Legal Question in Banking Law in Minnesota

I own 3 convenience stores (BP). Our supplier quit and transfered our contract to a large supplier

without our choice - contract stated that could happen. The new company holds all of our

credit card funds - former company EFT the credits to our bank account on a daily basis and EFT'd the gas invoices.. The new

company keeps credits and deducts the gas invoices from those credits. Can they legally

hold our credit card funds? We have to ask to get funds EFT's back into our account - which they will only do once a week. In this day and age, 80% of our sales are sold by credit cards.


Asked on 2/02/11, 2:56 pm

1 Answer from Attorneys
Daniel Reiff Reiff Law Office

That depends on your contract. The gas business is pretty unique, and some of the marketers do not pay too much attention to the contracts, especially the big guys who've been coming into the state in the last 8 years.

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Answered on 2/09/11, 8:14 am


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