We sold $15,000 worth of prime camera equipment to Indonesia. They paid with fraudulent credit cards. We ran the cards thru and they were approved thru B of A Merchant Services. A notice came up to "Call Center" on one credit card and when we called they gave us a verbal approval code.
We are out the equipment and B of A has not only hit us with the chargebacks, but confiscated $10,000 out of our working business account without our knowledge.
They spend millions of dollars on advertising that their credit cards are safe... What a false sense of security. A third world country has stolen the numbers via internet and proceeds to use them. We are in California and all the cards used were from the east coast. We're talking an average of $3,000 per card. No red flags went up whatsoever, Why?
This is only the very condensed version.
We have filed a complaint with FTC, OCC, FBI, Secret Service.
Our $10,000 is still being held. We opend an account with another bank to conduct our daily business. We will NEVER use B of A again. Pass the word.
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