Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #5647564
Complaint Overview
Complaint ID: 5647564
Company: Fiserv Finxact Core
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Money was not available when promised
State: Texas
ZIP Code: 78217
Date Received: 2022-06-08T12:00:00-05:00
Date Sent to Company: 2022-06-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We are a small new business in the service industry that opened in XX/XX/2022. We signed up through our bank with Merchant services to obtain a Credit Card reader under the Clover name. We were told that at times funds could be held during the first 3 months until we got proper history built. In the beginning we received a few emails stating funds were on hold and was asked for additional information before the funds would be released. These notices were sent via email to my address. On XX/XX/XXXX we noticed that we had not received any funds to our account and inquired to our support person at XXXX XXXX XXXX. They said they would look into it for us. Time went by and still nothing was released until XX/XX/XXXX, and it was only a few hundred dollars, and not the thousands of dollars we were anticipating. We have been fighting with Merchant services and the clover support group and they are finally starting to release our newer funds here in the last 24 hours. It has been brought to our attention that they have held over $ XXXX of our funds for no reason and with no form of communication. Clover has been almost impossible to assist and has not given us any reason as to why the funds were held. This money is used to operate and support my business and staff. I have been taken advantage of and feel as if someone needs to reimburse me for all interest that money would have brought. This is Fraud!!!
Frequently Asked Questions
What is Complaint #5647564 about?
Complaint #5647564 was filed against Fiserv Finxact Core regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2022-06-08T12:00:00-05:00.
How did Fiserv Finxact Core respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Fiserv Finxact Core?
Yes, visit the Fiserv Finxact Core company profile at readthecomplaint.com/company/fiserv-finxact-core to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.