Quote:
Originally posted by woodman
Worst case is that the bank holds the funds for awhile to cover future chargebacks and refunds. Even so, they will walk with no less than 50% of what they have on deposit currently and that is if they have a very high chargeback rate over the following months.
Just because they stop processing does not give the bank the right to hold the funds unless they were doing something illegal to begin with. The bank can hold the funds for x amount of time to cover their exposure.
They took bad business, they knew that when they took it, and now all their webmasters are paying for it.
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You've got that right. Never trust your money to anyone.
Z