I am currently using Chase Bank before coming to Quickbooks for merchant services.

Here is a scenario. I make 100 ACH transactions per month, all over $1,000 each.

Quickbooks would charge me $10 per transaction

Quickbooks total ACH cost for the year - $12,000

Chase charges be $25 per month for 25 transactions and $0.15 per additional.

Chase total ACH cost for the year - $435

Please tell me how this makes sense?

I am currently using Chase Bank before coming to Quickbooks for merchant services.

Here is a scenario. I make 100 ACH transactions per month, all over $1,000 each.

Quickbooks would charge me $10 per transaction

Quickbooks total ACH cost for the year - $12,000

Chase charges be $25 per month for 25 transactions and $0.15 per additional.

Chase total ACH cost for the year - $435

Please tell me how this makes sense?

@JSlym 

If you are running a B2B company, you can utilize other payment processors to accept ACH for free.

What’s really sad is that they continue to raise our prices, and they provide virtually nothing in return and more features or value added to the products or services they sell.

So I'm definitely confused and frustrated about the ACH fee's. Just this month I had transaction fee's of .50 for a $25,000 deposit and a $5,000 then a $1.00 for a $25,500 deposit and then it jumped to $25.39 for a $2500 deposit and then $15.00 for a a$5500 deposit. I don't have it setup for cc charges to help keep the fee's down, so needless to say I'm confused and frustrated.

Hello there, @pmflooring. 

We want you to have the utmost service you deserve. Let me share some information about the ACH fees.

I've checked our records and found out that other customers also received an email about the next-day deposit for QuickBooks Payments. We know cash flow is critical to small businesses, and we are responding to consistent feedback that our merchants want their money faster. Additionally, our funding speed and cost have not been in line with market standards.

Through this, the changes take effect last March 10, 2021. This way, you'll be moved from Free ACH 5-day funding to Next Day funding for ACH bank transfers with a cost of 1% capped at $10.

However, there are no changes to credit card or debit card payments. Also, the payments processed before 3:00 PM PT arrive at your bank the next business day.

You can request a rate review for your account to get payment discounts. Contact our QuickBooks Payments Team for assistance and to provide feedback for management review. 

Just in case, you can also check out this article for more information with the update:

•  Next-day deposits for QuickBooks Payments
•  Request a rate review of QuickBooks Payments discount fees
   

Let me know if you have any other questions about payment processing.

So the problem that I see is that I never requested next day deposit and it wasn’t capped at $10 

So the problem is that I never requested next day deposit and I’m still very confused with your fee’s since you exceeded your cap of $10 

@pmflooring 

If you are running a B2B company, you can use a 3rd party processor to  accept ACH payments for free.

I’d like to thank everyone for their advice. I’m a small self employed contractor, the direct deposit was easy with a minimal fee. It help a lot with the contractors that I work with because if they were writing a check they would like to hand it to me instead of mailing it (for whatever reason) also if they didn’t have the money they couldn’t send it (no bounced checks) I’m not sure about raising my rates to offset the cost of taking on cc

I would be onboard if QuickBooks change ACH fees to 1 flat rate for the month.

P.S Does anyone know how much it actually costs the banks to do the transfer if it even costs them anything?

FTC orders Intuit to stop pushing "free" software that isn't really free.

Today, the U.S. Federal Trade Commission (FTC) ordered Intuit to stop promoting its software products and services as "free" unless they're actually free for all consumers.

The order comes after the consumer protection watchdog's investigation into how Intuit promoted its tax preparation software TurboTax as being a "free" product as part of a years-long deceptive advertising campaign, including ads shown during the Super Bowl and the 2022 NCAA Basketball Tournament.

Today's order should stop misleading TurboTax "free tax filing" ads, as it prohibits Intuit from running ads for "free" tax products and services for which many Americans are ineligible.

The Commission's Final Order prohibits Intuit from advertising or marketing that any good or service is free unless it is free for all consumers or it discloses clearly and conspicuously and in close proximity to the 'free' claim the percentage of taxpayers or consumers that qualify for the free product or service," the FTC said on Monday.

"Alternatively, if the good or service is not free for a majority of consumers, it could disclose that a majority of consumers do not qualify. The order also requires that Intuit disclose clearly and conspicuously all the terms, conditions, and obligations that are required in order to obtain the 'free' good or service."

The FTC's order also bars Intuit from providing false information concerning significant aspects of its products or services, including but not limited to pricing, refund policies, consumers' eligibility for tax credits or deductions, and the ability to accurately file taxes online without reliance on TurboTax's paid service.

Americans with adjusted gross incomes of $79,000 or less can use products available through the IRS' Free File Program to file federal and state tax returns for

free.

@Upset User 

Can you share the link? As far as I know, that's old news (i.e 2 years ago).

News article dated January 22, 2024

https://currently.att.yahoo.com/news/ftc-turbotax-maker-deceived-customers-[removed].html

It's just a follow-up to the old case.

WASHINGTON (Reuters) - The U.S. Federal Trade Commission on Monday barred TurboTax maker Intuit from advertising or marketing services as "free" when many consumers were in fact ineligible, saying the company had engaged in deceptive practices.

The maker of the popular TurboTax tax filing software said it would immediately appeal the decision. "We believe that when the matter ultimately returns to a neutral body we will prevail," it said, adding: "there is no monetary penalty in the FTC’s order, and Intuit expects no significant impact to its business.

Intuit shares closed up 1.4% at $630.61 on Monday.

The commission's final order, after an administrative ruling in September, said Intuit cannot advertise or market any service as free unless it was free to all consumers, or unless it disclosed properly the percentage of taxpayers that qualify for the free product.

The FTC said the character of prior violations was "egregious. For at least six years, Intuit blanketed the country with deceptive ads to taxpayers across multiple media channels."

The agency added: "Intuit continued running the ads, knowing that they led consumers to believe that they could file their returns for free, even though approximately two-thirds of taxpayers are not eligible."

Intuit said on Monday that it had always been "clear, fair, and transparent with its customers and is committed to free tax preparation."

Intuit in May 2022 agreed to pay $141 million in restitution to settle claims by all 50 U.S. states and Washington, D.C., that it tricked millions of customers into buying online TurboTax products that the company deceptively advertised as "free."

The settlement resolved claims that Intuit steered at least 4.4 million customers, many with low incomes, into buying its tax preparation products despite the ineligibility of those customers for free electronic filing through the Internal Revenue Service.

The settlement with the states called for Intuit to suspend ads containing slogans such as "TurboTax Free is free. Free free free free."

Under terms of the settlement with states, Intuit did not admit wrongdoing.

@4Gal If it is old news, the bad publicity hasn't affected Greedy INTUIT, they keep on doing what they do best!!!