BOISE, Idaho – The Idaho Department of Finance has issued a cease-and-desist order against PayServices, requiring the entity to stop using the word “bank” in its name in Idaho.
According to a press release from the department, on Sept. 12, 2022, the director granted a waiver to PayServices to use the term “bank” because the entity had received conditional preliminary approval for a bank charter from the department.
However, the department stated that on Oct. 16, PayServices failed to meet the necessary conditions of that preliminary approval. As a result, the preliminary approval, which served as the basis for the waiver, has now expired and been terminated.
