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Company Dissolve and close the bank account can you still get chargeback?

Discussion in 'Business & Tax Advice' started by hvalentino, Nov 16, 2012.

  1. hvalentino

    hvalentino Registered Member

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    If I dissolve the company and close my business bank account will merchant can still do a chargeback?
     
  2. cxim

    cxim Registered Member

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    This depends on your merchant agreement. Often when closing accounts you're agreeing there are no 'known' problems with previous customers.
     
  3. hvalentino

    hvalentino Registered Member

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    They decide to close the account anyway, and there was a 4 charge back and they get the money already also the help my money in there around 1700
     
  4. bryanon

    bryanon Executive VIP Premium Member

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    As cxim said above, it all depends on what sort of agreement you have with the bank, but chargebacks are almost always your liability, whenever they occur.

    Most banks / payment processors also keep a rolling reserve to protect themselves from chargebacks. In this case if the future chargebacks are less than the reserve held then you'll just be paid out less when the reserve is settled, but if the chargebacks amount to more than the reserve then you can count on the bank asking you to compensate them.