Ribbon (similar to Venmo)

Old May 8, 2014, 1:05 pm
  #61  
 
Join Date: Sep 2013
Posts: 50
Originally Posted by MountainManDuy
Roughly 48 hours. I spoke with a guy Steven every time I had an issue.
What email did you use for support? It has now been 14 days and 3 days since my support email to them.
daride is offline  
Old May 8, 2014, 2:13 pm
  #62  
 
Join Date: Dec 2012
Location: Murica
Posts: 344
Which country are they using to calculate their 3-5 business days for cash outs? 'Murica or some commie country with a million national holidays?
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Old May 17, 2014, 2:02 pm
  #63  
 
Join Date: Feb 2012
Posts: 396
Any signs this is a scam?
mrmandel is offline  
Old May 17, 2014, 2:10 pm
  #64  
 
Join Date: Apr 2014
Location: Miami
Posts: 138
I'm waiting for a withdraw on a test $50 send. The send was initiated Tues . Posted as signature transaction on debt card on Thursday 5/15 with a point of sale date of 5/14. Says 3 to 5 business days on withdraw so will wait a few more days.
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Old May 17, 2014, 2:23 pm
  #65  
 
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,958
Originally Posted by jewsus
Which country are they using to calculate their 3-5 business days for cash outs? 'Murica or some commie country with a million national holidays?
It's like the alternate side parking rules in NYC. Hat day? Rules suspended.
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Old May 22, 2014, 12:01 pm
  #66  
 
Join Date: May 2014
Posts: 186
Originally Posted by mrmandel
Any signs this is a scam?
Just joined up to warn everyone to not use this service. Ribbon is some combination of general incompetence and a scam. They will hold on to your money for weeks without any action, vaguely claim "fraud" as a reason for not processing a transaction, and then drag their feet on refunds.

If anyone is having difficulty getting their money back, PM me.
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Old May 22, 2014, 3:44 pm
  #67  
Suspended
 
Join Date: Mar 2013
Posts: 465
Originally Posted by shenxing
Just joined up to warn everyone to not use this service. Ribbon is some combination of general incompetence and a scam. They will hold on to your money for weeks without any action, vaguely claim "fraud" as a reason for not processing a transaction, and then drag their feet on refunds.

If anyone is having difficulty getting their money back, PM me.
Thanks for the data-point. Any chance of elaborating further what prompted the shutdown? What sort of sizes were you putting through and was it all gc drain to checking?
ChuckMango is offline  
Old May 23, 2014, 9:31 am
  #68  
 
Join Date: May 2014
Posts: 186
I tried to cashout one $500 gc and one $200 gc. They refunded the $200 gc after two weeks (one week of waiting for the transaction to clear and another week of emailing them trying to get a refund.) Getting the $500 gc back took yet another week of pestering.
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Old May 23, 2014, 9:35 am
  #69  
 
Join Date: Dec 2012
Location: Murica
Posts: 344
Originally Posted by shenxing
Just joined up to warn everyone to not use this service. Ribbon is some combination of general incompetence and a scam. They will hold on to your money for weeks without any action, vaguely claim "fraud" as a reason for not processing a transaction, and then drag their feet on refunds.
Completely agree with this assessment. Not worth the time and effort. Still waiting on cash outs to process from over a month ago with no response from Ribbon. I'm thinking their VC money is drying up and are hoping users forget about their funds.
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Old May 23, 2014, 9:40 am
  #70  
 
Join Date: Jun 2013
Location: NYC
Programs: AA EXP, Delta PM, HH Gold, Hyatt Diamond, Etihad Gold, Amtrak Select
Posts: 130
Originally Posted by shenxing
I tried to cashout one $500 gc and one $200 gc. They refunded the $200 gc after two weeks (one week of waiting for the transaction to clear and another week of emailing them trying to get a refund.) Getting the $500 gc back took yet another week of pestering.
Yikes.. sounds pretty miserable. Thanks for sharing this datapoint. You eventually got the $500 back?

