Hello,

I just found the following note in my control panel. Our account was migrated recently to our own merchant account. Is this note supposed to be for all merchants who have merchant accounts also? Are they terminating all accounts? I thought they only closed the IBA (third party) accounts. Did anyone else with a merchant account remove this notice?

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Dear Merchant,

We would like to advise you that you will be receiving a settlement today. This settlement includes your settlement of August 5th, as well as all transactions processed up to August 6th, 2004. Reserves pertaining to those transactions have been held in the normal course of business. The release schedule for your reserves is yet to be determined and may take up to 6 months. This is standard procedure for releasing reserves when merchant’s credit card processing is terminated and is necessary to manage any current and future refunds as well as charge-backs against the account. We will make sure you are notified once we have a release date. Should you wish to communicate with us, we are still accepting written communication concerning this matter. Please send any communication to:

myPaySystems
attn: Legal Department
1500 University Ave., Suite 920
Montreal, Quebec
Canada H3A 3S7

We will communicate with you as soon as we have additional information. Thank you for your continued patience and support.

Regards,

Philip Fayer
President & CEO