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Old 01-09-2018, 02:28 PM  
Forkbeard
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Quote:
Originally Posted by ilnjscb View Post
For the record I have no paxum account but it isn't shady.
You're wrong about this and Tammix is correct. It totally is shady and here's why: the short notice. If this is some long-apprehended regulatory problem (as people have detailed in this thread) that's been looming since the Obama administration, Paxum could have announced a leisurely phaseout of US personal accounts way back in June, giving everyone plenty of time to make alternative arrangements. That would have been the responsible, non-shady approach to the problem.

Alternatively, if they just got hit with some sudden regulatory action by international banking regulators or over-reaching US law enforcement, they could admit that, and apologize: "Sorry, people, we know this sucks but there's nothing we can do, our hands are tied and we literally have no option but to sever all ties by January 15 or be in violation of some new international regulatory order that we can't afford to comply with."

But neither of those are the case here. They are saying that the reason is long-term and strategic (these customers aren't going to be profitable in the business environment going forward) but they termed everyone on extremely short notice with vague justification. That is shady. And if you're a business customer who continues doing business with them, you ought to think really really hard about what it says for their loyalty to you and to your business processes, and what it's going to be like when they decide (for whatever reason) to dump all of your business for some unstated non-specific reason on 48 hours notice some random Monday in the future.

So yes, it's shady because either they're lying about the reason being long-term strategic (when in fact they have some sort of short-term unexpected law-enforcement regulatory imperative that they aren't admitting to) or they planned for a long time to dump all these customers on short notice. There's no non-shady third-way between those two possibilities! I don't care how much warm fuzzy feeling you have for these people, this behavior cannot be defended.
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