Escrow.com has closed my account

[Haris]

Hey guys,

So I sold the domain Ayam/Cemani dotcom via Escrow.com for $2400. I had transferred the domain to the buyer when Escrow confirmed that they have the payment. They then asked for additional documents for verification even though I already am Tier 2 verified. They had my passport and driving license copies but they asked me to submit again with a selfie, while holding a government issued ID which has my address on file for whatever reason.

Excerpts of what Escrow.com support told me during our conversation.

Dear Seller, The Buyer has informed us that the domain has been transferred. Thank you for this. Please be assured that the Buyer indeed has made a payment on the transaction and we have secured it in our holding account with Wells Fargo. We would like to inform you that our review team is just checking information from your side to make sure that the transfer of funds is processed accordingly Kindly wait for further updates as we continue with our verification process.

The funds will just stay with escrow.com until you have your verification documents are uploaded

And after I submitted the required documents,

Thank you for letting us know the status of this transaction.

We have noted this on our end. We have notified our review team for transaction to proceed. Please allow up to 1 business day for review. You and the Buyer will be notified via email once the payment is approved.
If there's anything else, don't hesitate to contact us. Have a great day!

5 days later..

This email is to provide you with notice that Internet Escrow Services, Inc. has made the commercial decision that we will no longer be able to provide you with our escrow services. We have taken this decision after careful consideration, and in accordance with the applicable terms and conditions, which are available online. It is not a comment on your conduct, or any other aspect of your relationship with us. We hope that you will appreciate that we are not able to provide any further information about our commercial imperatives. Your account has now been closed. Regards, Escrow.com

What is with these companies that they don't think it's important to share the reason why they are closing our accounts when we have done nothing wrong. Okay assholes I don't care there are many other escrow companies I can use but what about my money? As you can see they made no comment about the transaction and my money they are holding, I can't log in to my account, the domain is with the buyer and if they return the money to the buyer then I don't think the buyer will pay me. It's their responsibility because they assured I can transfer the domain to the buyer and they will hold my money until I am verified. Now that they have all the documents and my photo they simply close my account.

I have already emailed them and messaged @Jackson Elsegood on NP but just sharing this case here so that you know what you are getting into if you are doing business with Escrow.com.

Thanks

 

[Jv1999]

According to Google, the average income in China is $3,000 roughly. Does that mean that anyone from China using Escrow.com becomes a suspect if they transact over 3k for a domain?

 

[maksimfa]

Yeah, I don't like that idea either. it's very racist. So because his domain sold for over his country's average income, he's suspect? Price should have nothing to do with it because escrow can see that buyer agreed... and paid.

LOL "ur coutnry iz 2 poor 4 u to sail domeen 4 this price :D"

Again, has nothing to do with that... and this is pretty much speculation.

The fact that his account got shut down AFTER submitting more ID verification documents that should tell you it has to do with that. Anything else is pure speculation.

Escrow wants the deal to go through so they can get paid... Except something came up in background check.

 

[Haris]

Again, has nothing to do with that... and this is pretty much speculation.

The fact that his account got shut down AFTER submitting more ID verification documents that should tell you it has to do with that. Anything else is pure speculation.

Escrow wants the deal to go through so they can get paid... Except something came up in background check.

If something comes up they should share it with me, if they find out someone is a criminal than why don't they say it? But this is what they said when they closed my account

It is not a comment on your conduct, or any other aspect of your relationship with us

 

[maksimfa]

If something comes up they should share it with me, if they find out someone is a criminal than why don't they say it? But this is what they said when they closed my account

Yes they would by mail and likely only with certain people.

Sedo has to do it by the book, not every employee has the authority to discuss it.

 

[Coinking]

They don't respect domainer and their day-night hard working, Domainer contribute in the society and every time domainer face issues.
If a person giving you every his/her personal documents and you said "thanks for requested documents" and after that you close the account without any reason.
Namepros is a good forum for domainer unity.

 

[Jv1999]

They don't respect domainer and their day-night hard working, Domainer contribute in the society and every time domainer face issues.
If a person giving you every his/her personal documents and you said "thanks for requested documents" and after that you close the account without any reason.
Namepros is a good forum for domainer unity.

Namepros should have an escrow service.

 

[GoWebnames.com]

Namepros should have an escrow service.

That would be a good alternative and could eat 50% of Escrow.com's business right from the start. NP management should consider that IMO.

 

[Jv1999]

That would be a good alternative and could eat 50% of Escrow.com's business right from the start. NP management should consider that IMO.

Well,t he only problem is that end users will see all the "reseller" prices and NP auctions. Then I'm pretty sure most buyers will break some contracts.

 

[GoWebnames.com]

Well,t he only problem is that end users will see all the "reseller" prices and NP auctions. Then I'm pretty sure most buyers will break some contracts.

That shouldn't matter much IMO. NP Escrow service would primarily serve the purpose of customer retention and building a loyal userbase. There could be a lower limit like $100 or $200 and defaulting users could be banned from using it with award of a public tag like "Escrow Restricted". But these questions would arise only if NP moves in this direction.

