ePassporte Official Statment - Page 24 - GoFuckYourself.com

Michael O · 09-03-2010, 05:06 PM

Quote:

Originally Posted by Vick!

Micheal, Why money is available if it is in Wallet and not available if it is in Virtual Visa?

Please point me to post of this is answered already, its tough to look through whole thread.

Visa suspended the cards so its not possible to move funds to/from the cards.

GotGauge · 09-03-2010, 05:06 PM

If you get banned for something like
http://www.gfy.com/fucking-around-and-business-discussion/975343-epassporte-2.html
and it Becomes True, do you get unbanned?

Michael O · 09-03-2010, 05:07 PM

Quote:

Originally Posted by beta-tester

1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.

That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.

Please correct me if I am wrong...

The money is in the bank in St Kitts see post #877 gives an good idea how things work.

nickutis · 09-03-2010, 05:08 PM

hehe I hope SOBV lost all their money in this epass drama

Michael O · 09-03-2010, 05:11 PM

Quote:

Originally Posted by tigermtb

I like how I requested a wire of $xx,xxx from my account and now ePass has put my account into "Funds Protection Mode" for my security.

Yeah ... I ask for my money and they suspend my account. Wow. interesting.

Please email me your UserID and i will look into it.

Marshal · 09-03-2010, 05:11 PM

Quote:

Originally Posted by beta-tester

1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.

That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.

Please correct me if I am wrong...

your question has a good point. as far as i'm aware, St. Kitts Nevis Anguilla Bank put on hold all their funds on cards for some reason (I guess because VISA have been putting pressure on them with their new regulations). the bank can't legally steal this money, so it should be still in the bank. the rest of the money is probably in some other bank or another account which is not connected to visa services. this is just my lame explanation. someone correct me, please...

Michael O · 09-03-2010, 05:11 PM

Quote:

Originally Posted by DimeCash

Did Chris Mallack post directly in this thread?
If not - why not?

He was able to post about his movie yet something of this which REALLY affects the industry he seems silent with the exception of Michael O.

Mr. Mallick is working to solve this situation with Visa.

cam_girls · 09-03-2010, 05:11 PM

Fuck I've got 25MB bandwidth left. Broke and blind.

I am just utterly fucked, off to the Salvos, eating out of bins fucked.

No way to get my pay back on track whatsoever.

Wait I can spend $2 out of my $20 paypal coming in at the net cafe....

Shame walking from the park 10km to the cafe is really fucking painful when you don't have any food

Michael O · 09-03-2010, 05:14 PM

Quote:

Originally Posted by nettrust

your question has a good point. as far as i'm aware, St. Kitts Nevis Anguilla Bank put on hold all their funds on cards for some reason (I guess because VISA have been putting pressure on them with their new regulations). the bank can't legally steal this money, so it should be still in the bank. the rest of the money is probably in some other bank or another account which is not connected to visa services. this is just my lame explanation. someone correct me, please...

Please do not post incorrect information, see post #877 as an example on how things work and we have already stated that the money on the virtual cards are at St. Kitts

DimeCash · 09-03-2010, 05:15 PM

Quote:

Originally Posted by Michael O

Mr. Mallick is working to solve this situation with Visa.

Understood but as the owner taking 5 minutes to write a personal post - direct from the horses mouth might make some people feel some level of comfort.

beta-tester · 09-03-2010, 05:16 PM

Quote:

Originally Posted by Michael O

The money is in the bank in St Kitts see post #877 gives an good idea how things work.

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

Evil-Dan · 09-03-2010, 05:17 PM

Quote:

Originally Posted by beta-tester

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

here here

Tempest · 09-03-2010, 05:19 PM

Quote:

Originally Posted by beta-tester

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

VV is like a prepaid debit card.. The money is "on" the card. Since the cards don't work now, there's no way to get it "off" the card.

donkevlar · 09-03-2010, 05:20 PM

Quote:

Originally Posted by cam_girls

Fuck I've got 25MB bandwidth left. Broke and blind.

I am just utterly fucked, off to the Salvos, eating out of bins fucked.

No way to get my pay back on track whatsoever.

Wait I can spend $2 out of my $20 paypal coming in at the net cafe....

Shame walking from the park 10km to the cafe is really fucking painful when you don't have any food

Someone please send this poor fella some paypal so he can eat!

Vick! · 09-03-2010, 05:20 PM

Quote:

Originally Posted by baddog

How many times should he answer these same questions?

Dude, are you serious? Do you want him or everyone to go post by post through 23+ pages to find answer to the question?

May be epassporte need to have answers on notepad and copy/paste in the thread? Or publish a quick FAQ for reference.

Jdoughs · 09-03-2010, 05:20 PM

Quote:

Originally Posted by beta-tester

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

This has been gone over at least 100 times.

beta-tester · 09-03-2010, 05:21 PM

No, the money can't be "on the card". That's just not possible. Money should be located somewhere, whether in electronic or physical form. it still has to exist somewhere, and that somwhere is not "cloud", it's the bank.

From post 877:

"At this moment this bank account is probably seized or suspended."

This is what scares me the most... if the bank's account that is connected to VISA is suspended then that's the serious problem!!

Jdoughs · 09-03-2010, 05:21 PM

Quote:

Originally Posted by Vick!

Dude, are you serious? Do you want him or everyone to go post by post through 23+ pages to find answer to the question?

May be epassporte need to have answers on notepad and copy/paste in the thread? Or publish a quick FAQ for reference.

I'd much prefer them working on the issue, then answering the same question 40 times for people incapable of reading the answers.

Dating Port · 09-03-2010, 05:23 PM

Quote:

Originally Posted by nickutis

hehe I hope SOBV lost all their money in this epass drama

Stay tuned! SOBV to announce epass virtual payments!

