Product: Checking or savings account

ISSUE : Credit Card Processing Company ( XXXX XXXX  XXXX XXXX is collecting monies on ticket sales ... and holding {$99000.00} as of yesterday XX/XX/XXXX of our funds. They are refusing access to this money until after the event late next month ... .and when tickets go back on sale XX/XX/XXXX for the XX/XX/XXXX XXXX -- they will then hold those funds for almost a year -- 11 months. 

Our company XXXX XXXX XXXX is the owner of a smooth jazz radio station in Florida ( XXXX XXXX XXXX, FL ) and we also produce an annual smooth jazz festival called The XXXX Jazz Festival. The show is in its XXXX year. We have a contract with XXXX XXXX XXXX to process online ticket sales via credit cards. XXXX XXXX, XXXX has been a customer of XXXX XXXX, XXXX for 6 years, has great financials, no problem with fraud on any level, and only had 4 chargebacks in the last 12 months with over XXXX tickets sold each year. Of the 4 chargebacks or disputes from customers, we were able to win 2 of them in dispute. 

The main issue is ... XXXX XXXX, XXXX on XX/XX/XXXX sent us an email ... .esseentially freezing access to all monies in the account. They still continue to accept new ticke sales through the merchant account for our tickets -- again -- not forwarding the money to our checking account. 

Here is the email received from XXXX with is the credit card processing middleman ( Authorize.net ) : From : Underwriting ( CYBS ) XXXX To : XXXX XXXX ; XXXX XXXX Sent : Tue, XX/XX/XXXX XXXX pm Subject : Your Authorize.Net XXXX XXXX XXXX XXXX. 

XXXX XXXX XXXX XXXX XXXX : XXXX Dear Merchant, Out sponsoring bank, global payments, has notified us that we will be required to place your account on 100 % funding hold until after the completion of your event in XXXX. Starting today all processing will be held until that time. Once the event is over we will be able to review the transactions with them in order to release all funds at that time. However, the requirement from XXXX XXXX is also to place your account back on hold after that and to hold funds for the full year until next years event. Feel free to reach out if you have any questions. 

Thank you XXXX XXXX XXXX XXXX Risk Analyst CYBS_Logos_Vertical_RGB I have made numerous attempts to call and email XXXX XXXX, XXXX -- they will not talk to me on the phone regarding this issue. I sent an email requesting a response and was told I would be contacted in 48 hours. No return call or email from XXXX XXXX, XXXX -- the company holding the funds. 

As with any live event ... .ticket sales begin to ramp up as you approach the last 30-60 days prior to the show. How can this XXXX XXXX XXXX expect us to operate while they hold close to $ XXXX of our ticket sale monies? 

Our XXXX XXXX XXXX XXXX is in almost a month. I will need these funds to do the show. Right now ... I access to these funds to pay the musicians ( they will not take the stage without payment ), to book hotel rooms for 175 musicians, rent staging, tenting and fencing, pay for on-site security and hire local sheriff deputies, hire the sound and lighting crew to run the show, hire a catering company to provide lunch and dinner for 1800 reserved seat patrons and all the performing musicians, pay to pull the alcohol permit for the four day event, purchase printed banners and a program guide, pay for festival printing on T -- Shirts and Posters which are sold at the event -- - as so on. 

If XXXX XXXX  XXXX is concerned about their " risk '' -- why are they still taking our credit card ticket orders? We have been a customer for 6 years with no issues. Again ... only 4 disputed charges from credit card customers in the last year and we won back two of the four in dispute. 

And -- ultimately -- this " freezing '' of all funds is actually a huge problem ... as we need access to the funds to produce the show. It's the " chicken and the egg '' argument. 

If I had at least some advance warning regarding the hold, I could have canceled contracts for billboards and other marketing commitments made to free up funds. This timing of this 6 weeks before our festival was unfair ... and absurd. 

The event website is XXXX