Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #8188451
Complaint Overview
Complaint ID: 8188451
Company: Fiserv Finxact Core
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Confusing or missing disclosures
State: Florida
ZIP Code: XXXXX
Date Received: 2024-01-19T12:00:00-05:00
Date Sent to Company: 2024-01-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I have a XXXX account where it uses FiServ to process payments to my bills on XXXX XXXX. FiServ allows deceptive practices to occur with it's clients, as to what is offered. When I investigated a late payment it was found to be decisioned to pay by a physical check based on the monetary value of the amount being sent, allowing a large bill to be processed in a different time frame which actually delays the payment and has a higher potential for being late and incurring fees and late charges. As a user of the system there is no way to know ( or for the Bank to lookup ) a dollar amount to see which pathway the payment will travel ACH 2-3 days and physical check allows for due date - 4 business days.There seems to be no accountability, as the blame was " XXXX credit card selected that option through FiServ ''. I believe it is up to the company offering the product to NOT allow deceptive or confusing billpay options to its clients and end-users.I believe this may be a a loop-hole that was set up to accommodate different scenarios but is instead allowing a profit from deceptive practices and really puts the end-user at a disadvanatge.
Frequently Asked Questions
What is Complaint #8188451 about?
Complaint #8188451 was filed against Fiserv Finxact Core regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2024-01-19T12:00:00-05:00.
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.