I learned today that a merchant had nearly $8000 in batches held after they emailed me in a panic wondering where their money was.

Reaching out to Risk Management to find out what was up, I learned that the bank’s mail to the merchant was being returned, that the Risk Department had then called the Merchant, left a message on the owners phone (that was not returned) and called the business to find the number disconnected.

Merchant was not out of business…. Merchant moved and didn’t tell me, the bank, anyone, and they got their money held.

Good news is that their money was released immediately upon receipt of the new address.

If things change in your organization, let your merchant bank or agent know, request the change of address form and make sure they send and confirm.