Maine headquartered Bangor Bank has denied having a partnership with TranzactCard.

The denial comes just days after TranzactCard corporate revealed Bangor Bank as their new US partner bank.

Following a “corporate update call” on Wednesday, TranzactCard sent out a “weekly update” later that same day.

The relevant part for this article is quoted below;

We are thrilled to announce that Bangor Savings Bank is our new banking partner.

Bangor Savings Bank is a community bank that is mutually owned, meaning it doesn’t have shareholders and is instead owned by its members.

It’s well-capitalized, allowing it to effectively support a large banking community.

As part of our transition to a new banking partner, we are excited to announce our alignment with MasterCard and its international payment network.

After verifying Bangor Bank was an actual bank, I took this at face value and added an update to our “
TranzactCard loses US banking services
” article.

One BehindMLM reader went a step further. They reached out to Bangor Bank to enquire about the TranzactCard partnership.

Here’s the email they received back from a “Senior Digital Communications Associate” at Bangor Support.

Again, the relevant part for this article is quoted below;

Bangor Savings Bank does not partner with, or has not partnered with, MLM Tranzact card services.

Any communications you would have received stating otherwise would likely not have been sent from Bangor Savings Bank.

We would not be able to control misinformation or false statements made by parties not affiliated with Bangor Savings Bank.

Well, that’s kinda awkward.

It’s possible TranzactCard has completed an entire partnership proposal with Bangor Bank using inconspicuously named shell companies.

If so, now that the cat’s out of the bag that’s probably going to be terminated quick smart (making misrepresentations to banks is typically frowned upon).

Otherwise I can’t see why TranzactCard would take the risk in naming Bangor Bank, given anyone can just reach out to them to confirm.

As per TranzactCard’s weekly update;

With our new banking partner, the onboarding and customer identification process for all waitlist accounts will occur in a phased rollout starting next week, beginning with some of our field leaders who will test the functionality of the system.

Once this testing happens, we’ll then begin a phased onboarding for the entire TranzactCard community through a waitlist process.

Pending further updates, stay tuned…

Update 18th December 2023 – 
TranzactCard held an emergency webinar over the weekend. During the webinar TranzactCard walked back their Bangor Bank “partner bank” announcement.

TranzactCard now claims
Bangor Bank is a “sponsor bank”
. Distributors were instructed not to call Bangor Bank to verify.

🤖 Quick Answer

What is the nature of the dispute between Bangor Bank and TranzactCard?
Bangor Bank has publicly denied establishing a partnership with TranzactCard, contradicting the fintech company's announcement made during their weekly corporate update. TranzactCard had announced Bangor Savings Bank as their new US banking partner, citing its mutual ownership structure and capital strength as key factors.

Why did TranzactCard announce Bangor Savings Bank as a partner?
According to TranzactCard's corporate update, Bangor Savings Bank was selected as their new banking partner due to its mutual ownership model, which means members rather than shareholders own the institution, combined with its adequate capitalization to support extensive banking operations.

What was TranzactCard's stated business objective with this banking partnership?
TranzactCard indicated the partnership would facilitate their transition to a new banking provider while enabling

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