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Its one thing to nickel and dime your clients with excessive fees and service charges, but its quite another when a financial institution uses amoral policy to commandeer the funds of customers to maximize investment capital.

I was shopping for a T.V. on Amazon and shortly after making a purchase decided against this particular model.

I promptly informed amazon before the product was shipped that I wanted the order cancelled. Amazon immediately cancelled the order in question and no charge was made to my card. Netspend however felt it necessary to hold the preauthorize amount of $1250 for up to 15 days, refusing to release the hold on these funds unless the merchant sends a fax directly to them with a declaration of cancellation with the customer purchase and merchant cancellation data. Netspend is well aware of most merchant policies that restrict them from transferring sensitive credit and purchase data because of a faxes inherent vulnerability to third party interception.

Netspend uses this to their advantage by extending the amount of time they put a hold on preauthorize amounts by up to 15 days so if no purchase goes through, netspend increases its investment capital with customer's locked funds.

If anyone has experienced this please contact me with details on your situation to determine eligibility for class action suit being organized.

We would also appreciate any previous/current netspend employees with insight, willing to share information either confidentially or via affidavit about netspend's internal written and non-written policies. Contact me at schteve100@hotmail.com

Monetary Loss: $1250.

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NeverUseNetspend
#574115

I forgot mention that I am disabled, so be aware that while most people may not have the time or patience available, I can and will devote myself full-time to exposing this companies exploitative policies. You can be assured that the profit Netspend gains every hour via the increased investment capital from my locked funds, they can expect to lose ten fold in reputation and business prospects.

NeverUseNetspend
#574073

Actually I tried that, twice I conference called NetSpend and Amazon, on both occasion Amazon confirmed cancellation of transaction and transaction numbers, amounts and dates. This was not adequate, Amazon was then requested to sent in a fax containing this information, most reputable merchant policies forbid the use of fax for security reasons specifically it's inherent vulnerability to third party interception.

NetSpend is well aware of this yet chooses to exploit the position to maximize its investment capital.

Well I'm afraid NetSpends exploitative policy ripped off the wrong woman because I am going to make it my mission to expose on every website, blog, and chat media, NetSpends amoral policies that take advantage of their card holders.

Anonymous
#573939

We are very sorry to hear about the hold on your account. Unfortunately, we are not notified when a transaction has been cancelled by the merchant.

Our terms and conditions state, "If you authorize a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold for that amount of funds."

The hold timeframes can differ depending on the transaction or amount. For this reason, we do accept letters from the merchant confirming that the authorization will not be collected. In some cases, we may also be able to do a three-way call with the merchant for confirmation.

Again, we sincerely apologize for any inconvenience this has caused you. We hope the problems you have experienced will not bear any reflection on our company and the services we provide.

If there is anything else we can do to assist you, please do not hesitate to contact us via email or call customer service at 1-86-NetSpend (1-866-387-7363).

Thank you,

NetSpend

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