WND Story has teeth!greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
May be the wrong name, but it's the right story. Confirmation at
-- SCOTTY (BLehman202@aol.com), April 14, 1999
Well Hoff...would you like your crow blackened or sauteed?
-- a (firstname.lastname@example.org), April 15, 1999.
WorldNetDaily story is true! Yes, as reported on WorldNetDaily.com, our merchant processing company, US Bank, did seize $38,000 in credit card funds from us for no apparent reason. They conducted a "review" of the account, told us they could not give us a release date, and refused to pay interest on the seized funds. After we threatened to leave them and find an honest credit card processing bank, they finally released the funds. We believe that US Bank deprived us of our funds because we are a Y2K-related company, and we have received word from a half-dozen other Y2K companies who have also had funds seized and also believe they have been singled out. Our editor, Mike Adams, was accurately quoted by WorldNetDaily. This story is developing... and word is spreading. The funds seizures are apparently widespread and seem to be affecting Y2K companies everywhere. Stay tuned to Y2KNEWSWIRE.COM for exclusive investigative reports.
-- WND (.@...), April 15, 1999.
Companies -- set up e-gold accounts and encourage customers to do the same.
-- A (A@AisA.com), April 15, 1999.
"Well Hoff...would you like your crow blackened or sauteed?"
I'm sure Uncle Hoff would like his crow toasted, AS IN, BURNT TOAST!!!!!!!
Bbbbwwwwwaaaaaaahahahahahahahahhhhaaaahahahahahahahhh ha ha hahahah!!!
-- Andy (2000EOD@prodigy.net), April 15, 1999.
BANKS SEIZING CREDIT CARD FUNDS FROM Y2K COMPANIES / LUMEN FOODS IS LEGIT
Essay by the Y2KNEWSWIRE.COM staff
Yesterday's report on WorldNetDaily.com set off a flurry of speculation about banks, merchant processing companies, and Y2K companies. If you haven't read the story yet, check out:
This essay attempts to add important information to the developing story. First: Lumen Foods (www.soybean.com) is legit! As the WorldNetDaily story reported, they were categorized as a company to investigate (by the merchant bank) out of suspicion of possible fraud. The story does not intend to suggest, we think, that Lumen Foods is fraudulent. In fact, Lumen Foods is one of the most highly- recommended suppliers of storable foods. They offer excellent products, fast ship times (currently 3-4 weeks) and the best soymilk we've ever tasted.
Greg Caton of Lumen Foods (www.soybean.com) confirmed their account was under review and that the review ended peaceably, with the funds eventually being released. This is, in fact, part of the point of the story: that Y2K companies are having their accounts held up / seized during these review periods. Even though the funds are eventually released, this is not fair treatment from the banks.
The World Net Daily mention of Y2KNEWSWIRE.COM merchant accounts is absolutely true! U.S. Bank merchant services seized $38,000 in credit card charges and refused to release them until they conducted a so- called "review" of our account. This review has no apparent deadline (they won't tell you exactly when it will be completed) and U.S. Bank refused to pay us interest on the money during this period. They even called our customers -- an activity we consider harassment -- and asked if the charges were legitimate. All of it is true.
U.S. Bank eventually released our funds after we threatened to change merchant banks. We're sure there are some banks out there that want to treat honest Y2K companies with integrity, and we were determined to find one. By the way, we did find one. It's a local bank, owned by real people with real names and real phone numbers... people you can reach. We are recommending that all Y2K companies drop their merchant accounts from banks that seize your funds and move to a local bank that's willing to consider your personal integrity. Walk into a local bank, meet the president, tell them what you do and how you do it. Explain how you work with customers, how Y2K sales go up and down like a roller coaster. Chances are, you'll find at least one small bank president willing to listen. And they probably won't be seizing your funds, either. Goodbye, US Bank. Hello, Bank of Smalltown, USA.
THIS STORY IS JUST GETTING OFF THE GROUND
This story isn't over, by the way. The bank seizures are true. Companies are being punished simply because they're selling a lot of products. Y2K company owners feel they're being targeted. Some are even pushing a conspiracy theory, saying that they believe the orders came down from "above" to hurt these Y2K companies. We don't know whether that's true. Right now, it's just speculation. It might be hogwash or it might be a coordinated plan to smash all Y2K preparation companies. Right now, there's no proof either way, but there is a pattern that's starting to emerge. This story is going to take more investigation.
To the merchant banks out there: watch yourselves. If you are engaged in a coordinated effort to shut down Y2K companies, and you're discovered, the backlash could contribute to a bank run as the public finds the banking industry engaged in a true-to-life conspiracy. If you're following standard procedure on merchant accounts and equally applying it to all companies, that's fine. But if you're singling out Y2K companies, that's fraudulent on your part.
This story is still developing, and it's a hot one. Watch for exclusive reports from Y2KNEWSWIRE.COM. And if you have any hard evidence to add to this story, or you want to go on the record to either accuse or defend the merchant banks, contact us right away. We're working to get to the bottom of this. E-mail email@example.com. Anonymity assured. If you want to remain anonymous, just state so in your e-mail. And yes, we want to hear from people on both sides of this story. We want to report the truth, even if it isn't an anti-Y2K conspiracy.
We're not conspiracy theorists, by nature, we're just skeptics. And right now, we're skeptical of the explanation that all these seizures are just coincidence.
-- Andy (2000EOD@prodigy.net), April 15, 1999.
Something strange is going on here. Lumen Food is denying the WorldNetDaily story and threatening civil litigation. I'll be watching as things unfold. Here's the link to Lumen's denial:
False Report from World Net Daily
-- NokternL (firstname.lastname@example.org), April 15, 1999.
That does it! I'm going to protest by watching Dan Rather tonight! I'm even going to start a Dan Rather fan club!
-- Anonymous99 (Anonymous99@Anonymous99.xxx), April 15, 1999.
See response here
-- Hoffmeister (email@example.com), April 15, 1999.
Does Dan Rather accept credit cards yet?
-- Diane J. Squire (firstname.lastname@example.org), April 15, 1999.