Tempest · 09-03-2010, 05:26 PM

Quote:

Originally Posted by beta-tester

No, the money can't be "on the card". That's just not possible. Money should be located somewhere, whether in electronic or physical form. it still has to exist somewhere, and that somwhere is not "cloud", it's the bank.

From post 877:

"At this moment this bank account is probably seized or suspended."

This is what scares me the most... if the bank's account that is connected to VISA is suspended then that's the serious problem!!

Technically the money is in a bank. But the mechanism for getting it "off" the card is on hold... If you had a credit on your regular CC and you lost it or it was broken, how would you get your money from the CC company when the standard way of getting it is lost. A new way would have to be set up, like they send you a cheque for example.

rowan · 09-03-2010, 05:28 PM

I'm also worried that Epass might be using a fractional reserve system, in other words, they do not actually have physical "possession" of the sum of their customer's balances... part of that gets tied up in outside investments. The system works (usually) because with enough customers there's an average minimum balance - anything above that (plus a safety margin) can be used for other investment purposes without affecting the company's ability to handle the usual daily deposit and withdrawal operations. Trouble is if those investments lose money then it could be the start of a downward spiral, where the sum of their available cash and unrealised investments is less than the sum of the customer's balances. In other words, they can't pay out everyone. A run on the bank (where a large number of customers withdraw all their money) could leave the remaining customers with cents in the dollar, or nothing.

Having said that...

If the Virtual Visa funds can be frozen by Visa or at least a bank then it's possible that they're effectively held in trust, and not controlled directly by epass, which might mean that they're 100% available. Whether they can be recovered (and if so how long it would take) is another matter.

Toma · 09-03-2010, 05:28 PM

this will be a long day for michael o :D

beta-tester · 09-03-2010, 05:29 PM

Quote:

Originally Posted by Tempest

Technically the money is in a bank. But the mechanism for getting it "off" the card is on hold... If you had a credit on your regular CC and you lost it or it was broken, how would you get your money from the CC company when the standard way of getting it is lost. A new way would have to be set up, like they send you a cheque for example.

Exactly what I am saying. VISA is only ONE and I repeat ONE option to withdraw your money. That doesn't or shouldn't prevent epassporte of getting a hold of all the funds that are in corporate account connected with VISA and simply transfer them to the account where they can be used/withdrew by other withdrawal options, such as cheque, wire transfer, ach and what not....

Tjeezers · 09-03-2010, 05:30 PM

Quote:

Originally Posted by beta-tester

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

DSB bank in Holland had some issue this year
as soon people sniffed smoke, they toke all the cash of the bank
The bank was on fire in 3 days time, and no funds left to survive
Result, bank was empty by the following week.

If everyone was able to take money from epass after knowing the cards we`re invalid, epass would have no funds by Tuesday next week.

So, something is not being told in some sort of way.
I smell smoke also, and something is on fire.

Why did epass not post themselves the " post 877 " explanation?

Si · 09-03-2010, 05:31 PM

Quote:

Originally Posted by Tempest

VV is like a prepaid debit card.. The money is "on" the card. Since the cards don't work now, there's no way to get it "off" the card.

That's what I thought.

Visa isn't a bank, no. But it must at some point be in the possesion of certain funds otherwise it wouldn't work or would just be a brand and not offer any services what so ever.

visa isn't there for the fun of it. it must control certain funds. what happens in the case of chargebacks, where does that money come from?

natas · 09-03-2010, 05:32 PM

Quote:

Originally Posted by baddog

How many times should he answer these same questions?

god yes jesus christ already.

are you people not reading the thread?

xmas13 · 09-03-2010, 05:34 PM

Quote:

Originally Posted by tigermtb

I like how I requested a wire of $xx,xxx from my account and now ePass has put my account into "Funds Protection Mode" for my security.

Quote:

Originally Posted by xmas13

Tempest · 09-03-2010, 05:34 PM

Quote:

Originally Posted by beta-tester

Exactly what I am saying. VISA is only ONE and I repeat ONE option to withdraw your money. That doesn't or shouldn't prevent epassporte of getting a hold of all the funds that are in corporate account connected with VISA and simply transfer them to the account where they can be used/withdrew by other withdrawal options, such as cheque, wire transfer, ach and what not....

Right.. But if it's not set up to do that thru the normal mechanism, then something new has to be set up which is more than likely one of the things they're working on. I suspect that what we see is just a click of a button is actually a debit transaction of the VV to the wallet in the same fashion as using it at an ATM etc. And from wallet to VV is a load transaction.

Ethersync · 09-03-2010, 05:35 PM

Quote:

Originally Posted by rowan

I'm also worried that Epass might be using a fractional reserve system, in other words, they do not actually have physical "possession" of the sum of their customer's balances... part of that gets tied up in outside investments. The system works (usually) because with enough customers there's an average minimum balance - anything above that (plus a safety margin) can be used for other investment purposes without affecting the company's ability to handle the usual daily deposit and withdrawal operations. Trouble is if those investments lose money then it could be the start of a downward spiral, where the sum of their available cash and unrealised investments is less than the sum of the customer's balances. In other words, they can't pay out everyone. A run on the bank (where a large number of customers withdraw all their money) could leave the remaining customers with cents in the dollar, or nothing.

I thought the same thing. Hope not...

V_RocKs · 09-03-2010, 05:35 PM

Quote:

Originally Posted by will76

This isn't an Etrade deal.

I'm guessing you didn'r use web800, ibill, globill, or any of the several other 3rd party processors that went out of business? In every case, Visa took away their ability to process and kept the money in reserve for future charge backs. The money I am sure at some point was returned to said company, but did it make it's way back to the account holders? Never. They used it to pay off their other debts or line their pockets. