I own a small auto repair shop in Greensboro NC. We use an independant credit card processing service which has never taken more than 48 hours under ANY circumstances to release funds collected through our credit card processing machine.
First Citizens, on the other hand, typically holds these funds for as long as a WEEK before crediting my account.
Being a small company, less than a year in business, I do not have large cash reserves, and my customers expect their cars to be fixed in a reasonable amount of time.
By delaying my deposits unfairly, without cause or justification, while processing withdrawls INSTANTLY, they are OBVIOUSLY trying hard to produce circumstances where I will get overdrawn so they can charge me exorbatant fees, which really just amount to usury. These tactics hinder my ability to complete work for my customers in a timely manner, and serve to undermine my companies credibliity as a shop that can get the job done on time and under budget.
Their advertising says they want to help me do something amazing, but it seems to me that all they want is a better way to extract what money I do have, and put me out of business for the sake of their own financial gain.
Companies like this are not helping the local or national economy.By attempting to strangle small business for their own financial gain and put people out of work, they do no one any favors except for themselves.
I can only conclude that this bank, like so many others, is not out to do anything but find ways within the letter of the law (while ignoring the'spirit and intent' of the law) to RIP PEOPLE OFF and legally steal money, leaving their befuddled customers without recourse. It may well be legal, but no reasonable person could conclude that this practice is ethical, or anything but a scam.
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