Choice bank out of business?

[jwerd]

http://www.xbiz.com/news/234907/choice-bank-suspends-withdrawals-from-deposit-accounts

[nikki99]

u scarred the shit out of me....

FCP in here, are we safe?

can withdrawal?

[Konda]

I guess this will affect all Paxum and FirstChoicePay cardholders for sure as they won't be able to use their prepaid cards.

And it might have a much bigger effect, like everyone trying to withdrawal all their funds from these platforms asap causing other issues.

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 require

[nikki99]

I just used it

Thank You For Your Purchase nikkimontero!

[JJE]

So that's First Choice, Paxum, Payoneer cards all on hold? Gee

[Konda]

Originally Posted by JJE

So that's First Choice, Paxum, Payoneer cards all on hold? Gee

Payoneer uses other banks also like WireCard so I guess they are less affected

[nikki99]

I guess my today´s thread goes in here

https://gfy.com/fucking-around-and-p...-solution.html

[Odysseus]

Amazing fucking news every new fucking week!

[nikki99]

I go to bed I hope to wake up with better news, nite

[Sharon1974]

Originally Posted by jwerd

http://www.xbiz.com/news/234907/choice-bank-suspends-withdrawals-from-deposit-accounts

What is the source Xbiz used? Can't find it anywhere else.

[Konda]

Originally Posted by Sharon1974

What is the source Xbiz used? Can't find it anywhere else.

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

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

[k0nr4d]

Hate to say this - but even if they recover, the first thing all or most account holders will do is pull all funds. They are most likely finished. How this effects Paxum or any other payment provider using them who knows. The wallet money may be kept at choicebank or it may be kept elsewhere and choice only issues the cards.

[PornDiscounts-V]

Fuck. I hate my country.

[adultchatpay]

holy cow, checking my FCP now.. and see if i can transfer the funds.
I am keeping 300-400USD monthly there to pay invoices per month.

[adultchatpay]

Originally Posted by nikki99

I just used it

Thank You For Your Purchase nikkimontero!

Did you try to withdraw recently?

[NickBaer]

I receive a payout from XTube on the 6th and 21st, into my FC account.

The payout expected on the 6th (Friday) has not arrived yet.

I called FC yesterday, and they knew of no holdups...

No email from XTube.

But I wonder if XTube (MindGeek) had a "heads-up," since this is Monday?

[WMDOLLCASH]

OMG, hope there will be a good news later.

[NickBaer]

I also regularly receive payouts from Chaturbate. One account to FC, one account to Paxum.

I haven't written to Chaturbate, yet, because their most recent payout was successful. That was prior to Friday.

[AllAboutCams]

Originally Posted by NickBaer

I also regularly receive payouts from Chaturbate. One account to FC, one account to Paxum.

I haven't written to Chaturbate, yet, because their most recent payout was successful. That was prior to Friday.

I think we need to wait to see what Ruth says first as only the cards may be blocked.

Its annoying because i get little payments in to paxum that would be worthless sending a wire with the fees

[adultchatpay]

Just had a chat with their support..

"FirstChoicePay is ceasing its service. During this process of winding down the service, the funds on your card are there for you to use, but FirstChoice Pay is no longer processing any further payments. "

So long FCP it's been a nice run. Thank God i did not hear the words "money in motion"

[NickBaer]

Chaturbate does offer ACH. I believe I have one CB account paying via ACH. I left the other paying to Paxum.

XTube has never offered an option other than a card. Started as ePassport, then Payoneer, then FC.

XTube was one step ahead of the ePassport situation, and had Payoneer in place quickly.

I was going to paste a list of sites (that I am an Affiliate of) that payout to FC, but that list is currently unavailable in my FC account!

[NewNick]

Ok anyone who does not remove their funds from Paxum / FCp deserves to lose everything.

It may be too late already.

[money biz]

I bought some stuff at the store today but don't trust it now.

[NewNick]

Originally Posted by adultchatpay

Just had a chat with their support..

"FirstChoicePay is ceasing its service. During this process of winding down the service, the funds on your card are there for you to use, but FirstChoice Pay is no longer processing any further payments. "

So long FCP it's been a nice run. Thank God i did not hear the words "money in motion"

For real ??

