Results 1 to 9 of 9
Hybrid View
-
10-02-2018, 11:29 AM #1
- Join Date
- Jul 2015
- Posts
- 168
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 ?
-
10-02-2018, 01:06 PM #2
- Join Date
- Jul 2015
- Posts
- 168
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.
-
10-02-2018, 01:41 PM #3Karen37aGuest
-
10-02-2018, 01:46 PM #4
- Join Date
- May 2018
- Posts
- 7
Hey Karen!
Last edited by MangoCap; 10-02-2018 at 02:01 PM.
-
10-02-2018, 01:49 PM #5Karen37aGuest
-
10-02-2018, 01:51 PM #6
- Join Date
- Jul 2015
- Posts
- 1,202
-
10-02-2018, 01:52 PM #7Karen37aGuest
-
10-02-2018, 03:37 PM #8
-
10-02-2018, 02:03 PM #9
Similar Threads
-
Personal Checking Account
By sigmundpannu in forum Deal BinReplies: 5Last Post: 10-13-2016, 11:43 AM -
lenders pulling credit
By Michael I in forum Merchant Cash AdvanceReplies: 39Last Post: 09-06-2016, 02:05 PM -
Sole Proprietor Personal Checking
By Wmateo in forum Deal BinReplies: 0Last Post: 06-22-2016, 01:45 AM -
Funding for Merchants with personal checking accounts
By TheShitzuofMCA in forum Merchant Cash AdvanceReplies: 16Last Post: 01-28-2016, 02:27 PM -
Bar open 8 yrs /Avg. monthly sales 14K, only has personal checking. Can anyone do?
By laurenecaputo in forum Deal BinReplies: 5Last Post: 06-03-2015, 07:02 AM