| 05/14/2021 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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- Managing, opening, or closing your mobile wallet account
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Web |
Servicemember |
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XX/XX/XXXX I opened up a WAVE merchant account with Wave Financial Inc. The account would be used to send invoices to my consumes and receive online payments. The first issue came when I started receiving multiple payments with some being over {$1000.00} ( XXXX XXXX Dollars ) Wave placed a hold on my account and sent the following email XXXX ( Wave ) XX/XX/XXXX, XXXX XXXX EDT Hello XXXX, We had to hold your pending payout in order to verify some information. We recognize that cash flow is extremely important, especially during the current pandemic, and we are committed to working together to resolve this as quickly as possible.
To get your account up and running again, we require some additional information about your business. In the meantime, your clients are still able to pay any existing or new Wave invoices but no funds will be paid out to your bank account until this is resolved.
Steps to resolve this are detailed below What caused this?
Payment processing comes with various risks that expose both your business and Wave to financial losses from uncollected refunds and payment disputes with customers. For these reasons we conduct account reviews and occasionally reach out to customers like you to make sure that you are protected by maintaining appropriate documentation and policies with your customers.
What do I need to do next?
We noticed a large bank payments from your client . Given the volume of the total payments, we are requesting the following documents from you to review : The contract or service agreement between you and your client Email or text confirmation from your client acknowledging payment.
Please be advised that all documents shared with us will remain private and confidential.
How long will this take?
Over 90 % of our reviews are completed the same day. Your cooperation is required to resolve this as soon as possible and the best way to do that is through email. If you have any questions, please reply to this email and well get back to you. Our operating hours are Monday to Friday 9am-5pm EST.
Thank you, Wave Payments Risk Team After a lengthy email chain Wave released funds 10 days later.
Wave informed me that they would down grade my account to only receiving ACH 's So I perused it no further.
After a conversation on the phone with a representative of WAVE on XX/XX/XXXX, it has become clear that they are not at all concerned with US financial laws, rules and regulations set by the US Government.
It is XX/XX/XXXX and wave has decided to hold {$4200.00} invoiced a fully paid via ACH from my consumers. I have reached out to all of my customers and told them I can no longer provide service to them because of the situation with WAVE. This action ADVERSELY Affects my business and hinders my growth. Not to mention that it puts my employees at risk because I can not make my payroll.
I understand that a XXXX company has no appreciation for my situation as a XXXX owned small business. BUT they should be held to the same standards as US financial institutions.
As I looked at all the complaints on XXXX website about WAVE Financial Inc, I have noticed that most of the complaints are from Minority owned business.
https : XXXX I will write to my congressman about this situation as well.
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| 03/06/2023 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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- Managing, opening, or closing your mobile wallet account
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Web |
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I submitted a complaint over the phone with a live agent from the cfpb on XXXX regarding my XXXX money business account. The complaint was not inputted correctly and XXXX denied they are the company the complaint is about. I am attempting to fix the previous complaint # XXXX. I am filing this complaint because I this is the XXXX time I received a large payment from my customer and XXXX chose to hold the money from me for XXXX days. XXXX took their fee out of the transaction immediately. This held up production on the job and when the money was finally released they closed my business card stating I claimed it was lost or stolen. I never made such a claim. In fact, I specifically instructed the XXXX representative, XXXX, on XXXX not to close my account. She closed it anyhow and said I needed to wait XXXX days until I received a new card in the mail. The card is the only access I have to my business funds and my business has been on hold for over XXXX weeks. I asked if they could expedite it to me and was told no. They closed a previous card of mine out after receiving a large deposit and did allow it to be expedited, but made me a pay a fee. I received a letter from XXXX XXXX ( XXXX ) in the mail XXXX days later on XXXX asking me to provide details of the disputed transaction ( there was not a disputed transaction! ) I can't understand how they can send this bogus letter out but not my card. I called to check the status the status of my card on XXXX and was told they had no record of a new one being shipped. They hung up on me. I called on XXXX and was told it was processed on XXXX but they could not provide a shipping carrier or tracking number. The same story was given to me each day since and I am also told there are no managers that work there. Each call ended with XXXX hanging up on me. Their customer service is degrading and I am ashamed and embarrassed to tell my clients I am using XXXX at this point. XXXX different reps said my card would arrive today or tomorrow, but I have many doubts. I have not been able to pay utilities, rent, suppliers, or do anything for that matter. All the reviews I have read state that XXXX has taken their money after closing their account and left them with no recourse. I am petrified and their bad faith business practices are simply unacceptable.
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| 07/29/2021 |
Yes |
- Money transfer, virtual currency, or money service
- Refund anticipation check
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- Problem with customer service
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Web |
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I signed up to XXXX to use there payroll services in early XX/XX/2021. I did everything they asked to verify the account. I even sent extra verification via email. I was able to approve payroll for XXXX employees and XXXX independent contractors. The company debited my account for payroll on XX/XX/XXXX, but froze the account the next day and asked for additional verification for the XXXX contractors. I sent that verification to them via email. Then on XX/XX/XXXX the company decided that my company was not able to use there services and the money would be refunded with in 65 days. Once a week I contacted them through the chat service to check the status of the refund. No movement was made as to giving me my refund. I continued to ask questions about my refund, but received not assistance. I was refused a supervisor and finally blocked from contacting live chat. Now I am limited to email which has a 10 day waiting period and then they have no calling number. Their website is completely fraud, by saying they would prefer to have a live chat instead of a phone number. I am looking for answers to this issue of getting my money back into my account. If they were not going to process my payroll then they should have never took the funds out of my account.
attached are FTC filing about the company and most resent attempt to contact a live support representative.
