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-   -   Choice bank out of business? (https://gfy.com/showthread.php?t=1297643)

rowan 04-11-2018 09:52 PM

Quote:

Originally Posted by xxx6live (Post 22252322)
Is Paxum ok for wire transfers/EFT?

Check is not an option here, did not see any since the 1990's. My bank is internet only in addition, no physical offices and nowhere to deposit checks.

The first and only wire I ever received from Paxum (on the way out) seems to have come from a third party company "DEK-CO (UK) LTD." So even wires are done via another company rather than directly.

erichon 04-11-2018 09:58 PM

Just tried withdraw at ATM in Europe at different ATMs, but no withdrawal possible.

Denny 04-11-2018 10:50 PM

Quote:

Originally Posted by Axeman (Post 22252292)
USA/Canada is still easy for checks. Though a lot of Euro affiliates and partners seem to have issues even cashing checks, and if they do, they get huge fees and long holds for them to clear. So I do understand its a pain for them having to choose that method, or wait for a higher min and pay the International wire fees.

Yep, this is correct.

NickBaer 04-12-2018 01:29 AM

I'm surprised that CCBill is not stepping in to be a viable option for mass payouts here.

InfoGuy 04-12-2018 02:47 AM

Quote:

Originally Posted by Konda (Post 22251077)
It's from an email Choice sent to all their clients, so I guess they have an account there, or someone forwarded it to them.

This is the full email

Quote:

Dear Accountholder,

Due to recent developments involving the prepaid card component of our international banking business, Choice Bank Ltd. (“the Bank”) has been forced into a temporary liquidity constrained position.

With a view to enable the Bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the Bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the Bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the Bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required.

The Bank maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of US$26 million, a most recent reported regulatory capital ratio of 26.92%, and statutory liquidity ratio of 74.59%, such ratios significantly exceeding all statutory capital adequacy and liquid asset requirements. The liquidity challenges the Bank currently faces is truly a short-term one. As it progresses through this process, the Bank is confident that all its depositors, cardholders and creditors will be kept whole.

We thank you for your patience and understanding and apologize for any inconveniences caused.

Yours sincerely,

Paradise Point Building
Corner Hutson Street and Marine Parade Boulevard
Ground Floor, P.O. Box #2494
Belize City, Belize, Central America
Note the email says "most recent reported", which could mean annual or quarterly reporting. Their current numbers may look very different. Given the recent collapse of crypto prices, it's possible Choice Bank is holding crypto as a cash equivalent with significant unrealized losses.

NickBaer 04-12-2018 06:59 AM

BitCoin down $10,000 since highs in September.

The others are down as well.

It is still up from a year ago, but the major part of the "Pump And Dump" scenario played out between September and December.

If they rode the wave of the hype in September, they lost a lot of money...

rowan 04-12-2018 08:10 AM

I would say it seems unlikely that a "bank" would use their customer's funds to speculate in high risk investments, but hey......didn't something like that already happen?

https://cdn1.thr.com/sites/default/f...en_422x218.jpg

Marco68 04-12-2018 11:12 AM

Received a few minutes ago:
"Attention GetSCORECash Affiliates:

FirstChoice Pay (formerly known as Payoneer) and Paxum have issued statements that all withdrawals and outbound payments are suspended. The reason given by Paxum and FirstChoice Pay is that the financial institution they are use, Choice Bank Ltd, is in a “liquidity-constrained position”. The situation with both companies is very fluid and developing.

Until resolution in this matter becomes clear, GetSCORECash is suspending both options in our payout methods for the protection of our affiliates. If your affiliate account with GetSCORECash is setup to payout with either Paxum or First Choice Pay (Payoneer), then payout to your account will be placed on hold. We offer the following alternative methods of payment:

Check by Mail: Free

International Wire: $35 fee (plus your bank may charge a fee independently)

ACH (USA banks only): Free

Paypal: Free

You can modify your GetSCORECash payment method by logging into your account.

Thank you again for your participation in the GetSCORECash program.