 

[Haris]

@Jackson Elsegood read my message less than 24 hours ago and told me he is working on it.

Received email from the bank they have released the funds already.

The buyer paid USD 2400 and after all fees (I paid escrow fee) I was supposed to receive USD 2228.8. But in the Wells Fargo mail the amount being sent to me is USD 2473.20. Maybe $245 extra for my troubles.. will talk to them about it.

Can't log in to my account so it won't be opened again and I am moving to another escrow company, probably Sedo.

There's something very important here I need to share, as soon as I my account got closed I emailed the buyer because I knew Escrow.com won't keep the payment they would refund the buyer so I told the buyer that he may get refunded and he will have to send the money using another company or directly through bank. He never replied, even though it has been only a few days, and maybe he's busy but there's a big chance that he read the mail but purposefully didn't reply thinking that he is getting his money back and got the domain for free so he should just ignore me, that's just my guess, because people around the world are becoming so corrupt, they don't care what they are doing is right or wrong, if they get a chance to gain something by any means they would get it, doesn't matter if it's illegal or immoral.

Thanks a lot everyone.

 

[forge]

There's something very important here I need to share, as soon as I my account got closed I emailed the buyer because I knew Escrow.com won't keep the payment they would refund the buyer so I told the buyer that he may get refunded and he will have to send the money using another company or directly through bank. He never replied, even though it has been only a few days, and maybe he's busy but there's a big chance that he read the mail but purposefully didn't reply thinking that he is getting his money back and got the domain for free so he should just ignore me, that's just my guess, because people around the world are becoming so corrupt, they don't care what they are doing is right or wrong, if they get a chance to gain something by any means they would get it, doesn't matter if it's illegal or immoral.

I was wondering all along if you were in contact with the buyer and what was their response. Of course no response is very troubling. And that has happened to me, causing me to lose a $5100 sale, with a transaction using Escrow.com.

I am still considering pursuing legal action, and the most "amusing" part is that the buyer is a lawyer.

 

[alcy]

I was wondering all along if you were in contact with the buyer and what was their response. Of course no response is very troubling. And that has happened to me, causing me to lose a $5100 sale, with a transaction using Escrow.com.

I am still considering pursuing legal action, and the most "amusing" part is that the buyer is a lawyer.

u mean they closed your accnt like his too?

 

[Haris]

I was wondering all along if you were in contact with the buyer and what was their response. Of course no response is very troubling.

I didn't only contact the buyer I was contacting everyone who could be of help. I contacted both registrars involved which as expected couldn't help at all. I chose to wait until Escrow.com made the final decision regarding the payment but I was very close to filing a complaint to the Better Business Bureau and Department of Business Oversight. Fortunately Escrow.com made the right decision for me and for themselves because if they had made the wrong decision it would've been a massive headache for them.

 

[forge]

u mean they closed your accnt like his too?

No. The buyer, who "won" my GoDaddy auction, abandoned the Escrow transaction for reasons unknown, although it may have in part been due to frustration with Escrow's "KYC" compliance I.D. requirements/ demands.

I nearly lost another, larger, sale due to similar issues, around the same time. NamePros has a number of threads including many members with nearly identical experiences.

 

[Furquan]

@Jackson Elsegood read my message less than 24 hours ago and told me he is working on it.

Received email from the bank they have released the funds already.

The buyer paid USD 2400 and after all fees (I paid escrow fee) I was supposed to receive USD 2228.8. But in the Wells Fargo mail the amount being sent to me is USD 2473.20. Maybe $245 extra for my troubles.. will talk to them about it.

Can't log in to my account so it won't be opened again and I am moving to another escrow company, probably Sedo.

There's something very important here I need to share, as soon as I my account got closed I emailed the buyer because I knew Escrow.com won't keep the payment they would refund the buyer so I told the buyer that he may get refunded and he will have to send the money using another company or directly through bank. He never replied, even though it has been only a few days, and maybe he's busy but there's a big chance that he read the mail but purposefully didn't reply thinking that he is getting his money back and got the domain for free so he should just ignore me, that's just my guess, because people around the world are becoming so corrupt, they don't care what they are doing is right or wrong, if they get a chance to gain something by any means they would get it, doesn't matter if it's illegal or immoral.

Thanks a lot everyone.

Glad you received your money Bhai,

No one care about illegal & immoral once there money get involved.

Just one suggestion, use Epik.com escrow

 

[GoWebnames.com]

Very nice, glad to know sense finally prevailed in their heads and u got ur money. But this is a totally corrupt practice for them to begin asking Reverification at the time of payout. Any such verification or Reverification should always be done before they instruct you to transfer your domain. Just plain common sense. Their not doing the verification before shows malintent bcoz it gives them a chance to pocket Escrow funds. If you would not have raised this here in the main domain forum, there was every chance Escrow.com would have simply usurped the funds.

 

[Jackson Elsegood]

Hi Everyone,
As @Haris mentioned above we were able to get to a resolution together and get funds disbursed.

