Quote:
Originally Posted by Steiger
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They deny any knowledge of ever having epassporte funds in those accounts, which is bad news for us.
I'm 99% certain that the "upper heads" of epass, filed bankruptcy and took out the money. Its not FDIC insured so we have no recourse but to take it into our own hands.
All these banks that closed here in the US were FDIC insured. Even though you might of had $500 in the account when the bank shut down, that money goes into the banks operations costs and revenue, then the banks insurance company (backed by the FDIC) will pay you the money back.
Think of it this way... you have $100 in your pocket. $75 belongs to me and $75 belongs to your mom. You decide, "f this, im in the hole and no way out, im bailing" so you shut down shop. That $100 that is in your pocket, aka the "bank" is now existing revenues that you now have to use to cover costs, such as payroll, taxes, etc.
Both me and your mom are out $75, but now you have $100 to cover your costs of business. Now take that and add a few zero's and a few hundred people and thats what epass is doing to us.