IPPay has been in the process of switching one of our sponsor bank relationships away from Merrick Bank to Wells Fargo. On Friday May 31, we ported one of our BINs, which contains a portion of our merchant portfolio, to Wells Fargo. Without notification to us or authorization by us, Merrick Bank deducted monies from our merchant portfolio on May 31st and withheld funding. On Monday June 3, we discovered this and immediate legal action was taken in the form of a Motion for a Temporary Restraining Order and Preliminary Injunction seeking an order of the Court to
(1) Restrain and enjoin Merrick Bank, together with any and all others acting in concert with Merrick Bank, from making any deductions from our merchant clients' accounts (2) Ordering Merrick Bank to reverse the ACH file processed on May 31st with erroneous fees and process the legitimate correct ACH file submitted to Merrick on May 30th (3) Ordering Merrick Bank to immediately re-pay all amounts debited erroneously from our merchant clients' accounts Our legal representation is currently scheduled to appear before the judge on Monday, June 10 to resolve this matter with Merrick. To more quickly correct this for our customers, we have spent the last couple of days calculating and balancing out the funding discrepancies created by Merrick on May 31, and late yesterday sent funds via ACH to mitigate any potential disruption to our customers. All misappropriated money is on its way to our customers. Rest assured that we will shield our customers from this and ensure that this has no permanent effect on our customers. Our support group has been responding to customer inquiries and may be contacted via e-mail at [email protected]<mailto:[email protected]> or via phone at 847-346-0990. Sincerely, IPPay ________________________________ This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivery of the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone at 630-344-1586.
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