That is big news.

[Jel]

Originally Posted by adultchatpay

Just had a chat with their support..

"FirstChoicePay is ceasing its service. During this process of winding down the service, the funds on your card are there for you to use, but FirstChoice Pay is no longer processing any further payments. "

So long FCP it's been a nice run. Thank God i did not hear the words "money in motion"

Woke up today and heard this overall news, will be going to the atm later to withdraw from firstchoicepay - this post gives me a bit of hope

[CrazyMartin]

what a bullshit!

i just withdraw money from paxum card

yesterday i paid for niftystats

please do not spread such nonsenses, never had any probem with paxum!

[ianmoone332000]

Surely firstchoice would have sent everyone emails if this was the case

[Konda]

Originally Posted by CrazyMartin

what a bullshit!

i just withdraw money from paxum card

yesterday i paid for niftystats

please do not spread such nonsenses, never had any probem with paxum!

There is no bullshit, the bank sent out an email to their customers that they will temporarily suspend withdrawals from bank accounts. What the effect will be on Paxum and FCP no one knows yet, although people that contacted FCP support said they told them they will close down operations. FCP is operated by Choice Bank directly. Paxum just uses Choice for their Prepaid cards, so it should have less of an impact on Paxum and I think I remember I read in another thread last week that they are already in talks with a new card issuing bank.

According to FirstChoicePay people can still use the money on their cards, so I assume it will be the same with Paxum, so that's at least some good news.
But probably can't put additional/new funds on the cards anymore.

[Feng-PD]

Originally Posted by ianmoone332000

Surely firstchoice would have sent everyone emails if this was the case

It's true sadly.... i just spoke with their live chat and they responded this :

Benji: FirstChoicePay is ceasing its service. During this process of winding down the service, the funds on your card are there for you to use, but FirstChoice Pay is no longer processing any further payments.
Benji: Choice Bank, the issuing bank of FirstChoice Pay, is no longer issuing prepaid cards and ceasing the services.

The last line makes me worried that Choice bank will be ceasing their services for paxum too and that it wont be temporary. If that's the case it would mean mayhem for allot of webmasters that rely on paxum as their payment facilitator.

I hope paxum staff can shine more light on this matter.

[NickBaer]

It would be great if MindGeek and the others moved to Paxum, as Paxum offers ACH to Banks (in the US, and equivalent in Europe), That would save wasted time and money going to ATMs and withdrawing notes.

(I did not renew my Paxum MasterCard, as the ACH function is ultimately
all I need.)

[JJE]

Yeah, similar for me, I use Paxum for wires and used to for EFT. The Mastercard was never any use to me but I imagine it is for many unfortunately.

[NatalieK]

i´m going to have to go to the cash machine right now aren´t I!!!!


Fuck, they better not keep my money, it´s not loads but there´s a few hundred on mine!

[gaydemon]

Unfortunately, not sure Wire or EFT transfers works with Paxum.

I did a wire transfer 19 March and it got lost, paxum support hasn't responded to me since last week.

I also did a EFT transfer on the 3 April which normally should have arrived but it has not.

[NickBaer]

I have $0 in my Paxum checking account, and $22 on my FC MasterCard.

Ruth told me years ago, at a trade show, that they make their money receiving your funds, and when you withdraw, so withdrawing down to as low to zero as possible makes no difference to them.

As for the $22 on FC: in the US ATMs only dispense $20s... and since I have been in England for the past 2 pay periods, ATMs here dispense 10£s, but I usually build in a little room for currency conversion fees and non-sterling charges. At best, I might have gotten down to $10!

[CaptainHowdy]

Originally Posted by JJE

Yeah, similar for me, I use Paxum for wires and used to for EFT. The Mastercard was never any use to me but I imagine it is for many unfortunately.

It is, it is ...

[Tjeezers]

Found a statement on another board from FCP Rep:

Hi everyone, these are indeed inconvenient times for us, myself included. There are literally tears in my eyes as I'm writing this.
The latest developments were not any process or a discussion that I was aware of, or participating in.
All existing funds on cards can be accessed at ease, there's no cause to withdraw all remaining funds from the cards at once, however there will be no additional payments loaded. This relates to prepaid cards.
Existing bank transfer services for selected sending websites, are still functional, as far as I know at the moment.
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.

I would like to thank everyone in here for teaching me about the adult space, and its workers, which I've grown to love and respect.
With that being said, I am not going anywhere yet, each member in here will receive my assistance to the best extent of my knowledge, during and after the cease down if needed.
I am hopeful that within a few weeks, when all of this passes, I will find my way back into the adult space, as I feel that there's still a lot more I wish to give to all of you.
Feel free to reply, feel free to reach out, feel free to express any insight or grievance, I will be around here, as long as you will let me, even if not as an industry rep.

[Petra]

Has anyone who runs a business account through FCP to pay performers/affiliates gotten a message about it shutting down??

[Johnyman]

Did anyone try to withdraw money to external card from Paxum? Or money locked in Choice Bank at all?

[NickBaer]

Originally Posted by Tjeezers_Brokerbabe

Found a statement on another board from FCP Rep:

Hi everyone, these are indeed inconvenient times for us, myself included. There are literally tears in my eyes as I'm writing this.

Thank You for posting this!

1) I didn't know there was another public board like GFY, and

2) Does the person have a name? It was well-written, and the door seems to be open for the future - at least fr this person.

[magneto664]

Originally Posted by CrazyMartin

please do not spread such nonsenses, never had any probem with paxum!

people like you should be banned from breathing.
Just because you did not have a problem does not mean you will not have it.
Grow up.
stop being stupid.

[JFK]

Originally Posted by WMDOLLCASH

OMG, hope there will be a good news later.

Good luck, even if they straighten this mess out, the trust factor will have evaporated, so they are fucked ! I withdrew most of what Had in
there last week, have just under 200 in there now. Consider myself lucky

[ilnjscb]

Originally Posted by NickBaer

Thank You for posting this!

1) I didn't know there was another public board like GFY, and

2) Does the person have a name? It was well-written, and the door seems to be open for the future - at least fr this person.

It was Dan Epstein, FCP rep

[King Mark]

"Derpa derp, just contact roof, derpy derp"

[NickBaer]

ooooooh... that's the name on here who is also handling questions about the new Payoneer. Which went no where, because they are not licensed on Nevada, USA!

Not that I have time all day to read Forum posts, and maybe you were reading a non-adult Forum, but I am curious if there are other mainstream Forum resources?

On the gay side, I contribute GayWideWebmasters, since 2004, because that one is public.

[Oracle Porn]

Originally Posted by Tjeezers_Brokerbabe

Found a statement on another board from FCP Rep:

Hi everyone, these are indeed inconvenient times for us, myself included. There are literally tears in my eyes as I'm writing this.
The latest developments were not any process or a discussion that I was aware of, or participating in.
All existing funds on cards can be accessed at ease, there's no cause to withdraw all remaining funds from the cards at once, however there will be no additional payments loaded. This relates to prepaid cards.
Existing bank transfer services for selected sending websites, are still functional, as far as I know at the moment.
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.

I would like to thank everyone in here for teaching me about the adult space, and its workers, which I've grown to love and respect.
With that being said, I am not going anywhere yet, each member in here will receive my assistance to the best extent of my knowledge, during and after the cease down if needed.
I am hopeful that within a few weeks, when all of this passes, I will find my way back into the adult space, as I feel that there's still a lot more I wish to give to all of you.
Feel free to reply, feel free to reach out, feel free to express any insight or grievance, I will be around here, as long as you will let me, even if not as an industry rep.

which board is that?

[NatalieK]

Originally Posted by ilnjscb

It was Dan Epstein, FCP rep

this...

yes, poor guy´s been so successful as an agent and dealing with customers for FirstChoiceBanking...

anyway, the short story is you can remove finances from the card and the account to account payments are continued, however, you won´t be able to add to your card accounts

[JJE]

Did First Choice Pay continue to serve USA clients? Post the Paxum withdrawing services etc?

Possibly FATCA related?

[Tjeezers]

AFF did their payment batch yesterday
Their payment would be sent back to them according to last info.

[Tjeezers]

Originally Posted by Oracle Porn

which board is that?

Amber Cutie

[danep]

Ambercutie, and the person who wrote that is me.