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A 7 day CLEARING period on an electronic payment!
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Feb 9, 2008 FIRST EQUITY BUSINESS CARD complaint |
I wish I had found this website prior to receiving my First Equity card.
I am still cooling off after talking to First Equity's so-called customer service.
I have been a good First Equity Card customer for over a year, always paying on time, and they recently raised my company's credit limit to $8500. As I was approaching the limit and I had a business trip coming up this weekend, I decided to make an online payment (as I always do) of $3000 on February 6, 2008. The payment posted that day, and was debited from my bank account the following day, Febuary 7. Yesterday (Feb 8), I called to verify my available credit and was told there was none. When I explained that I had made an online payment that had already been debited from my bank account, thir customer service person told me that there was a 7 day "clearing period" for all payments, regardless of how they were made. I told them that nowhere on their website where I made the payment was this policy noted, and was told to read my terms and conditions. I asked them to fax or email a copy and they said they would have to mail it. I asked to speak to a supervisor and got the infuriating "that's our policy, it's in our terms and conditions" speech again. No attempt to diffuse the situation, no attempt at calming me down. I asked to speak to the supervisor's manager, only to be told that they would have to call me within 48 hours. I asked for a name, and was told they would not give it out for security reasons.
Fuming, I waited an hour to cool down and called back again. This time, I got a nice young lady who told me that although there was a 7 day "clearing" period, if my bank would send them proof that the payment had cleared, she could probably get it waived. I said "great - to what number should I have my bank fax the information?" She said she would check with her supervisor, and then proceeded to tell me that they would not waive the clearing period even if my bank gave them proof that it had cleared. I asked to speak to the supervisor, who gave me the same run around as before. I asked them to close my account, to which their reply was "done".
I am a member of a group of young entrepreneurs, all of whom own companies grossing over $1M a year. Trust me when I say that ALL of them will hear about my experience with "the best bank for small business".
This situation could have been resolved easily by anyone at First Equity in two minutes. Instead, I will make it my life's mission to tell people about my experience with this ABYSSMAL EXCUSE FOR A BANK.
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1. Written by I sympathize with you., on 03-05-2008 13:58
I have a subprime card for personal use which also has a 7 day clearing period for large payments. The problem is that not only is there a hold for the payment, but they shut down the entire credit line until the clearing period expires. I learned to just pay under $100 a day, and lo and behold things are 'fine'; I still have access to my credit line. Obviously, one can't do that for thousands of dollars.
My suggestion is to just get another card. You have a small business making over 1 million in sales a year, you can obviously get much better terms than what First Equity is offering.
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