Yesterday I noted that "Clearly, you do business with Intuit (Quickbooks, TurboTax, etc.) at your own risk". This followed Intuit's cancellation of its contract with Gunsite Academy, and its deliberate withholding of funds from that institution, returning them to its customers rather than paying the debts incurred at Gunsite by those customers.
It seems they're at it again - this time to the tune of $150,000 - for a non-firearms transaction!
On May 11th, Lone Wolf made two of what would be three transfers to Flint River. On May 14th they completed the third transfer. The transfers were made through Intuit’s QuickBooks merchant services; Flint River Armory had a merchant account for the purpose of credit card and ACH payment processing. At the time of the transaction, Flint River’s QuickBooks merchant account had been in place for around six weeks. According to Intuit’s own marketing blurb, merchants can use QuickBooks “to get paid 2x faster” – or not.
The transfer in question wasn’t for firearms, it was a separate business transaction. I’ll state that again: it had nothing to do with either components or complete firearms. The total amount of the three transfers: $150,000.
The money was withdrawn from Lone Wolf’s account by Intuit within thirty minutes. In accordance with standard business practices, it should have been deposited into Flint River’s account with relative speed. Instead, there was no sign of a pending deposit. Instead Intuit abruptly terminated Flint River’s merchant account.
Thus began several days of Flint River contacting Intuit three and four times a day. Finally, after approximately fifteen phone calls – each of which they documented – Flint River’s accountant got someone on the phone who would answer some of their questions. The accountant called John Heikkinen into his office, put the woman on speaker phone, and waited to see what she’d say.
Intuit had decided they would no longer do business with firearms companies, she told them. Flint River’s QuickBooks merchant account had been closed down because they’re a firearms company. Their other Intuit-owned services would also be terminated.
Intuit continued to deny John’s request for documentation of the transfer being reversed. In fact, they refused to provide documentation of any kind.
Meanwhile $150,000 of Lone Wolf’s money was being held by Intuit. That meant Intuit was earning interest on $150,000 they claimed they didn’t want (because, guns, even though, again, the transaction wasn’t for firearms or components). While their exact interest rate is unknown and bank savings rates vary widely – Capitol One’s is 0.75% APY and Synchrony’s is 1.05% APY – the current Federal Reserve Funds rate is 1.75%.
. . .
How would Intuit feel if we, as an industry, dropped them? No more QuickBooks, no more Mint, no more TurboTax. A little something to consider. A project for our readers: back, frequent, and support businesses that support the Second Amendment. Money talks, guys. Make yours sing.
There's more at the link. Bold print in the final paragraph above is my emphasis.
I have no hesitation in calling this complete lack of response, and failure to return the funds immediately, as being at best ethically questionable conduct on Intuit's part. Depending on the facts of the matter, I suspect it might even be legally questionable, as it was done without explanation or prior warning, and might therefore be portrayed as a deliberate entrapment of customers' funds in an effort to hurt their business. I'd certainly be suing Intuit for every cent that they earned in interest on the money while they were holding it, plus damages for any opportunity cost to my company as a result of their holding on to my money, plus punitive damages. I think I could make a very strong case in court.
Folks, it's now quite clear that Intuit doesn't give a damn about its customers - only for the politically correct flavor du jour out there, whatever it may be. If it's firearms-related businesses today, it'll be Christian-related businesses tomorrow, or wedding organizers offering marriage services that adhere to religious rather than secular standards, or those offering rental accommodation who insist on criminal background checks for prospective tenants.
I personally plan to never again use any Intuit product or service. In fact, I'll be asking prospective vendors whether they use Intuit's payment processing facilities, and if they do, I'll be taking my business elsewhere - after telling them why I'm doing so. From now on, Quickbooks, Quicken Loans, TurboTax, Mint and Intuit's other offerings are on my "Do Not Use Under Any Circumstances" list.
I call upon all my readers to do likewise. I can only describe Intuit's policies, behavior and attitude, as revealed in both these cases, as discriminatory, unfair, unjust, and intolerable. If you agree, please contact Intuit by telephone and/or e-mail and/or snail mail to tell them so.