The new bank we went with have check holds on new accounts. Even if we deposited money into the account it wouldn't be posted to the account up to five business days (between three and five business days) and it would be like that for the first six months. On top of that it took another six months of fighting with our merchant account (credit cards) to transfer from our US Bank account over to the new account. It was a hassle so we couldn't use our bank's business check card immediately due to basically "lack of" funds (since the funds were typically held up to five days). With me so far?
Ok, so we decided that while we have credit cards that our personal use cards would remain personal and not to use it for our business however, due to the new bank's hold policy it also meant that we couldn't use the check card immediately. We decided the best thing to do was get a pre-paid card through Money Tree - since it's up the street - and when we needed to use a card to simply go and deposit money onto the account and use the card. We've had no problems with the card until now.
Several months passed and finally the fund deposit restrictions were lifted and when we deposited money into our business account it would be there immediately (if deposited inside the bank as if you went through the drive through it wouldn't be deposited until 5 PM and if through the ATM then not until the next day after 5 PM). As a result of the restrictions lifted we stopped using the Money Tree card but kept it in the event of emergencies.
Fast forward the day before yesterday. I didn't get to the bank in time to make the nightly deposits into the business account let alone my personal account. All my personal credit cards are maxed out due to the fact I just spent nearly $5000 between flooring, paint, molding and a new washer machine (the old one died and when it did flooded the hallways and family room thus we had to replace the flooring in both rooms, repaint walls and replace the molding) and of course paid the water and electric bills (and I'm still pissed about spending that much money). I don't use my own personal checking account - much - except to deposit money to pay off my credit card bills. I like using my credit cards instead as I have a greater feeling of security in using them since I can keep track of what I bought and where. Regardless, it was still too late to make any deposits. We also don't use the business account for personal reasons because it's a pain to separate charges when it comes tax time. Soooooo, we decided to deposit some of the money on ($325) the old Money Tree Mastercard to do some shopping for Halloween costumes. I spent $135 at Target and $45 at Joann's which meant there was roughly $145 left on the card. After Joann's we went home.
The next day (yesterday) I went to Target to make some returns and they put back $25 on the card. The $25 of course won't be credited to the account for a few days. Afterwards, I went to our store and picked up my husband and son then went to Walmart. There I spent over $100 however I paid $65 in cash and the rest on the card. The card amount was a little over $40-something dollars. The card declined, I caulked it up to Walmart's credit card scanners due to previous problems with my normal credit and debit cards. We ended up paying on my personal check card (I had deposited money into my account yesterday) and went off to Money Tree to find out what happened as there should have been around $145 on the card.
We get to Money Tree and they look up the card - there is only $71 and some odd change left. Over $70 was missing. We decide to go out for dinner and ended up using the Money Tree card there. Declined. The total amount for dinner (Chinese takeout) was only $61. Thankfully the owners there knows us and I went back to Money Tree (which was up the street) to get a cash withdrawal ($65). I figured that the card itself since it also failed at Walmart. Afterwards we went home and he looked up the card account online.
There were two unauthorized charges.
1st was for Real Player's superpass. (And our RP account says that the last payment was in June.) $39.99
2nd was for some "fax" company and it was for the remaining missing amount. Around $34.
Now here's where the bad service comes in.
I had the hubby call the customer service number provided on the Money Tree website. He's told to call back between 8 AM and 3 PM Central time tomorrow (today). So this morning he calls and he's told that the two charges cannot be disputed with them and must be disputed with Real Media and with that fax company! -_- WHAT A HASSLE! So we call Real Media and they're going to refund the money but the fax company is giving us the run around saying that we had authorized them! Uh no we didn't! We didn't even KNOW about this fax company until last night. They're refusing to refund us the money and now we have zero options since Money Tree (the 800 #) is saying it's not their problem since it's not a real debit or credit card. WTF? I thought Mastercard insured these kinds of cards but according to Money Tree they don't.
Suffice it to say, once the refunds are on that card I'm withdrawing the money from the card and putting it into my personal account like I should have in the first place. I could have waited until yesterday to make the deposits and did the shopping last night instead of the night before. That's what I should have done instead of using that damn card.