When the Federal Deposit Insurance Corp. (FDIC) disclosed in 2014 that they were withdrawing a list they created of merchant categories that were deemed high risk and warranted heightened attention, they acknowledged that this list was used by issuing banks as justification to sever ties with merchants who fell into these categories – leaving the merchants scrambling to find a suitable merchant service provider willing to process their transactions.
While the FDIC maintained that the list was not intended to be used for that purpose, the behavior of the financial institutions show a willingness to eliminate certain risk categories – and the merchants who make their livelihood in them.
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