Please email us if you have any questions"

AllAboutCams 04-12-2018 11:26 AM

Quote:

Originally Posted by Marco68 (Post 22252703)
Received a few minutes ago:
"Attention GetSCORECash Affiliates:

FirstChoice Pay (formerly known as Payoneer) and Paxum have issued statements that all withdrawals and outbound payments are suspended

Well that's not true as paxum has only stopped card loading and everything else there should work fine.

7k USD 04-12-2018 11:32 AM

Does anyone here work with ePayments.com ?

SleepWalker 04-12-2018 11:43 AM

Quote:

Originally Posted by 7k USD (Post 22252716)
Does anyone here work with ePayments.com ?

There is a thread for ePayments here:
https://gfy.com/fucking-around-and-p...-payments.html

SleepWalker 04-12-2018 11:44 AM

Quote:

Originally Posted by AllAboutCams (Post 22252711)
Well that's not true as paxum has only stopped card loading and everything else there should work fine.

Exactly, yet another Aff Program ran by people who just can't read! They have no reason to remove Paxum, bunch of idiots.

Denny 04-12-2018 11:47 AM

Quote:

Originally Posted by SleepWalker (Post 22252730)
Exactly, yet another Aff Program ran by people who just can't read! They have no reason to remove Paxum, bunch of idiots.

Yep, retards indeed!

7k USD 04-12-2018 11:52 AM

Quote:

Originally Posted by SleepWalker (Post 22252726)
There is a thread for ePayments here:
[/url]



Thank you, appreciate your reply.

from that thread:
Hello! Our services are unavailable for US residents and citizens.

The Porn Nerd 04-12-2018 11:52 AM

Quote:

Originally Posted by Marco68 (Post 22252703)
Received a few minutes ago:
"Attention GetSCORECash Affiliates:

FirstChoice Pay (formerly known as Payoneer) and Paxum have issued statements that all withdrawals and outbound payments are suspended. The reason given by Paxum and FirstChoice Pay is that the financial institution they are use, Choice Bank Ltd, is in a “liquidity-constrained position”. The situation with both companies is very fluid and developing.

Until resolution in this matter becomes clear, GetSCORECash is suspending both options in our payout methods for the protection of our affiliates. If your affiliate account with GetSCORECash is setup to payout with either Paxum or First Choice Pay (Payoneer), then payout to your account will be placed on hold. We offer the following alternative methods of payment:

Check by Mail: Free

International Wire: $35 fee (plus your bank may charge a fee independently)

ACH (USA banks only): Free

Paypal: Free

You can modify your GetSCORECash payment method by logging into your account.

Thank you again for your participation in the GetSCORECash program.

Please email us if you have any questions"

"liquidity-constrained position"
Translation: WE HAVE NO CASH.

rowan 04-12-2018 05:49 PM

Received about 8 hours ago:

Important update for Firstchoice Pay customers

With regret, we are writing to inform you that Firstchoice Pay is not receiving or processing any further payments, effective immediately.

Please be aware that you are not able to receive any new payments through Firstchoice Pay. We trust that the companies that pay you will be offering a new way
for you to receive your payments. Please contact them directly for more information.

The balance on your card remains available for you to withdraw at ATMs or spend. Your transactions can be viewed and tracked through your account and we will
continue to provide you with full customer support.

We would like to take this opportunity to thank you for your business. We have greatly enjoyed serving many loyal customers and offer sincere apologies for any
inconvenience this may cause.

For further information, please visit our FAQ page.

Thank you,
The Firstchoice Pay Team

InfoGuy 04-12-2018 05:51 PM

Quote:

Originally Posted by rowan (Post 22252561)
I would say it seems unlikely that a "bank" would use their customer's funds to speculate in high risk investments, but hey......didn't something like that already happen?

https://cdn1.thr.com/sites/default/f...en_422x218.jpg

It's not unlikely. Banks make money by investing the majority of their customers' deposits. Only a portion of it is kept liquid to service their customers' accounts.

