You Should Fucking Know This....Part 1 or 100
 

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

Fuck, the title was supposed to be part 1 OF 100, not part 1 or 100. Oh well, 99 more to go

i dont really use mvc

That can never be good.

BTW you and I will be square soon

I would think it would have to be on the newest funds ... but I'd like to see what they say .. I just started using them for one of my projects ...

It says all funds due for 6 months. If 6 month holdback money is due then a additional 6 months can be held back on the same money that was already held back for 6 months. So 1 year is how long you would have to wait. Again, this is just my opinion

That line in their TOS is only there to prevent people from getting away with fraud. Example, someone processes lots of fraudulent transactions and then tries to cash out and close their account.

Think so?

They could specific special clauses for 'suspicion of fraud' ... :) I haven't read their TOS nor ever really been to their site, just read Choker's thread and your reply.. :)

Matt

have u checked if other processors have the same agreement in their tos?

MYVC kicks ass for us, we love em, great customer service.

please tell me you're not going to post another 99 threads like that.

i believe it's againt the terms of service for healthy living