Transactions on Escrow.com are always confidential by default so I cannot discuss transaction or party specifics, but one point I would like to comment on in a general sense is that a licensed escrow company like Escrow.com cannot take ownership of, or receive benefit from any funds (eg: interest) in escrow. Simply put Escrow.com would never be able to 'pocket' a customer's funds or get any benefit from holding funds longer than absolutely necessary.

Thanks again to everyone who tagged me.

Jackson Elsegood

 

[Nikhil Jain]

Hi Everyone,
As @Haris mentioned above we were able to get to a resolution together and get funds disbursed.

Transactions on Escrow.com are always confidential by default so I cannot discuss transaction or party specifics, but one point I would like to comment on in a general sense is that a licensed escrow company like Escrow.com cannot take ownership of, or receive benefit from any funds (eg: interest) in escrow. Simply put Escrow.com would never be able to 'pocket' a customer's funds or get any benefit from holding funds longer than absolutely necessary.

Thanks again to everyone who tagged me.

Jackson Elsegood

Thanks for getting here. Appreciate your stand on this entire matter. But I would appreciate if you could throw some light on the reason for abruptly closing down Haris' account. I have created and verified my account at Escrow.com about 2 days back and later came across this thread. As an user of Escrow.com - from Haris or mine or from anybody else's point of view here - how do we know what we must "NOT" do or what we must "take care" to avoid getting our accounts suspended or closed, if Escrow.com is not giving out the real reason for closing down someone's account overnight?

 

[Jackson Elsegood]

It would not be appropriate for me to discuss specifics publicly as a user's account or transactions are always private and confidential by default.

Jackson

 

[alcy]

It would not be appropriate for me to discuss specifics publicly as a user's account or transactions are always private and confidential by default.

Jackson

so did you decide to resolve it cause it was right thing to do or because 500 np members complained about it here?

 

[MapleDots]

It would not be appropriate for me to discuss specifics publicly as a user's account or transactions are always private and confidential by default.

Jackson

Yes but you need to provide the details to @Haris because it's his account.

He in turn can share with us if he deems it ok.

 

[GoWebnames.com]

It would not be appropriate for me to discuss specifics publicly as a user's account or transactions are always private and confidential by default.

Like others stated above, you should share the specifics with @Haris. Because you closed his account, as well as his transaction midway, AFTER making him transfer out his domain and without paying him. If forum members wouldn't have raised this issue here, those funds would have stayed with you guys.

Nonetheless, the bigger concern here is regarding your arbitrary procedure of Verification / Reverification. So, please answer these 2 general questions:

1) HOW MANY TIMES you REVERIFY an ALREADY-VERIFIED Account?
2) IF any REVERIFICATION is required at all, WHY WOULDN'T YOU DO IT BEFORE INSTRUCTING THE SELLER TO TRANSFER AWAY HIS DOMAIN?

 

[HotKey]

But this is a totally corrupt practice for them to begin asking Reverification at the time of payout. Any such verification or Reverification should always be done before they instruct you to transfer your domain. Just plain common sense.

2) IF any REVERIFICATION is required at all, WHY WOULDN'T YOU DO IT BEFORE INSTRUCTING THE SELLER TO TRANSFER AWAY HIS DOMAIN?

Yes and yes and exactly.

We don't live in the dark ages of technology. So if there is to be an issue on a customer's account, particularly with escrow services, there must be triggers BEFORE transfer of goods, not after the fact. I don't want to hear about something like this ever happening again, and maybe you folks would like the same.

I mean, give me a break @Jackson Elsegood can you please consider this at next "war room" meeting perhaps? The amount of trouble customers and employees alike go through, wasting everyone's valuable time, because of the occurrences like these is simply unacceptable. Don;t you agree? Next year is 2020, are we still in 1999 worried about the 2k bug or something?

 

[Haris]

Hi guys, currently on mobile, Jackson has shared everything with me and I will share it with you guys in a few hours.

Just want to say right now that what happened with me is not a common occurence and will probably won't happen with you

 

[Haris]

Excerpt from an email from Jackson Elsegood.

As you may or may not be aware, your name is an exact match to another individual who is sanctioned by the United States. As a part of being a licensed money transmission company in the United States we are required to prove through our own processes that we are not paying a sanctioned individual. Normally we are able to do this quickly, however in your case this took an unacceptably long period of time.
At this time:

• Your funds have been released to you from escrow and should arrive in your bank account shortly
• I have waived all fees and included these in the disbursement, as I don't feel that we met your expectations on this transaction
• Your account is unlocked and I have included a write up of this incident on your profile so we don't run into the same issue again

I had already realized that it's a matter of being safe than sorry and I have no problem with that, but I didn't knew about any individual with my exact name being sanctioned (obviously), I am sure if you would do a Facebook search you will find hundreds of people with the exact name as me. It's a very common name in Arab countries as well as other Asian and even some European countries.

Anyways, this is not a common occurrence and probably won't happen with you, and even if it does you can raise an alarm on the forum and everything will be resolved.

When we talk to customer support we feel that there is no hope but thanks to Jackson this matter has now been resolved.

I am going to continue using my Escrow.com account for future transactions because I am sure I won't run into this problem again in future.

Thanks everyone!