Yes, it did happen. You may recall the global banking crisis from 10 years ago, when many banks were investing in high risk mortgages, lending money to anyone who wanted to buy property, regardless of their creditworthiness. Borrowers were getting 100% mortgage financing, with no money down, to buy overpriced homes.

The Porn Nerd 04-12-2018 05:57 PM

Just withdrew the remaining funds from First Choice Pay from an ATM in New York City. No problem.

After I spend the last few remaining dollars I cannot withdraw I am cutting the card in half.

Bye bye First Choice Pay!

rowan 04-12-2018 09:39 PM

Quote:

Originally Posted by InfoGuy (Post 22253026)
It's not unlikely. Banks make money by investing the majority of their customers' deposits. Only a portion of it is kept liquid to service their customers' accounts.

Yes, it did happen. You may recall the global banking crisis from 10 years ago, when many banks were investing in high risk mortgages, lending money to anyone who wanted to buy property, regardless of their creditworthiness. Borrowers were getting 100% mortgage financing, with no money down, to buy overpriced homes.

Yes, as I mentioned earlier in the thread, it's obvious they don't have cash to cover all customer's funds. It was more a facetious jab at Chris Mallick "investing" our money into a movie that flopped. That's incredibly high risk.

NickBaer 04-13-2018 05:58 AM

This past week has been an incredible drain on energy...

Not getting paid by some programs, because they could not load money to FCP.

Working with Programs that not only haven't updated member payout methods in years, but the webpage interface to do so doesn't work all these years later.

Some Programs don't list Paxum. So now there's no EFT option.

And that's just 10 of 50 I need to check.

So any nonsense about "Sorry for the inconvenience" just doesn't cut it.

xxx6live 04-13-2018 06:03 AM

Quote:

Originally Posted by erichon (Post 22252332)
Just tried withdraw at ATM in Europe at different ATMs, but no withdrawal possible.

I just withdrew about $1k from my FCP card in an ATM in Norway, no problems here at least.

Now to select where to get future payments, seems like Paxum and EFT bank withdrawal is the best choice (my country is supported), don't really need any card. I need the money in my account to pay taxes. Paper checks is not an option here.

x-rate 04-13-2018 06:05 AM

If you still have few $ on it you can use it on aliexpress to buy some stuff... I was also able to link that card on my paypal account.

tammix 04-13-2018 04:44 PM

Quote:

Originally Posted by rowan (Post 22253025)
Received about 8 hours ago:

Important update for Firstchoice Pay customers

With regret, we are writing to inform you that Firstchoice Pay is not receiving or processing any further payments, effective immediately.

Please be aware that you are not able to receive any new payments through Firstchoice Pay. We trust that the companies that pay you will be offering a new way
for you to receive your payments. Please contact them directly for more information.

The balance on your card remains available for you to withdraw at ATMs or spend. Your transactions can be viewed and tracked through your account and we will
continue to provide you with full customer support.

We would like to take this opportunity to thank you for your business. We have greatly enjoyed serving many loyal customers and offer sincere apologies for any
inconvenience this may cause.

For further information, please visit our FAQ page.

Thank you,
The Firstchoice Pay Team

are they closing shop definetly? or sending new cards after they find another bank, is not clear

SleepWalker 04-13-2018 08:11 PM

Quote:

Originally Posted by tammix (Post 22253558)
are they closing shop definetly? or sending new cards after they find another bank, is not clear

FCP "IS" the bank, FCP is a direct service from ChoiceBank. So, FCP is gone forever. Paxum is different, Paxum was using ChoiceBank service for their card. That service being no longer avail, they are simply switching their card service provider.

heiko0o 04-13-2018 10:38 PM

Quote:

Originally Posted by SleepWalker (Post 22253621)
FCP "IS" the bank, FCP is a direct service from ChoiceBank. So, FCP is gone forever. Paxum is different, Paxum was using ChoiceBank service for their card. That service being no longer avail, they are simply switching their card service provider.

