Quote:
Originally Posted by Choker
Nah man, look at all the posts from guys claiming to have 6 figures in their epass accounts. People used epass like a bank, assumming the money would be safe. There should have easily been over 50 mill just sitting in accounts. To not invest that money in safe investments like a bank does would be stupid. I figured they invested in secure bonds or something, the interest from the money in those investments was prolly what they paid employees with. Again the fees they charge for transfers would nowhere near provide enough income to make epassporte run smoothly like it idid for so long.
And of course you could withdraw your funds at any time, just like a bank they prolly kept close to 10% of deposits in account to cover daily withdrawels. Is it possible that the day the ACH deposits stopped going out was the day those reserve funds were depleted?
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Technically, what a bank does is fraud. A type of government-sanctioned fraud, but still fraud. The difference between what a bank does and what epassporte did, is that the government backs the bank if things go wrong.