Consumer complaint received 2025-08-21 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Wrong amount charged or received — 
Company: FISERV FINXACT CORE
State: FL

Complaint narrative:
[ MERCHANT NUMBER : XXXX ] Re : Merchant Account Funds Wrongfully Withheld for Over XXXX XXXX  I, XXXX XXXX, submit this expanded and detailed complaint against Fiserv , Inc., due to the prolonged, unjustified, and abusive withholding of funds belonging to my business. For more than XXXX years, Fiserv has frozen my merchant account funds in the amount of {$10000.00} USD, under the pretext of chargeback risk. 


-- - XXXX. Introduction and Key Facts When I opened my merchant account with Fiserv, I did so with the good faith expectation that my transactions would be processed in a secure, transparent, and fair manner. All transactions conducted through my account corresponded to legitimate sales of goods and/or services, delivered to and accepted by my customers. 

However, Fiserv imposed a reserve of {$10000.00} USD, claiming risk of chargebacks. These funds have remained frozen for over 24 months since the last processed transaction, making it legally impossible for any chargeback to occur under card network rules. 

Despite this, Fiserv refuses to release my funds, thereby depriving me of money that rightfully belongs to me. 


-- - XXXX. Excessive Retention and Lack of Legal Basis XXXX  and XXXX rules clearly establish that chargebacks have a maximum window ranging between XXXX and XXXX XXXX, depending on the type of transaction. 

With more than XXXX years elapsed, any right to initiate a chargeback is time-barred and extinguished. 

Fiserv is fully aware of these limits, yet continues to withhold my money indefinitely. 

Such conduct constitutes an abusive and arbitrary practice with no legal justification. 



-- - XXXX. My Attempts to Resolve the Issue I have made several requests to Fiserv to release my funds. In addition, I proposed a conciliatory solution : I was willing to refund my customers directly so they could repay me through another method, thereby eliminating any possible risk to Fiserv. 

Fiserv rejected this proposal outright and continued to withhold my funds, demonstrating a clear lack of good faith and an intent to unlawfully profit from my money. 


-- - XXXX. Legal Grounds XXXX. Chargeback Time Limits XXXX XXXX and XXXX  rules, the maximum timeframe to initiate chargebacks ranges from XXXX to XXXX XXXX. 

Since more than 24 months have passed since the last transaction, no chargeback rights exist. 



XXXX. Electronic Funds Transfer Act ( EFTA ), 15 U.S.C. 1693 Protects consumers and merchants against unlawful withholding of electronic funds.

Fiservs retention of my money well beyond any reasonable timeframe directly violates the principles of the EFTA.

3. Dodd-Frank Act, 1031 UDAAP Prohibits Unfair, Deceptive, or Abusive Acts or Practices by financial institutions.

Withholding merchant funds indefinitely without legal justification is a clear abusive practice under UDAAP.

4. Common Law Principles Wrongful retention and use of anothers funds without cause constitutes unjust enrichment and misappropriation. 

Fiserv benefits from holding my funds while I suffer ongoing harm. 





-- - XXXX. Damages Suffered Financial damages : Loss of business liquidity for more than 24 months, inability to reinvest, and lost opportunities. 

Operational damages : Restrictions on my ability to operate my business normally. 

Emotional damages : Stress, anxiety, and personal hardship caused by being deprived of funds that are rightfully mine. 

Reputational damages : My inability to access funds has hindered my ability to fully meet obligations with clients and suppliers.

Company response to consumer: Closed with explanation