Wave Money - Warning !
Henrik
Member Posts: 5
I use wave money for business checking and have a Bank of America Business credit card. Of course I would like to use wave money to pay the credit card.... But this has proven to be an expensive and impossible nightmare. Here we go. Back end of July I tried to pay the credit card via the BoA website using the routing and account number for my wave money account. BoA returned with a message saying something like "Cannot be completed at this time" so I called them and did the payment over the phone. About a week went by, and now the card payment due date had expired. Then I discovered an "Insufficient funds" fee and "Late Payment" fee on the BoA account. Close to $100....... I called wave to inquire why the payment was blocked, I had plenty of money in the account, but that was useless. Was told they couldn't see anything on my account... Hmmm
Then I called BoA thinking maybe there was a limit on what could be transferred. Split the payment in two, another week, another "Insufficient funds", and another penalty. Times 2. Now close to $300.
I called wave again... Same story. Couldn't see any activity on the account. Asked for a phone number for the community bank, the bank behind wave money, but was told that was confidential information.... Hmmm.
I can only conclude:
1) Using wave account to pay over the phone does not work and nobody knows why
2) Customer service/support is non existent
3) If pay over the phone is blocked for security reasons, you would expect an email or phone call from wave money if someone tried to do it... But no
4) I tried to reenter wave money account info on the BoA account and now the message is "We can't process electronic payments from this institution" Great !!
5) I'm very concerned about consumer protection and the way wave money interacts with its customers. I can just imagine the nightmare I have to through if there is a fraudulent transaction on my wave account.