So i can safely apply to Paxum as my new credit card company where i can recieve payments from Chaturbate?

SleepWalker 04-14-2018 05:31 AM

Quote:

Originally Posted by heiko0o (Post 22253654)
So i can safely apply to Paxum as my new credit card company where i can recieve payments from Chaturbate?

If Chaturbate supports Paxum as a payment option, sure!

heiko0o 04-14-2018 08:16 PM

Quote:

Originally Posted by SleepWalker (Post 22253717)
If Chaturbate supports Paxum as a payment option, sure!

Thanks!


I still have more than 10k $ on my Firstchoice account but my debit card only has 1,6 K $ on it. How can i get my hands on the rest of the funds?

black2009 04-15-2018 02:24 AM

Quote:

Originally Posted by heiko0o (Post 22253995)
Thanks!


I still have more than 10k $ on my Firstchoice account but my debit card only has 1,6 K $ on it. How can i get my hands on the rest of the funds?

Try to contact Firstchoice Support. Nobody else can help you...

NickBaer 04-15-2018 04:11 AM

Quote:

Originally Posted by SleepWalker (Post 22253717)
If Chaturbate supports Paxum as a payment option, sure!

Chaturbate has for some time.

It is a menu option.

If you know you have another method set up, if you have 2 Step Verification enabled, you can switch.

If you don't have 2 Step Verification enabled, you will need to.

If you for some reason can't have 2 Step, you will need to send a email to support@.

NickBaer 04-15-2018 04:13 AM

https://dudelodge.com/FCPbalance.png

I got my FCP MasterCard down to $0.33!!

Bought something at the camera store in Birmingham.

SleepWalker 04-15-2018 05:47 AM

Quote:

Originally Posted by heiko0o (Post 22253995)
Thanks!


I still have more than 10k $ on my Firstchoice account but my debit card only has 1,6 K $ on it. How can i get my hands on the rest of the funds?

I don't know, when I was receiving funds to my FCP it was automatically loaded to card. didn't even know they had some kind of wallet. Man if the money is not on the card it ain't going to be easy. start by contacting them. According to their statement their suppose is still operational...

biiiglia 04-15-2018 06:01 AM

Quote:

Originally Posted by heiko0o (Post 22253995)
Thanks!


I still have more than 10k $ on my Firstchoice account but my debit card only has 1,6 K $ on it. How can i get my hands on the rest of the funds?

At the moment they can't load your card anymore because all their accounts (with the money on it) are "frozen". You (and many people) have to wait until that "liquidity-constraint" is over. Nobody knows why the bank is in a liquidity-constraint position. Do they have financial problems or does it have something to do with FirstChoicePay. My guess is the second, because they closed FirstChoicePay very fast after the constraint.

heiko0o 04-16-2018 09:31 AM

Thx 4 answers!

Yeah i contacted them today and they basically told me the same and said that they can not wire or bank transfer the amount. I shall wait.

Man that sucks.. - Next week im calling them again if i haven't heard anything from them

ctzulu 04-25-2018 02:46 AM

https://gfy.com/22259132-post958.html

Adraco 04-25-2018 03:09 AM

Stop spreading your affiliate link all over!

EviLSuperstaR 05-03-2018 06:17 PM

Quote:

Originally Posted by danep (Post 22251256)
Ambercutie, and the person who wrote that is me.

Only that you as a FCP employee were providing incorrect information about this:
"No one will be chasing their funds, and nobody's funds will be frozen. The service is ceasing in a manner that everyone will be able to find an alternative."

Everyone's virtual account funds got frozen overnight starting from at least one day before you wrote this on Ambercutie and currently are still frozen indefinitely with no explanation by Firstchoicepay/Payoneer whatsoever.

EviLSuperstaR 05-13-2018 07:33 AM

Looks like adult lawyer Corey Silverstein (https://websiteattorney.com) is preparing a class action against Payoneer /Firstchoicepay


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