A bank is holding 13,000 dollars of our money that was processed on a merchant account. We have had no complaints or legal issues with the account, the bank just decided we were a high risk account and ended our merchant account. Now they refuse to release the funds and are basically telling us they never will. Can we take legal action or will be bank just bully us and bleed our small business dry with legal cost trying to fight them in court?
Country relating to Question: United States
State (if USA): Ohio
Contacting the bank and first contact with bank using a general practice attorney.
Hello and thank you for the question. I am sorry to read of this dilemma. Have you considered a civil lawsuit or complaint to the BBB?
BBB is a waste of time. We deal with them as a business. They will do nothing. Attorney General in Ohio pretty much will tell you to get an attorney. As far as a civil law suit... is it worth it? Wont a bank just widdle you down as you pay what would amount to more than 13,000 in fees vs. the 13,000 the bank owes you? What type of attorney would you look to retain for such a venture?
Agencies indeed tend to be slow and ineffective. Their advantage is that they dont cost you. The more efficient option is filing a civil lawsuit for return of the funds where an internal appeal is not promising. Threat of legal action can get them to reconsider as well. If you use a lawyer on contingency, get one with experience in business Litigation. findlaw.com is a good resource. Good luck. Kindly rate my speedy answer as great service.
Licensed attorney helping individuals and businesses
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