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| 01/24/2023 |
Yes |
- Credit card or prepaid card
- General-purpose credit card or charge card
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- Closing your account
- Can't close your account
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Web |
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I RECENTLY OPENED A MERCHANT SERVICE COMPANY ACCOUNT WITH WAVE PAYMENTS. THE VERY FIRST PAYMENT I RECIEVED THEY FROZE MY ACCOUNT ANY MY MONEY, NIETHER WOULD THEY ALLOW ME TO REFUND MY CUSTOMER HIS MONEY DUE TO CLOSED ACCOUNT. OR WOULD THEY PAYOUT MY MONEY! WHAT DO IM DO TO GET MY MONEY??? THIS COMPANY JUST RIPPED ME OFF AND CAUSED ME TO LOOSE A CUSTOMER BECAUSE I COULDN'T REFUND HIS MONEY " CUSTOMER SERVICE AT WAVE, WHICH IS ALMOST IMPOSSABLE. YOU CANT EVEN FIND AN ADDRESS. THIS WAS AN ACH PAYMNET WHY WOULD IT MATTER IF HOW MUCH MONEY I HAVE IN MY BUSINESS BANK ACCOUNT??? I CAN SEE A CREDIT CARD, BUT NOT A ACH PAYMENT. HOW CAN THY BLOCK ME FROM REFUNDING MY CUSTOMERS MONEY? I SHOULD BE ABLE TO CANCEL, DELTE OR RETUN MY ORDER AT ANYTIME.
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| 05/20/2022 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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Web |
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I contacted wave XXXX on XX/XX/2021 XX/XX/2021 XX/XX/2021 & XX/XX/2021 requested refund for {$2500.00} payment that was received on XX/XX/2021. they told me on XX/XX/2021 the payment would be refunded in 65 days and still no refund account is locked so i can not refund or move money out the account at all. there is not a phone number only emails being exchanged. please help me get my funds out of this company account i do not wish to ever do business with them ever again. wave XXXX address XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX EMAILS XXXX, XXXX, XXXX. THANK YOU FOR YOUR HELP. ACCOUNT SETUP IN MY BUSINESS NAME XXXX XXXX XXXX XXXX AS RESPONSIBLE PARTY.
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| 09/20/2021 |
Yes |
- Money transfer, virtual currency, or money service
- International money transfer
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- Other transaction problem
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Web |
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Please, I am XXXX XXXX from XXXX, Firstly, I did Registered to Opened Online Account to that Company Call, XXXX : ( XXXX ) for Some Weeks ago and Again, Created Some Companies Invoices Receipts Retainers to that Company, But that Company had Refused to Processed my Payment Claims Transfer for me to my VISA CARD or BANK ACCOUNT, Up till now, So I want your Company to help me and Use my Details to Check from that Online Company : ( XXXX ) and Process to Recover all my Past Invoices Receipts Payment for me to my Visa Card or Bank Account now and Send me the Payment Transactions Transfer Receipt by My Email now, So I am waiting for Reply now
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| 07/23/2021 |
Yes |
- Money transfer, virtual currency, or money service
- Domestic (US) money transfer
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- Other transaction problem
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Web |
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I used WaveApps.com to accept my customer, XXXX XXXX XXXX payments. I completed the service and delivered my works to XXXX XXXXXXXX.
XXXX XXXX received my work files ( XXXX XXXX ) XXXX XXXX issued a refund from the credit card company.
WaveApps gave me a short notice email informed me of the charge back and closed my account. I received non-payment for the works I've done and I lost my account.
WaveApps didn't protect my right and did not provide any information on the website or the email before I used their service.
I also submitted my complaint to the New York State Department Of Labor for non-payment.
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| 10/05/2021 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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- Managing, opening, or closing your mobile wallet account
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Web |
Servicemember |
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I have a. Account with wave financial ( my.waveapps.com ) My user name is XXXX.
My account has been disabled & I have been unable to reach customer service regarding this issue. The website is used to invoice, quote & do bookkeeping as well as take payment from customers & transfer those funds to your bank account.
This issue has been ongoing for 5 days & my business has been paralyzed costing me money & opportunity.
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| 04/19/2021 |
Yes |
- Credit card or prepaid card
- General-purpose credit card or charge card
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- Other features, terms, or problems
- Other problem
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Web |
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4 INVOICES WERE PAID BY 2 CUSTOMERS ON XXXX, FOR MARKETING, ACCOUNTING AND OTHER BUSINESS SERVICES. THE MAONEY WAS NEVER PAID AND THE COMPANY SAID THEY WOULD ISSUE A REFUND IN 65 DAYS. IN THE ORIGINAL AGREEMENT INVOICES ARE TO BE PAID IN MY ACCOUNT WITHIN 5 TO 7 DAYS.
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| 05/20/2022 |
Yes |
- Checking or savings account
- Checking account
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- Managing an account
- Deposits and withdrawals
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Referral |
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| 01/30/2020 |
Yes |
- Checking or savings account
- Checking account
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- Problem with a lender or other company charging your account
- Transaction was not authorized
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Web |
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