Anyone else use Humboldt Bank
 

ANyone using Humboldt bank?
they were just seized by the Feds and sold to mutual of omaha....I know alot of people use them for merchant accounts

Where are you getting this information?

I just searched CNN.Com and couldn't find anything.

Humboldt Merchant Services (HMS) is wholly owned and backed by First National Bank Holding Company. First National Bank is a premier, privately owned bank holding company with Midwest values and work ethics. The entire First National Bank organization celebrates its accomplishments and looks forward to building a "heritage" history based on dedication, service and loyalty to customers, associates and to the communities in which they do business.

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On July 25, 2008, First National Bank of Nevada, Reno, Nevada was closed by the Office of the Comptroller of the Currency (OCC). Subsequently the Federal Deposit Insurance Corporation (FDIC) was named Receiver.No advance notice is given to the public when a financial institution is closed. On June 30, 2008, First National Bank of Arizona, Scottsdale, Arizona, merged with First National Bank of Nevada and is included in this action.

All deposit accounts have been transferred to Mutual of Omaha Bank, Omaha, Nebraska. For more information on Mutual of Omaha Bank visit us atwww.mutualofomahabank.com

The FDIC has assembled useful information regarding your relationship with First National Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit,and other relationships with the institution. Please select the link below to read more about this event:

FDIC Bank Closing Information for First National Bank of Nevada

Continue on to the former First National Bank of Arizona

go to humboldt merchant services site, then click on the link for their parent bank.. you will get the Fed notice
http://www.hbms.com/

Uh-oh I'm screwed.

Our merchant account is with Humboldt also, I'd love to hear what Mitch from NetBilling has to say about this before I start to worry.

I ICQ'd Mitch but have not heard back from him yet... I am going to just watch and see if my deposits are being made from my humboldt account to my bank of america business account as usual...the website says things will operate as if it was not closed or something to that effect.

and of course they did it on Friday so nobody can do anything until monday :(

That's how takeovers are done.

Well, I guess on Monday I'll either breath a sigh of relief or blow my fucking brains out. What the hell...I guess I better do some heavy drinking this weekend. I'm gonna need it either way.

It looks like the bank was taken over by the FDIC and immediately bought buy Mutual of Omaha. It says on the popup notice that all accts have been transfered to Mutual of Omaha but it does not look like it went into a full on receivership by the FDIC which would have only insured acct holders to 100k.

This is what they say about 1st natl of NV, which is also 1st national of AZ as they merged, on the mustual of omaha site:

http://www.mutualofomahabank.com/nevada/faqs.html

I hope that everything is ok for you guys!

Too late I already committed suicide. Damn it. If I had only waited...

The odds are that Mutual of Omaha Bank will be sending out the "We Cannot Process for You Anymore" letters to the high risk merchants soon.

Was anyone else missing their daily eft from Humboldt on Friday? I only got reserves and Discover on Friday.

Thanks,
Mark

Hope everyone is ok, and don't have to scramble for new accounts.

For a long time they really were the "it" or only bank you could deal with in the US. Not sure how many more have opened up since then either.

This has me very worried and has ruined my weekend and more than likely then some until we all know for sure.

Not sure if he knows about this but I left Mitch a voice mail, email and icq.

Mark

Oh I am fairly sure all those methods have been blown up by now :winkwink:
He may actually awake tomorrow by someone knocking on his door.

Hehe very true. This news was posted maybe 2 hours ago, is that correct? I am sure he would of posted something about it if he knew.

Mark

Here is the message from Mutual Of Omaha bank....

We want you to know that this transition will be seamless and effortless for you. There's nothing for you to do right now - none of your accounts or benefits have changed. All locations will be open for regular business hours on Monday and you can continue to use your ATM card and online banking services.

Actually about 10:30pm (pst) yesterday to be more on point which is closer to 7 hours ago. Though I am sure even if he knew then he could not post much of anything as I doubt even he would have any more info than what we have now, nor will I expect anything until monday at the earliest.

ouchie, crossing my fingers on this one

From CNN:

The FDIC said the takeover of the failed banks was the least costly resolution and all depositors -- including those with funds in excess of FDIC insurance limits -- will switch to Mutual of Omaha with "the full amount of their deposits."

So seems no money is lost, chargeback reserves could have been a problem for a lot of merchant account holders!
I would suggest merchants with CB reserve accounts with 100K or more to look for some additional insurance or at least verify how you are coverred!
It is typical smaller banks that goes down, it is also typical smaller banks that give out high risk merchant accounts :2 cents:

if anyone in this biz will take care of you, its mitch and netbilling, give him some time, its very early on a sat, although i obviously understand the concern, there is a reason you guys went with somebody trustworthy.

what i heard happened with humbolt, at least the catalyst, was they were over the % limit of high-risk transactions in their portfolio, and that started their problems. banks can only have a certain % of high risk transactions compared to their lower risk (point of sale terminals for restaurants, for instance)

Interesting.

.... and I wonder just WHICH connected people to the government own part of Mutual of Omaha. I am sure there are some sweet back alley deals rolling on this shit.

Hi,

We are awaiting details and will let everyone know. However, right now things are operating as usual.

Mitch

I think it has more to do with the fact that Mutual of Omaha Bank is backed by the Mutual of Omaha Insurance Company which gives it more solvency than other choices. Besides if the FDIC had wanted to it could have just shut it down and then everyone with more than 100k would be screwed.

I just had a phone meeting with HBMS.

Business is as usual right now and Mutual of Omaha is the sponsoring bank at this time for HBMS. I will post more details later.

CCBILL and Epoch have accounts with Humboldt?

That's good to know, but do keep an ear on this, if Merchant accounts need to be changed over.

humbolt is not one of ccbills banks

I seem to recall my ccbill checks drawn on BOFA accounts. Though I know that can very well mean jack shit when it comes to who the merchant account holding bank is.

This shit has me so damn nervous. Must force myself to get some sleep.

One small sigh of relief. Ok a large one, yet I know I have many sponsors who do use humbolt and I have lots of rebills with them.

Is everyone getting their daily payments?

I'm pretty sure we are, so that at least has to get a good sign, but I will need to confirm with my bookkeeper come Monday.

This whole industry will be on its knees very soon!

The failing of these banks will show which banks/companies are closest to the FED. We already knew JP was now we know Omaha is. Transfer of wealth before our eyes.

Panic of 2008.

Hi,

I just had a meeting with Ken Musante - The President of HBMS. He assured me it is business as usual. I will be releasing a newsletter to all of our merchants today.

Processing, settlements and deposits are going through as normal.

Thank you

Never heard about them before...

business as usual or not its still uneasy when changes like this go down!..

Same thing happened to First National Bank of Arizona

http://www.azcentral.com/news/articl...ional0726.html

any merchant account holders reading this thread have a cb reserve?

just curious.


i know i don't.

I do 75k :(

This could get damn nasty.

Humboldt Merchant Services
 

I know everyone is panicing....

I can not express enough "BUSINESS is as USUAL"

Please feel free to contact me directly or email me at
[email protected] or [email protected]

Your merchant account will not be affected. Your reserves are fine, your processing is fine and your deposits will remain fine.

Later today there will be there will be a press release posted on our site.

Once again your merchant account is not affected.

Denise Cassatt
VP/Director of High Risk Sales
Humboldt Merchant Services

Thanks Denise for the post. :)

Mark

Mutual of Omaha is not known for carrying a high risk portfolio. If I were a Humboldt customer, I would make a move ASAP.