Originally Posted by
Domat
Every indication I have seen is that they are refunding the money just not as quickly as people would like. They are better then others like paypal for instance. I have heard of banks like Chase holding money for months as well.
Now if you cannot float the money it can be a great burden no doubt. There is no one who reads these boards that doesn't know they do not like what we do and will shut you down eventually.
We also know they will refund the money within a few months.
This is known.
I had an issue getting a refund of $4500 PayPal MyCash cards that they issued. Their refund process says that the refund will be received within 14 days. After many calls and over two months, the matter was still being "investigated". I then filed a complaint with the Texas Department of Banking and received the requested refund in a week. Like others, my issue is that they did not live up to their own promises and processes rather than the time it took.
As an aside, people have mentioned FDICing them but they are not regulated by the FDIC. They are a money transmittal business that is regulated by your state. For info on which regulator serves many states, look at this financial services website:
http://www.nmlsconsumeraccess.org/En...COMPANY/912772