File a Complaint About a Company, please help!!!

[derick29]

First of all, sorry for my broken English, its not my first language. Anyway go back to my case, I have a credit card processor account with this California based company Ipayment inc. I Signed up a credit card proccessor account with these guys on July 14 2002, and on the contract, they simply stated that 'We will hold the 10% eserve for 180 days. In the event that there is a chargeback, the chargeback will be taken from the reserve account rather than your checking account.'' But so far i have only 2 chargebacks which occurred in May and ipaymentinc took money from my checking account for chargerbacks. I also asked to release my reserve to payback the wholesale cost, it's May 27 2003, it has been almost 11 months, and they still holding it, they suppose to release it after 180 days, i call them in Jan, they said they will review my account in March, which they already violated the contract, after March they said will review in May. In May i have 2 chargebacks and they took money away from my checking account, which violated the contract again. Now i have closed my account and they take 2 chargebacks I have in May as excuse to hold it for more than 90 days. Also I have filed complaint via BBB and the answer from Ipayment is they will release the reserve after 90 days if there is no chargeback, the only chargeback I received is in May, if thats case why not release my reserve in March or April when I was asking? Also he stated on the letter that "As the merchant has experienced at least 2 disputes/charges month to date, the release of any reserve amount is unlikely. This is in accordance to the terms as negotiated by me" which is totally incorrect, they never send me any agreement regarding above, all I have signed is a paper with a sentence says that 'We will hold the 10% eserve for 180 days" plus they take money from my checking account when there is chargeback instead of what they said from reserve, so what is the point to hold my reserve? So do you guys think I should file a lawsuit against them? How much it will cost to file? Thanks, please advice. Thanks again!!

[osprey4]

Welcome to TechIMO.

This certainly sounds like someone is trying to rip you off because you're a non-native and you have questionable credit.

I suggest you get in touch with your state attorney general and/or the state attorney general for California. Many of them have on-line forms for reporting bad companies.

Another avenue is the IFCC, http://www1.ifccfbi.gov/index.asp. They also have a way to file a complaint online.

Good luck.

[thronka]

ipayment is known for this kinda of crap. I suggest you try osprey4's idea and contact the BBB. BBB is a state agency that will help you resolve the problem peacefully and try to get your money back. Highly unlikely because I used them for services and never got my chargebacks back at all.

[derick29]

thanks guys... BBB seems to ignore my case, i got letter from BBB of Middle Tennessee, they mailed me ipayments resolution to my complaint, which is hold reserve for 90 days, i cant do anything now, where is ipayment located anyway, i think i should file complaint to BBB of CA. Thank again guys!!!!!