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I own and run small business in Kentucky, my credit card…

Customer Question
I own and run...

I own and run small business in Kentucky, my credit card machine did not batch for 5 months before we caught it, now bank says that they wants to hold money for up to 120 days

Lawyer's Assistant: What state is this in? And when did the issue begin?

Kentucky, march 17th, my office manager was killed in auto accident and we didn't catch problem

Lawyer's Assistant: Has anything been filed or reported?

We batched machine September 11 and charges went through

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I know, been in business with this business since 1997,same bankand have good track record and am nowhere near overdrawn

Submitted: 11 months ago.Category: Legal
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Answered in 3 minutes by:
9/18/2017
Lawyer: Ely, Counselor at Law replied 11 months ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

I am sorry to hear about this situation. Unfortunately, the bank may be allowed to do this. This is because undoubtedly, the contract that governs your business with the bank allows it to hold money from "questionable" transactions for 120 days. This is not unusual. When the bank sees so many transactions come through so fast, it is going to hold it to investigate that it is not a scam. This happens all the time.

You can however hold your merchant account liable as a third party responsible for any damage caused to your business by the batching problem and the consequential hold on money by the bank.

Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved rudeness or wrong information. Please be kind!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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