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| Zashpay Holding your funds and lying about why Internet |
| 5th of Dec, 2011 by User149273 |
| Zashpay is a company that holds itself as being an affordable service for small businesses. They claim to provide a fast and easy way to transfer funds to employees or individuals. In fact, they are in the business of holding your money and making interest on it during the time they hold it, much like many credit card processing companies. I recently had some funds sent to me by an employer. He was told by Zashpay that the funds transfer would be completed within one business day. In fact, I received a notice from Zashpay stating that funds had been transferred to me but that I would not receive them for 7 days! I called Zashpay to ask why and was met with a representative that simply had a canned answer that "any hold on my funds depends on my bank". This is a flat out lie. An electronic funds transfer takes one business day or "night cycle" . The funds were sent to Bank of America, so it is not like they were sent to some oddball bank with strange hold policies. Anyway, Zashpay held my money for an entire week and it caused me all kinds of problems. This is a dishonest company that is in the business of tricking people so they can hold people's money for their profit. When I tried to reach anyone other than the representative using a script, I was met with more canned email responses and lies. |
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to user 149273<
You are confusing two separate issues. First you say ZashPay is holding your funds but clearly the funds had been delivered to B of A. When funds are received by your bank (in this case B of A) they make a determination whether to hold the deposit or not. ZashPay has completed their process by the nearly instantaneous delivery to B of A.
You have, I believe mis-stated the facts by inferring ZashPay said, "I would not receive them for 7 days!" Take another look at the notice and I'm sure you'll see it says the funds have been deposited but a hold has been placed on them by the bank... Since you appear to know that ACH transactions are rapidly processed, why would you blame ZashPay for limiting your access at B of A? It's a B of A decision. |
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| The complaint listed is very accurate, I know several people that have tried to use this service and each of them upon trying to receive funds, were told they need to further identify themselves before funds could be transferred. I guarantee that this is most likely what all first time users go through, which is time consuming. The purpose behind the service is supposed to be able to send and receive money quickly and safely. There is nothing quick about this service. Also just because they claim to have deposited funds doesnt mean that they have. The only way to find out is to call your bank yourself to see if they have a pending transaction for deposit, at that point, yes you can hold you bank accountable. However, if they dont have it in their system, then Zashpay is most certainly still in possession of your money! |
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| This is common practice from zashpay now popmoney. Nothing new at all. And that's exactly why I started using my own account through Merchant Inc. I deal with none of the hassles from zashpay. |
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