Bait & switched TranzactCard DBOs denied refunds
TranzactCard DBOs who were duped into paying $495 are being denied refunds.
While TranzactCard DBO refunds are available in some instances, unfortunately there’s a major catch.
By now it’s pretty clear anyone who signed up as a TranzactCard DBO based on the marketing has been bait and switched.
If we look back on TranzactCard’s original offering, prospective DBOs were pitched on
- a TranzactCard VISA card
- Z-Bucks worth $1 in Z-Club and earned 1:1 per dollar spent with the TranzactCard VISA card
- access to Z-Club, populated with “everyday items, luxury items and even vacation packages”
- access to a Power Save Account that provides a “fixed interest rate higher than any bank you’ve ever seen”, funded by spending of Z-Bucks in Z-Club and use of the TranzactCard VISA card
FinMore instead offers access to Flourish subscriptions, offering discounts to various third-party service providers.
If you’re happy with what FinMore offers despite what you mgith have been pitched on with TranzactCard, more power to you.
Logically though (and legally), anyone who signed up for $495 based on what TranzactCard was pitching should be entitled to a refund.
Instead, when one BehindMLM reader reached out for a refund, TranzactCard support told them they weren’t legible.
Despite the obvious bait and switch, TranzactCard is sticking to its stated refund policy.
Said refund policy locks a TranzactCard DBO out of a refund if 30 days have passed. FinMore has extended that period by another 30 days, but this particular DBO still falls outside that range.
Is this reasonable?
FinMore was revealed on February 3rd, 2024. If we dial the clock back 60 days, we arrive at December 5th, 2023.
To recap, at this time TranzactCard was still signing up DBOs based on their original marketing representations.
TranzactCard did lose their US banking services in September, but figured they’d be able to dupe banks by pretending Richard Smith didn’t own the company by having him “resign” in November (note Smith still owns TranzactCard and is believed to also own FinMore).
On December 13th, TranzactCard announced Bangor Bank as its new banking partner.
This is literally a week into the sixty-day FinMore bait and switch refund deadline.
Notwithstanding Bangor Bank going on to deny partnership with TranzactCard, during this time DBOs were very much being recruited on TranzactCard’s original and ongoing marketing representations.
Those DBOs paid $495 and are now being told, even if none of TranzactCard’s original marketing representations apply to FinMore, they aren’t entitled to refunds.
Forget about potential legalities and FTC Act violations, how do you justify that as ethical?
If you prelaunch an MLM company, charge people $495 for months and then bait and switch, the bare minimum you should be doing is offering a full refund to anyone you duped.
Whatever the underlying reasons are for you completely failing to deliver what people bought into, you don’t just to keep the money. That’s fraud.
If I had to guess, TranzactCard DBO recruitment probably peaked around the time they lost their US banking services.
In the wake of losing US banking services, TranzactCard corporate were adamant they would be quick to replace the lost partners. No doubt those misleading representations encouraged new DBOs to continue signing up, despite the obvious glaring red flags.
With each passing day TranzactCard’s extended 60-day refund window cuts more and more DBOs off from a refund.
The total number of bait and switched TranzactCard DBOs ineligible for a refund is unknown.