Written by: Capital on Tap USA
It can be stressful to find out that your account has been suspended or closed when you weren’t expecting it. We, as well as other financial institutions, are regulated and required to determine internal systems and controls around our lending and treatment of customers.
This means we have to keep an eye on all accounts, and sometimes we see information that causes us to take action. So an account suspension or closure can be part of a legal requirement of us as an account servicer or part of an internal policy decision.
Our mission is to help businesses grow while being as honest and transparent as possible.
Some reasons why
Our contracts are revolving credit facilities, which means they are open ended with no fixed duration, so they continue until you or we decide to close the account.
We might close your account if we believe:
- you’re in breach of your contract
- you’ve failed to make your contractual payments on time
- you provided us with false or misleading information
- your personal or business credit file no longer meets our minimum requirements for funding
- you have entered into or propose to enter into a debt management arrangement with your creditors
- you have acted fraudulently
- you have broken the law or attempted to break the law
- you’ve been abusive to anyone at Capital on Tap