Nov 02, 2015

FDIC Withdraws Hit List of High Risk Merchants

The Federal Deposit Insurance Corp (FDIC) has withdrawn a list of merchant types that it had formerly labeled “high risk.” The list included merchants like debt collectors, payday lenders, adult entertainment and others the FDIC felt needed heightened scrutiny. The list was developed as a way to monitor certain types of merchants from taking advantage of the FDIC system. But...

Oct 23, 2014

Why High Risk Merchant Accounts Are Misunderstood

The Federal Deposit Insurance Corp (FDIC) announced recently that it has withdrawn its list of merchant types that should be handled with caution, which included businesses they labeled as “high risk.” These businesses included payday lenders, adult entertainment businesses, debt consolidation firms, and others. The FDIC released the list in 2011, stating that these types of businesses required heightened scrutiny...