Complaint Review: North American Bancard Inc.

North American Bancard Corporation of Troy Michigan, doing business as PayAnywhere and PhoneSwipe, (NAB) solicited our business in early December 2014. Their promises of seamless service, lower fees, ease of transactions and immediate deposits to our bank accounts attracted is the only reason we decided to switch from our then current provider, SQUARE and do business with NAB. At no time during any discussions, disclosures or materials provided to us did NAB ever disclose that we would risk having our funds held pending any type of review or audit as they have stated. Had any of these disclosures been provided and discussed with our company, we would have never made the decision to start using their NABservices.  Upon setting up our terminal and gaining our business, we started processing through NAB. 

As further proof of NAB's intent to fraudulently gain access to funds of our customers and our company. On December 21, 22, 23, 25, 27, 28th, we were notified vies email that our funds were on their way to our bank account in the amounts of $422.88, $211.44, $710.77, $422.88, $1,397.20, $958.42 respectfully. Further Fraudulently inducing us into trusting in NAB and keep processing retail transactions through their company at our retail location. Two of these transactions in the amount of $422.88 and $211.44 were deposited into our bank accounts and then were fraudulently taken back out of our bank account by NAB on Jan 7th, 2015. None of the rest of these transactions were deposited into our bank accounts as stated. Not once during this time period were we every notified that the funds were being held from us. Only that they were on their way. It was not until January 5th were advised that our funds were being held for 180 days and that our account was being closed. No reason was given for either other than the account is closed. We were then instructed to issue refunds to all of our customers.