Our company discovered American Bancard had been withholding 10% of every credit card transaction they processed in a reserve account as a security against returns. After discovering this practice, we asked Ira Bornstein at American Bancard to discontinue this practice as we didn't have a high rate of returns or cancelations. He refused, so we promptly cancelled our account with him as there are many, many available options for credit card processing companies. However, here's the catch, Ira Bornstein told us he has the right to hold our money for 10 months but regularly makes accommodations and returns merchant's money in 6 months - all documented in emails. Well, 6 months passed, we had no returns, and he wouldn't return our money. So, we now have to wait until the full 10 months which expires in April. However, we were just informed Ira Bornstein, American Bancard, IS NOT GOING TO RETURN OUR MONEY AT THAT TIME either. We now have to file a lawsuit against American Bancard for the return of our money. So, in summary, choose your merchant service processing provider carefully and avoid American Bancard. Others that may have been scammed, please contact us via email if you desire to join the class.
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