Escrow.com Blunder

[Spade]

I was notified this morning by Escrow.com that there was an error in one of my recent transactions. Apparently, when going to send out ACH's to several clients, there was a mistake between Escrow and Bank Of America and instead of depositing money into those accounts, money was withdrawn.

Wow....

This happened to 8 clients of Escrow. They claim in 9+ years of Business nothing like this has happened (Dont I feel special now). They claim they closed this "ability" through BofA and it will never happen again.

Not sure im satisfied enough to be using Escrow again.

 

[-Adam-]

That is actually quite concerning on several levels.

 

[Kate]

ACH is very dangerous... it was only meant for interbank settlement in the first place.

 

[henniemeijer]

Mistakes will always be made, as long as they will make up for the possible damage I do not think there is a problem.

It is always about how problems are dealt with I believe,
pro-active informing customers, no cover up and reasonable effort/willingness to pay for damages should be the norm.

Obvious not repeating the same mistake is also a priority.

That attitude would actually strengthen the customer loyalty
and instead of a problem it is an opportunity for them.

 

[bmugford]

I have dealt with Escrow.com many times with no real issues, however this type of thing is totally unacceptable. It could have caused an account to be overdrawn and checks to bounce. I would expect Escrow would have to be held responsible for any related fees.

Brad

 

[Spade]

I have dealt with Escrow.com many times with no real issues, however this type of thing is totally unacceptable. It could have caused an account to be overdrawn and checks to bounce. I would expect Escrow would have to be held responsible for any related fees.

Brad

They promised to Make it Right. I imagine their may be some account issues with overdrafts and such.

 

[wot]

They were upfront about it so a big plus on their side.

 

[Dimester]

I have used escrow many times and I always have them mail a check. I feel better protected this way.

 

[Spade]

At this point in time Im not sure I will be using Escrow.com in the future - Not sure I feel comfortable with their access to my finances.

 

[Kenny]

At this point in time Im not sure I will be using Escrow.com in the future - Not sure I feel comfortable with their access to my finances.

Were you one of the 8?

 

[Spade]

Were you one of the 8?

Yup - thats how I know about it.

 

[Kenny]

That sux! Have/are they fixing this?

 

[cache]

scary. However I don't know if there are better escrow out there. We just need to choose the lesser of evil.

 

[theuniverse]

what is the best alternative to escrow.com?

 

[Acquisition]

what is the best alternative to escrow.com?

EscrowDNS.com is excellent.

Managed by experienced and well reputable domainer "Rockefeller" over on DNF.

 

[Charley]

Is that cheaper than Escrow ?

 

[JoshuaPz]

They used to be but unfortunately they've recently jacked up their prices. They now charge 7% of transaction volume for exchanges under $2500 (was once 4%).

 

[wussadotcom]

They used to be but unfortunately they've recently jacked up their prices. They now charge 7% of transaction volume for exchanges under $2500 (was once 4%).

Are you referring to Escrowdns?

 

[kev]

Wow!

And escrow is the type of thing Id use for a big sale. Id have a canary if that happened to me :hehe:

 

[Spade]

Well, in the end - all was resolved. Just a minor scare for me - potential disaster for someone else.