Is Bank of America BSing me?

[Account Closed]

Bank of America says using its merchant services for lending money is prohibited. I then asked the representative, can i open a regular business account for my private consumer lending business where customers pay me directly through my checking and routing number with no integration to any special merchant services and she said that isnt allowed too?????

Which banks do private lenders use for their business?

I am sure this is ridiculous and that representative doesnt understand what i am tryna do?

Do private lenders use banks? If so which ones are the best? Do i have to partner with a bank to become a private money lender? Can't i just open a business account under my LLC and operate by myself?

Any input would be appreciated. Im in Massachusetts and California.

[Alexander Felice]

I'm not sure what you're asking. Merchant services usually refers to the banks B2B side where they provide point of sale systems for service/sales clients. 

It sounds like you're lending money out to people and you want them to pay you through merchant services. If so, then yeah that's not the way to do it. The transaction costs alone on your end would be very high to do this. 

if you have a business checking account, they can just pay you through bill pay. Not sure why she said that's not correct, sounds like miscommunication.