SJ in Finance 💰Gab CEO says Visa has blacklisted his family

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[–]The_Frag_Man 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

That sounds great. What happens when they blacklist your bank?

[–]SanAngelesPD 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

They can't.

The reason they can't is because check and bank-to-bank teller slip clearing isn't done over a private network the way credit and ach are. It'd done by the Federal Reserve.

There are far fewer reasons they can reject a signed transfer order cleared through the Fed. They basically have to claim it's an overdraw or it's fraudulent. And by fraudulent, I mean, they're asserting that the person who ordered the transfer isn't the person who owns the account.