[Debt Free]

So having invested in LC (both notes and IPO) for several years, I have found my account now being held "hostage" due to "anti-money laundering law" according to LC.

As a sole proprietor, I have kept cash in one LC account for my business and I draw the interest out at EOY as my "Christmas Bonus".  This last Christmas  was about my fourth year of doing so with this account.  Also, I had changed the linked bank account to send the money to a different business account than what I've normally used for the withdrawal.  I then changed it back to the original account in February so that I could deposit some extra cash back in.

During this time, the bank for my business accounts (20 year relationship) I've decided to move away from due to some of their new policy changes (Third variation of the bank.  Original bank victim in the financial crisis sold to bank #2 who merged recently with bank #3).  I've established relationships with another bank (5 year personal relationship, internet bank, now getting most of my business accounts) and a credit union (20 year personal relationship, brick-and-mortar, getting the remainder).

I went to change the linked bank account in LC and see the following when I clicked on the link...

Quote

[Peter]

Dude....... You owe me $100 for having read that.

Also, you should get a job at the Washington Post writing sensational, but totally inaccurate and misleading, headlines.  You'd fit right in...

[TravelingPennies]

Lol.  Sensational headline, maybe a tad with the word "hostage" in it.  But the fact remains that they won't  update my bank information as it stands right now due to AML laws.

So what's inaccurate or misleading about it?

Thinking about your comment, did you interpret it was referring to THEIR company funds?  If so, my bad.  Not what I meant to infer.

I changed the topic to try and be less "dramatic" for those more gullible.

[TravelingPennies]

"LC Not Setup To Handle 19 Bank Account Changes --- film at 11!"

Please deposit $100 per each additional clarification you'll need...

Or I'll loan you the $30 for a wire or $15 (plus stamp) for a check - but you're not gonna like the fees I'm gonna add and the weekly vig. https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

[TravelingPennies]

FYI, it was 2 changes made over 4 months.  From account A to account B (first) and back to (A) 4 months later.  Hardly a red flag to trigger a lock on changing a linked bank account.  Especially when many institutions allow multiple linked accounts and more frequent changes.

And honestly, this wouldn't be an issue if LC would allow you to PUSH ACH transfers which is more secure for the account holders.  But no, they only allow a PULL forcing you to store your bank account information on other servers.

[Fred93]

https://forum.lendacademy.com/index.php?topic=4379.msg40312#msg88888888Quote"> from: Debt Free on March 25, 2017, 06:53:30 AM

[TravelingPennies]

I'm not a big fan of paying exorbitant fees to access my money when...

a)  This shouldn't even be an issue.  If I changed accounts "19x" in a  month, different story.  Two changes 4 months apart shouldn't trigger this.

b)  ACH is designed to be much more efficient and quicker than this, just not on this platform.

c)  How would you feel if it was your $100,000 and you had changed banking institutions and found yourself unable to pull money out???

https://forum.lendacademy.com/index.php?topic=4379.msg40315#msg88888888Quote"> from: Fred93 on March 25, 2017, 04:01:26 PM

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=4379.msg40318#msg88888888Quote"> from: Debt Free on March 25, 2017, 07:51:12 PM

[TravelingPennies]

Ok schmuck, read my "essay" again.  Nowhere did I say I wanted to pull all of my money out.  At most it was a 5 minute phone call.  4 minutes of auto-attendant followed by a 1 minute conversation.  Hardly a waste of time or resources unlike your blow-hard rants.

Crawl back under your rock, start taking your anti-psychotic meds again, and take a vacation.  You need it.