[BROKER TIME]

had a merchant that says 1 global stopped debiting him than restarted and than stopped again

anyone else see this?

also merchant is looking to consolidate they qualify but the lender wants a payoff from 1 global which the merchant has had 0 luck getting

[Sean Cash]

1st Global's ACH processor (First Premier Bank) suspended all ACH activity on July 31st but then on August 9th the bankruptcy court ordered them to process the ACHs going forward. On September 5th, 1st Global's contract with First Premier actually expired and the bank had zero interest in renewing the agreement. The Court can't order the bank to do business with another company that it has no contractual obligation to do so especially when that business is (1) risky to begin with (2) in bankruptcy (3) has been charged with fraud by the SEC, and (4) being investigated by the FBI.

So unless they found some white knight ACH processor who's willing to see past all that, their merchants not getting debited would not surprise me at all.

[BROKER TIME]

1st Global's ACH processor (First Premier Bank) suspended all ACH activity on July 31st but then on August 9th the bankruptcy court ordered them to process the ACHs going forward. On September 5th, 1st Global's contract with First Premier actually expired and the bank had zero interest in renewing the agreement. The Court can't order the bank to do business with another company that it has no contractual obligation to do so especially when that business is (1) risky to begin with (2) in bankruptcy (3) has been charged with fraud by the SEC, and (4) being investigated by the FBI.
So unless they found some white knight ACH processor who's willing to see past all that, their merchants not getting debited would not surprise me at all.

So with this matching they stopped on the 31st started devits a week laterand then the continued all the way till August 14 what do you recommend if the merchant wants to get them paid off and go with the first position

[Sean Cash]

So with this matching they stopped on the 31st started devits a week laterand then the continued all the way till August 14 what do you recommend if the merchant wants to get them paid off and go with the first position

Probably a good question for a lawyer to answer. I don't want to suggest something that could end up putting the merchant in some type of "gotcha" breach of contract.

[BROKER TIME]

Probably a good question for a lawyer to answer. I don't want to suggest something that could end up putting the merchant in some type of "gotcha" breach of contract.

i hear it sucks that the merchants going to have get a second position

when he has the opportunity to get this loan off and net a nice amount

either way thanks for the input

[WestCoastFunding]

Curious to see how other funders underwrite files that have 1st Global in First position and not debiting.

[BROKER TIME]

Curious to see how other funders underwrite files that have 1st Global in First position and not debiting.

they are still underwriting as a position behind them because they have no idea what to expect

[WestCoastFunding]

Percent of merchants who tried reaching out to 1st Global to find out why payments stopped? Is it 1% or 0%? Tough guess.

[Karen37a]

Percent of merchants who tried reaching out to 1st Global to find out why payments stopped? Is it 1% or 0%? Tough guess.

If merchants are advised by their lawyers ..or debt relief to stop payments or switch accounts completely ..if i put another position on them I'd be scared that I would be caught in the wake

[BROKER TIME]

If merchants are advised by their lawyers ..or debt relief to stop payments or switch accounts completely ..if i put another position on them I'd be scared that I would be caught in the wake

that makes sense unless you educate the merchant as to why their lawyer advised them against that company

but i agree its deff a gamble

but if it was you would you not look to fund a merchant that had an open balance with 1 global?

[Karen37a]

that makes sense unless you educate the merchant as to why their lawyer advised them against that company

but i agree its deff a gamble

but if it was you would you not look to fund a merchant that had an open balance with 1 global?

I would contact the lawyers in charge and negotiate a payoff...but I would advise against it for most because you will be calling the sec and FBI ( possibly)

Try to find the lawyer..i posted the number before

** again i advise against this for 99% of people. If you are 100% ethical..go for it.

[mcaguru]

Percent of merchants who tried reaching out to 1st Global to find out why payments stopped? Is it 1% or 0%? Tough guess.

you mean like the guy that made a U-turn to tell the cop to check out his radar detector because it seems to not have picked him up going 95MPH! all jokes aside i am sure there are merchants that would call to see why it stopped.

[Jess]

Percent of merchants who tried reaching out to 1st Global to find out why payments stopped? Is it 1% or 0%? Tough guess.

Percentage of merchants who should ask 1st global for ach true-up immediately. 100%. Likelihood 1st Global breaches this contract obligation amid this chaos is high. No true up=loan.

[Sean Cash]

I heard they found a new bank to do their ACHs

[DonMcGrath]

Sean, dude, someone totally hacked your reputation score.

I heard they found a new bank to do their ACHs

[Karen37a]

Sean, dude, someone totally hacked your reputation score.

Reputation points: 2147483647

That's a Record

like my 3999 posts ...this should be 4000 but it still says 3999...its broken lol

[Nunya]

Reputation points: 2147483647

That's a Record

like my 3999 posts ...this should be 4000 but it still says 3999...its broken lol

4,000 posts and 17,000 edits!

[Karen37a]

4,000 posts and 17,000 edits!

And you will remember that Karen37a tried to block the dismantling and demise of the Mca industry ...with all her might
__

Sons of Scotland, I am William Wallace…

William Wallace is 7’ tall….

Yes, I’ve heard, kills men by the hundreds, and if he were here he would consume the English with fireballs from his eyes and bolts of lightning from his arse. I am William Wallace, and I see a whole army of my countrymen, here in defiance of tyranny. You’ve come to fight as free men, and free men you are. What will you do without freedom? Will you fight?

…against that? No, we will run, and we will live…

Aye, fight and you may die, run and you’ll live. At least a while. And dying in your beds, many years from now, would you be willing to trade all the days from this day to that for one chance, just one chance to come back here and tell our enemies that they may take our lives, but they’ll never take our FREEDOM.


__

You Have Bled with Wallace, now Bleed with me

https://www.youtube.com/watch?v=eclbaC3q94k

[DonMcGrath]

4,000 posts and 17,000 edits!

It just means she has an itchy trigger finga...