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Lolcow LLC Litigation Fund
$159588
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Our credit card processor has complained that crowdfunding into an IOLTA is not
standard. This is because there are fees associated with credit cards, including
potential chargeback fees, which can not be extracted from the IOLTA. In short:
IOLTA accounts are so secure and legally protected that the banks cannot legally
touch that money, even to force me to pay their fees. This has their
underwriting bank scared and they have asked we stop doing this - even though
we've obviously committed to paying all fees and they have no actual reason to
suspect we will not.

This is another great example of how the American banking system is
fundamentally broken. There is not a single stone on which this industry is
built that should be left standing.

© 2024 The Law Office of Matthew Hardin, PLLC

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