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Merchant Services Contract with a Third Party

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Question: 
We are signing a merchant services contract with a third party. They have a service where the bank can share transactional data of customer accounts to determine if the commercial account it utilizing another card processor. I was under the impression that we did not have to disclose to our customers if we were only sharing commercial account info. Am I correct on this?
Answer: 

Unless restricted by State law you are correct. Of course, if I was your business customer and figured this out, I would be a former customer.

First published on 09/06/2020

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