Welcome to FT!
luggagebin is offline  
Old May 23, 2014, 9:46 am
  #71  
 
Join Date: Aug 2013
Programs: $$$
Posts: 28
Nothing says "dipping in to client funds" like the extreme delays with these guys.

Think they have an escrow account for client funds, or it's all just in their checking account?

Madoff Alert!
CogOfTheWalk is offline  
Old May 23, 2014, 3:45 pm
  #72  
 
Join Date: Dec 2013
Location: California
Posts: 264
Originally Posted by jewsus
Completely agree with this assessment. Not worth the time and effort. Still waiting on cash outs to process from over a month ago with no response from Ribbon. I'm thinking their VC money is drying up and are hoping users forget about their funds.
Do you mean you emailed their support address a month ago and they didn't respond yet? Or you never emailed them?

In my experience of a few cashouts, it's either very fast (1-2 days), or never, unless you email them and they then (after 1-2 days) request your ID or they say you triggered their fraud alert but they'll push the transaction through manually. So, emailing them helps, though it is annoying, and it might not be possible to do high volume of payments.

The various combinations of sender/receiver having or not having an account, and their ID verified or not, and sending to same or different bank accounts, might be treated differently. I wonder if both the sender & receiver had accounts with verified IDs, they would then not care about higher volumes.

I too was concerned about them going bankrupt and keeping our money, though I also think it's possible that their fraud alerts just trigger very easily (and our transactions do look unusual), and their way of dealing with that is not very user-friendly. If the company did disappear: has anyone had experience with disputing a charge like this with the gift card servicer, to get the money back?
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Old May 23, 2014, 5:36 pm
  #73  
 
Join Date: Dec 2004
Location: SEA
Posts: 1,887
3 payments so far. Payment 1 never arrrived. Payment 2 arrived, but was impossible to tell whether it was payment 1 or payment 2 until weeks later when my account finally showed which payment had failed. I figured it was not worth the headache so moved on to bigger and better things. A week ago I had a friend send me $300. Legit payment, not MS. A week later the funds are still AWOL. Basically it comes down to this, if you want to spend your time and energy following up on each payment and making sure they go thru, have at it. But there are far easier and more reliable ways to cash out prepaid debit cards IMHO than dealing with these clowns.
HikerT is offline  
Old May 29, 2014, 1:32 pm
  #74  
 
Join Date: Dec 2004
Location: SEA
Posts: 1,887
My cashout still had not shown up after 2 weeks, so I emailed ribbon and just got this reply back. W.T.F??? Can you imagine if I had used this service for payment for goods from someone I didn't know? I'd basically be out $300. Inexcusable for them to sit on a cashout for 2 weeks, make no attempt to follow up, and then when asked W.T.F. is going on with the cashout they tell you they can't process it. Run run run from these clowns.

Hi HikerT,

I'm very sorry for the delay. Unfortunately we won't be able to process this cashout for you because you're located in Washington. We've recently been told by regulators that we cannot perform any money transmission operations in the state of Washington. This means we're going to have to refund the $300 to xxx and suspend your account for now. Once we have the ability to operate in Washington we'll let you know. Sorry for the inconvenience.

- Steven

--
Steven Tang
[email protected]
HikerT is offline  
Old May 29, 2014, 2:37 pm
  #75  
 
Join Date: Jan 2013
Posts: 69
Oh Steven Tang how you disappoint us all. I had 500 tied up with them and they said they would refund it the first week of May. I checked for weeks, and nothing showed up. Contacted Ribbon, and Steven said he just processed it two days ago.

Originally Posted by HikerT
My cashout still had not shown up after 2 weeks, so I emailed ribbon and just got this reply back. W.T.F??? Can you imagine if I had used this service for payment for goods from someone I didn't know? I'd basically be out $300. Inexcusable for them to sit on a cashout for 2 weeks, make no attempt to follow up, and then when asked W.T.F. is going on with the cashout they tell you they can't process it. Run run run from these clowns.
MountainManDuy is offline  

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