Bob,

Most bank factors and non-bank factors use lock-box systems that are controlled by the factor and or bank. Some ABL lenders do as well.... That being said, cash from all receivables is controlled through the lockbox. An ACH withdrawl could never happen through the lockbox, but can happen through the Company's operating account. Most lenders will cover all the assets of the business in the lender's agreement up to and including cash. If a business owner and lender enter a subsequent agreement that allows any asset to be used as collateral without the first lender's approval or a subordination agreement, one could certainly argue default, interference, and fraud. One should think about this when entering an agreement that disrupts and agreement with an FDIC insured institution....