[rld]

There is still too much money to be made.. for every time a bank falls 2 more will open up to take their places. If I was personally pulling money from 100's of accounts I would have an agreement with my bank up front about what I am doing and my lawyer would have an iron clad contract that would force any bank to give me a transition period before they would shut me down.. Any large ACH funder is crazy if they don't already have a deal of this type in place. I seriously doubt CAN's bank account could just shut them down.. and if they did I am sure they have 2nd and 3rd and 4th accounts at other banks ready to take over.

Now if you are funding 4th and 5th position loans then don't go crying when your ACH's start getting rejected like crazy.. and your bank singles you out. I know we are all here to make money and all.. but funding further out than you should will get you in hot water.. we all know that.

[Chambo]

There is still too much money to be made.. for every time a bank falls 2 more will open up to take their places. If I was personally pulling money from 100's of accounts I would have an agreement with my bank up front about what I am doing and my lawyer would have an iron clad contract that would force any bank to give me a transition period before they would shut me down.. Any large ACH funder is crazy if they don't already have a deal of this type in place. I seriously doubt CAN's bank account could just shut them down.. and if they did I am sure they have 2nd and 3rd and 4th accounts at other banks ready to take over.

Now if you are funding 4th and 5th position loans then don't go crying when your ACH's start getting rejected like crazy.. and your bank singles you out. I know we are all here to make money and all.. but funding further out than you should will get you in hot water.. we all know that.

Sounds nice and tough, but it doesn't work that way when dealing with the DOJ. They'll come in and freeze all the accounts first, ask questions later.

Banks aren't going to let that happen, so they will first cut off your ability to initiate any new ACH'es, then they will freeze your recurring (where most of the trouble is/will be). then they just shut you off entirely.

[MCAVeteran]

Targeted business so far are: payday lenders, ammunition sales, dating services , purveyors of drug paraphernalia, and online gambling sites - payday lenders according to articles have been the most frequent target.

Chase bank just cutoff a heavy portion of porn industry related business.

What's interesting is this initiative was launched to choke off fraudulent business banks and processors are doing business with but the list of targets has expanded and paints a picture that congress is acting as "moral arbiters and policeman of the commercial world- "