Looking for advice on this situation. Payment Processor Holding 30% Reserve on All Transactions Is this as bad as I think?
Details: I'm in a situation where I need to understand my legal options. Has anyone dealt with something similar?
File a complaint with the CFPB immediately. Payment processors and banks respond much faster to regulatory complaints than to customer service tickets. I've seen $20K holds released within a week after a CFPB complaint.
Fwiw final update on my case: settled for the full amount I demanded, plus they covered my filing costs. Total time from demand letter to settlement: 6 weeks. The key was having a well-documented demand with specific legal citations and a clear deadline. They knew I would follow through.