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First Data / Wells Fargo / Bank Of America / Citibank / Pnc / Suntrust / monopoly needs to be shut down by government

1 United States Review updated:

All Business Owners really need to pay attention to what is going on when signing up a merchant account or you will end up cheated and feeling like you have no where to go. First of all, First Data is a Monopoly Credit Card Processor here in the United States. They process over 75% or more of the credit card transactions in the country, therefore they feel they can do what they want as if they are god and no one can stop them. When your bank asks you to sign up for a merchant account with them, ask them who they use on the back end to process the cards. Chances are and I know for a fact that the following banks use First Data: Bank of America, Citibank, Wells Fargo, Suntrust, and PNC just to name a few of the large banks. They also process for a lot of the smaller regional banks as well. Everyone complains about Visa/MC but really it is First Data who is causing so much pain to the merchants. They also own the STAR debit Network and Concord EFS, the Pay at the Pump fuel station transactions. They have become too big and don't respect their customers, there employees or anyone else for that matter and you are better off taking cash only from your customers than doing business with First Data "The Largest Processor". Most of the other guys are either selling under the pretense that they are "Bank of America Merchant Services" or "Citi Merchant Services" when in reality they are First Data employees. First Data has one HUGE call center and they have it divided up in sections by bank to take the calls from merchants who need help. The problem is if you sign up with Citi for example and you get upset for whatever reason and decide to leave Citi Merchant Services and go to your other Bank PNC or Wells Fargo, guess what you get the same service, same tech support and same customer service people to deal with all over again. You are the laughing stock of First Data, you pay your $500 cancelation fee from Citi just to sign right back up with one of the other banks who also use First Data, and when you cancel with them you pay First Data another $500 cancelation fee. What a rip off, this has to stop, the other scheme that they are pulling is if you are currently using First Data Today, take a look at your statement, and see if you see a $19.95 or $29.95 PCI Compliance fee on your monthly statement that you weren't told about? Go ahead check right now, See they probably have been billing you this for months, because its another way of just taking your money when your not looking. My advise when you hear First Data, RUN and don't look back.

Gi
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Comments

  • Gi
      2nd of Jan, 2011
    +1 Votes

    Unfortunately, in our society you have to have a credit card in order to rent a car, buy a airline ticket without a bunch of hassles so no I do not agree with your assumption that I can just stop using credit cards/debit cards to not have to deal with this monopoly, it would be like me saying to you, accept the fact that all of the banks are really and truly run by one company and if you don't like it don't use the banks. That is why in America we have laws that are suppose to keep us safe from companies getting "Too Big To Fail" and monopolizing the country with their made up fees and surcharges lining a few peoples wallets while the rest of us starve. I take it you work for this company otherwise how could you defend their despicable and utterly defenseless business practices. Go ahead do a search of your local state and county courthouse records and see how many small businesses all over America are suing this company. I will go ahead and answer that for you, there are thousands. I am waiting for the big Class Action Lawsuit to hit them where it hurts, because nothing else is important to them but how much money they can make by screwing over the working businesses in America.

  • Gi
      4th of Jan, 2011
    +1 Votes

    I am aware that you don't have to have a credit card. I don't have one myself, so I am very aware of what it is like to not have one. What I am talking about here is the fact that this company has hijacked the business community and are charging them all kinds of fee's for having a credit card machine in there business. This is mainly directed at the business owners not individual card holders. Take a look at this poor company on here: https://www.complaintsboard.com/complaints/first-data-merchant-services-c63278.html

  • Gi
      4th of Jan, 2011
    +1 Votes

    I just did a search on the complaints board about this company... just look at all the scams they pull:
    https://www.complaintsboard.com/bycompany/first-data-merchant-services-a36825.html

  • Su
      13th of Jan, 2011
    +1 Votes

    I have spent several hours on the phone with First Data and SunTrust in an effort to have funds incorrectly charged to my SunTrust business checking account returned. No one disagrees that I am owed the funds by First Data but First Data refuses to refund my money via check. Instead they insist that I give them my new bank account info.
    Given their penchant for over-charging my business, I will not give them my new banking account info.
    SunTrust claims they do not have an in house liaison with their Merchant Services business - First Data. How unfortunate then when a good business customer has trouble with First Data. I am now also a "former" customer of SunTrust as well as First Data.

  • Gi
      14th of Jan, 2011
    +1 Votes

    You are definitely smart by not giving them your new bank account number. If you do this you open the door for them to start taking fee's at will from your new account. (Cancelation Fee's, erroneous fee's etc...) Don't give them your new account number whatever you do. Make them send you a check. I would also report them to the Better Business Bureau, FTC and your State Attorney General for any illegal behavior they are doing to you. They have gotten too big and need to be stopped. Look up your local court system online if you can, I know I looked them up here and there are HUNDREDS if not Thousands of small businesses suing them right now for illegal equipment leases, banking fee issues just like yours etc... It’s horrible that no one has paid attention to what they are doing to the small business owners of America.

  • Je
      27th of Jan, 2011
    +1 Votes

    They Nickel and dime merchant's i see it every day looking at there statements and all the local bank president's who smile at you and act like your friend's when u come in the bank are smiling because that bank is in some casese's bailed out with your tax money and making residual prophet sharing income from your processing volume and there local/national bank alliances that first data has formed and the PCI non validation fee or what ever they call it is protecting the middle man bank and first data from any liability not Mr. merchant! that's why you should not take the bank's word for it or pretend the monthly fee is protecting you from the legal liability it should be documented on a legal document called a PCI compliance certificate not the spoken word of your so trusted local/National bank!

  • Do
      2nd of Sep, 2015
    0 Votes

    I was not told that PCI compliance e was required if I used my PNC clover mini over the internet and feel this is should have been disclosed prior to my agreement with merchant services. Yes I feel upset and in a position of being ripped off and hacked by the very ones who are telling me iave to protect others. Ironically enough.

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