved is $7,000 + .
I contacted at least 10 times the support service, , and even though every time the consultant assigned has behaved nicely, and has shown desire to help me, NO progress has been achieved.
They told me the same thing every time. That some obscure department is dealing with the hold payments, that they escalate the case (and it was escalated every time), but it was all for nothing.
The money is still with them and there is no information about what will happen to them and that after some time will be automatically redirected to government resources.
I forgot to mention that the same day that hold was set, i presented all the necessary documents and information about me, my company, and those payments.
The payments were made by different customers on my website, for physical products, which were delivered to customers at the time, and of course used.
Of course they weren't the only payments made through the Quickbooks. There are 4 payments from many others.
SO at this time the physical items are in the possession of my customers, for some time now, I have NO MONEY, and my Payments Account as well as Merchant account are closed.
And all I do is waste more time and energy trying to get this money back, but it looks like I'm fighting aliens.
Yeah, they're gonna come back now and say nonsense, that my Payment account or Merchant was closed based on a business decision, and that they're a low risk processor, and so on.
Yeah, we all understand that, and we're not disputing that. It's their decision when and how to close an account.
I'm here trying to challenge their abusive way of taking clients' money without leaving any gateway to talk about that
Usually different merchants hold funds for about 6 months from the date of closing, due to chargeback risk. Maybe you can ask about this.
QB holds money like that, to collect interest off of it. It's a rather shady practice, if you aske me.
They CAN hold it for up to 270 days, after which, they HAVE to release it, and will release it to your state. You will then have to turn around and collect it from your state, not QB.
Good luck.
I recently opened my QuickBooks business checking account. The 5% APY enticed me. I set up the transfer to fund the account and business for $18,000. Before the deposit had been finalized, they put my account on hold without explanation or an option for review/escalation and then said the account was closed. I asked about the in-process $18k deposit, and they said it would bounce and be returned to the originating account. That never happened. When I called to check on it, it was sitting there, and they said it was on hold indefinitely and would not provide any date for resolution. The manager, who had no authority to do anything, said he gets calls like this all day. I'm reading in forums consumers wait and wait and wait, never getting answers.
This bank is committing fraud on consumers. Do not, under any circumstances, open a checking account with Quickbooks! I own multiple businesses, am ethical, and have no legal issues. There is no reason my account would be handled in this manner.
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