Who gets the interest on your reserves? - GoFuckYourself.com

PhillipB · 12-22-2003, 07:59 AM

The processors' banks are holding more of your check for longer periods of time. Where does all the interest earned on that money go? Aren't we entitled by law to get that?

- AFN - · 12-22-2003, 08:01 AM

Quote:

Originally posted by APN Philip
The processors' banks are holding more of your check for longer periods of time. Where does all the interest earned on that money go? Aren't we entitled by law to get that?

Not if it's in the contract you sign with your IPSP. IF NOT... then you can get a class action attorney to file a FAT ASS lawsuit. Don't expect to recover much cuz the lawyers will take most of the haul. But it's all about principle, right?

PhillipB · 12-22-2003, 08:06 AM

Quote:

Originally posted by - AFN -

Not if it's in the contract you sign with your IPSP. IF NOT... then you can get a class action attorney to file a FAT ASS lawsuit. Don't expect to recover much cuz the lawyers will take most of the haul. But it's all about principle, right?

Cool, thanks for the info.

Oh, and I like your style...it's always about principle!

EscortBiz · 12-22-2003, 08:12 AM

Quote:

Originally posted by - AFN -

Not if it's in the contract you sign with your IPSP. IF NOT... then you can get a class action attorney to file a FAT ASS lawsuit. Don't expect to recover much cuz the lawyers will take most of the haul. But it's all about principle, right?

LMAO, early there isnt it?

- AFN - · 12-22-2003, 08:16 AM

Quote:

Originally posted by EscortBiz

LMAO, early there isnt it?

This ain't no laughing matter, Corky. Need proof? Look up the class action lawsuits against Bank of America for interest on dormant accounts.

Juicy D. Links · 12-22-2003, 08:21 AM

Off topic but Amazon.com does the same thing with its MArketplace third party merchants. One you iniate a transfer they "hold" your $$$ for 5 business days....... There marketplace is a good chunk of their revenue and they make some good $$$ of the hold period

- AFN - · 12-22-2003, 08:23 AM

Quote:

Originally posted by juicylinks
Off topic but Amazon.com does the same thing with its MArketplace third party merchants. One you iniate a transfer they "hold" your $$$ for 5 business days....... There marketplace is a good chunk of their revenue and they make some good $$$ of the hold period

Overture has a similar thing with PPC deposits.

EscortBiz · 12-22-2003, 08:23 AM

Quote:

Originally posted by - AFN -

This ain't no laughing matter, Corky. Need proof? Look up the class action lawsuits against Bank of America for interest on dormant accounts.

Good thing you are not an attorney you cant compare any arrangment a webmaster has with a biller and that of BOA..

In the 900 number business the reserves (usally 20-30%) are also held by large companies, the arrangement is very clear.

Everyone wants everyone to work for free.

EscortBiz · 12-22-2003, 08:24 AM

Quote:

Originally posted by - AFN -

This ain't no laughing matter, Corky. Need proof? Look up the class action lawsuits against Bank of America for interest on dormant accounts.

Corky?

12-22-2003, 07:59 AM	#1
PhillipB Just a Simple Carpenter Join Date: May 2003 Location: Your mom's house... Posts: 1,338	Who gets the interest on your reserves? The processors' banks are holding more of your check for longer periods of time. Where does all the interest earned on that money go? Aren't we entitled by law to get that?

12-22-2003, 08:21 AM	#6
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	Off topic but Amazon.com does the same thing with its MArketplace third party merchants. One you iniate a transfer they "hold" your $$$ for 5 business days....... There marketplace is a good chunk of their revenue and they make some good $$$ of the hold period