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10-02-2018, 11:29 AM #1Senior Member
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Lenders pulling from personal checking accounts
We've commonly seen some larger companies like Kabbage, Shopify Capital, and some others pulling business loan and LOC payments from personal checking accounts.
Every ACH processor I've ever spoken with -granted only about 4- has said this is totally taboo.
I can't imagine with those compliance and legal budgets those companies would make an omission like that.
Does anyone have any info on this? Maybe even a link to a description of what the specific regs actually say verbatim ?
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10-02-2018, 01:06 PM #2Senior Member
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Only other thought is that they are using the debit card processing channel that I've heard Cross River bank and some others offer and since that is not an "ACH" it doesn't need to comply with the same rules.
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10-02-2018, 01:41 PM #3Karen37aGuestI am not 100% sure but I think it may not be 100% taboo if they are self-employed...and file taxes a certain way ( not llc or corp)
Originally Posted by Lendvo
( check with someone ...again I am not sure)
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10-02-2018, 01:46 PM #4Banned
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Hey Karen!
Last edited by MangoCap; 10-02-2018 at 02:01 PM.
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10-02-2018, 01:49 PM #5Karen37aGuestI am scared to say hi back Originally Posted by MangoCap
add ** ohhhhhh I know who you are ....hi waving **
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10-02-2018, 01:51 PM #6Senior Member
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He's probably W2. Not worth your time.... Originally Posted by Karen37a
I am scared to say hi back
add ** ohhhhhh I know who you are ....hi waving **
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10-02-2018, 01:52 PM #7Karen37aGuestI know them( the ones in charge) ...and they are grinding it out and 1099 baby..all day every day Originally Posted by HDF
have fronters closers...pay on the front $Last edited by Karen37a; 10-02-2018 at 01:55 PM.
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10-02-2018, 02:03 PM #8Banned
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heyyy Originally Posted by Karen37a
I am scared to say hi back
add ** ohhhhhh I know who you are ....hi waving **
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10-02-2018, 03:37 PM #9Karen37aGuestpsst Originally Posted by HDF
big deals sent in....
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