[rockingfunder]

Good morning,

Just had a merchant tell me that his bank WSFS has threatened to hold or close his account if he utilizes any MCA's. Has anyone heard of this before with WSFS or any other bank for that matter?

tia

[Karen37a]

I can see why...with all the drama associated with it

[MCNetwork]

If true, this doesn't bode well for the industry. Imagine if other big banks follow suit!

Maybe WSFS got tired of eating all the NSF fees for multiple stacked merchants that went bust.

[Kevin Henry-Seacoast]

Good morning,

Just had a merchant tell me that his bank WSFS has threatened to hold or close his account if he utilizes any MCA's. Has anyone heard of this before with WSFS or any other bank for that matter?

tia

Yes

[Karen37a]

And if you put a hold on peoples processing ...arbitrarily, flippantly because a lawyer or funder wants fees because he was thrown out of traditional debt collections for shady prractices..

You will jeopardize the legitimate Funders who have true collection issues and use that as a means to get their money back.


You must have a clear consise definition of default, put it in the contract and stick to it or you will be charged with criminal usuary when you lose in court

I do not think banks and prosessors want to be associated with people and things that are being deemed Ururious becase some yee ha just entered the Financial Service industry or has a lawyer who is starting to dabble in it.

[Chambo]

Good morning,

Just had a merchant tell me that his bank WSFS has threatened to hold or close his account if he utilizes any MCA's. Has anyone heard of this before with WSFS or any other bank for that matter?

tia

I had heard of this happening with Bank of America before, but not for several years.