Welcome to part 1 of 100 of my new daily series. This series will hopefully help out a lot of people, maybe you will not make the same mistakes I have made by reading this series. Anything I say here is nothing more than my opinion. For today's post lets examine someones TOS. Better known as Terms of Service. Hmm, who's TOS shall we examine and discuss? Hey I know, lets examine this one
https://www.myvirtualcard.com/Docume...Agreement.html
I find this sentence especially interesting..........
Quote..Upon cancellation/termination of your account, (this includes merchants who stop processing with myVirtualCard for any reason) myVirtualCard will hold all funds due to the merchant for a minimum of six months as reserve for possible refunds, returned checks, chargebacks, etc...End of Quote
Now what does this mean? In my opinion what this means is that if you were using My Virtual Card for credit card processing and for whatever reason you decided to stop using them, MVC could withhold all your funds for 6 months. Would this apply to funds already being held back for 6 months? Yes I think it does. SO IN MY OPINION this would mean that MVC would hold back some of your funds for up to a year.
Now upon closer examination of this TOS, if in theory this would happen to you and if you told anyone, even your wife that MVC is holding back your funds and MVC found out you told your wife, then they could deduct from your money funds to pay their attorney to shut you up. But that's a matter for another post, hmmmmm, guess what tomorrows part 2 of 100 post will be about?
Please discuss. thanks