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11-08-2013, 02:57 PM #1
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- Nov 2013
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online bank access?
I am a fairly new broker to this industry and have come across some resistance to the stipulation requested by a funder I work with fairly often. The funder requests my merchant to give online bank access (view only) to verify the account and pull older statements,as you can imagine my merchants do not feel very comfortable with that!
My question is to some of the direct funders out there, do you request this as well and/or what would you accept in in exchange to this stip?
Any guidance is much appreciated
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11-08-2013, 03:24 PM #2
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- Aug 2013
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On any ACH deal, you should expect for the view only bank login to be asked for.
Please feel free to contact us at MFS Global for any deals you'd like to discuss and also to find out how you can MAXIMIZE YOUR EARNING POTENTIAL on ALL DEALS.
Best,
MFS Global, Inc
ISO Support
isosupport@mfsglobal.com
702-473-1145
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11-08-2013, 03:29 PM #3
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11-08-2013, 03:47 PM #4
What we do is say give me the information and than after change your password. Why would i need to take your money while i am the 1 that is giving you money, and than i also i say to them to get me a month to date activity report of your banking activity instead than.
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11-10-2013, 03:12 PM #5
online bank access?
Every lender will request on line access to view the account before funding
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11-20-2013, 06:54 PM #6
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11-11-2013, 01:00 PM #7
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- Nov 2013
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Thanks guys and especially Co1, you just gave me a great rebuttal point(s). One would think by now there is some software that can verify the bank accounts submited without having to use manual log-ins.
Thanks
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11-11-2013, 01:05 PM #8
with the amount of fake statements coming in lately I think its nuts to fund an ACH deal without doing a login to verify the statements are real
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04-03-2014, 09:59 AM #9
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I come across 2 to 3 submissions a day with altered statements, so the log in is protecting us (the funder) in that way. But, the way that it protects the merchant is by allowing us to check their account to make sure our pulls aren't going to bounce when the merchant hasn't made a deposit in a few days. By doing this we save the merchant quite a few dollars over the lifetime of a deal.
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04-02-2014, 12:35 AM #10
But there is its called:
https://www.decisionlogic.com
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04-02-2014, 02:29 PM #11
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04-03-2014, 10:01 AM #12
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04-02-2014, 02:48 PM #13
This is for bank account verification and the only acceptable alternative is a third party conference call with the bank.
Anthony Diamond
Underwriter
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