Originally Posted by
T3pleShot
Exact same issue, bought card on 6/3 filled ticket on 6/4 and called them today, they said the card is fully activated and should have the balance.. My experience was decent enough. As I play this game, I very well know the risks of elongated hold of funds if something goes wrong..
Re: OP's experience: We all go through this one time or the other with big corporations.. The best thing to take it easy, look at the big picture and not get over worked over the issue.
I have had upwards of $10,000 held for months with these guys or their affiliates in my past. Are you telling me you are that relaxed to 'just' not get worked up over that kind of money?
Ok why did I let myself have that kind of money locked up by them? Well, like I said earlier, when you do volume, something will happen at some point. And I know that. But I have run $10,000 or more through other MS environments or systems and have not had a single glitch. Only when dealing with the world of Bancorp/Incomm (and GreenDot). I have been lucky so far to have not had such issues with Paypal but I am fully aware of how they can be and I sympathize with all those who have had problems there as well.
On a side note, back when we all thought card processors were the way to go--when their fees were lower and they didnt suddenly 1099 you--I had money locked up with a couple of those as well.
Yes, you have to know and understand the risks and the fact that some holds will happen.
But like I keep saying and will say again: This doesn't mean we have to like it and accept it.
You sound as though you don't mind how Bancorp acts on these matters and that it's us who have to just deal with it and change how we act or think or something.
This means to me you have never done volume or gotten caught up (which can in fact happen to any user--experienced or otherwise).
When you do, you will understand and be more qualified to debate the issue from both sides.
Yes my side is biased (when you have that kind of money locked up yours would be too) but like the poster I have quoted below says, they should just make a better fee schedule or come up with better TCs for us to follow.
Originally Posted by
andres17
I am with MM. Yes, Bancorp can close our accounts whenever they want, even if we follow their own T&C. My problem is that their CSR are incompetent, and lie about the timeline of getting your funds back. If you say 14 days, then guess what, it is 14 days. Not 2 months. And they get away with all this BS. No one can defend these business practices.
I also don't agree that what we do is in "bad faith". They have a product that allows bill pay. We use their product, and pay the fees. If they lose money on that transaction, that is their problem. They make the rules, make the fee schedule. There's a lot of easy ways to "fix" the fee schedule on their favor, and deter MS types.
It seems like they just want to have customers who fit the "broke" demographic. They want to milk those customers. Besides, we are not making money off of Bancorp per se. At least not on the prepaid debit cards like Walgreens, T-Mobile, etc. Those are liquidation tools, and it cost money to liquidate our GCs. We make money off credit cards providers. Bankcorp is making money ($5 a pop, plus transaction fees) out of our MS activities. They should be glad.
Indeed!^^^