Payment Processor Holding 30% Reserve on All Transactions

I publish illustrative scenarios prepared by my practice. The participants and conversations are fictional. These are not posts by real users, accounts of client experiences or reports of actual results.

Started by coffee_and_contracts_22 · Oct 22, 2023 · 2 replies

For informational purposes only. This is not legal advice.

This discussion is illustrative. Participants and outcomes are composites, not actual client matters.

coffee_and_contracts_22OPOct 22, 2023

Looking for advice on this situation. Payment Processor Holding 30% Reserve on All Transactions Is this as bad as I think?

Details: I'm in a situation where I need to understand my legal options. Has anyone dealt with something similar?

jenny_2024_12Oct 22, 2023

File a complaint with the CFPB immediately. Payment processors and banks respond much faster to regulatory complaints than to customer service tickets. Example: a $20K hold can be released within a week after a CFPB complaint.

NFT

NotaryJane_9 Mar 9

Fwiw final update on my case: settled for the full amount I demanded, plus they covered my filing costs. Total time from demand letter to settlement: 6 weeks. The key was having a well-documented demand with specific legal citations and a clear deadline. They knew I would follow through.

Payment Processor Holding 30% Reserve on All Transactions

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