And a word of caution, NEVER deal with these crook Cardworks Acquiring people. I wish there is a way to get my $350 back from these crooks. I have never encountered such crooks in the last three decades. I called to get the amount refunded and the guys I spoke were rude and obnoxious. Well we never would have signed a contract that says that it automatically renews unless you renew on the day of the anniversary, or something crazy like that. Upon the set terms, Ally would have paid 1.35 billion in cash and 1.30 billion in common stock, or 39.5 million shares for CardWorks. It has 4.7 billion in assets and 2.9 billion in deposits, the company disclosed during the original merger report.
When I sent them the formal letter to close the account, they deducted an additional $350 from our bank account claiming that we had signed a 2 year contract. CardWorks is a major credit card issuer targeting the non-prime customers. First I got phone call back from Cardworks Acquiring requesting me not to cancel the account and to match the 1.9% discount rate I was getting from the other company. So we changed to a new merchant processing company and sent a notice to close the account with Cardworks Acquiring. CardWorks Acquiring Overview - When we first started out in the merchant services industry, it was to do more than provide businesses with fast and. On my recent sales transactions of $1000, they had deducted more than $100. We sell products that cost more than $225 minimum. This year I realized that with all the discount rate, transaction fees, statement fees and miscellaneous fees these crooks were deducting, on some transactions, it amounted to as much as 9% of the sales amount. Weinstein had been managing the technology. Well these crooks were charging $12 monthly fees regardless of the few hundreds of dollars in the discount fees. Erick joined CardWorks Acquiring in 2008 as a Sales Executive and quickly moved up and became a Sales Manager. The original processing company had a deal that if our discounts were more than a certain amount, the $12 monthly statement fee was waived. They also debited miscellaneous fees from the bank account. Last year I noticed that Cardworks Acquiring was siphoning off additional $$ from our bank account and our discount rate which used to be less than 1.9% had jumped up to more than 3.9%. We were never notified officially of the transfer of accounts but I had noticed the change of name from the monthly reports. Over the past couple of years the previous company sold all its accounts to Cardworks Acquiring. Our company has been accepting credit cards for more than 15 years with a previous merchant card processing company.
Cardworks Acquiring is a Merchant Card Processing and they are crooks.
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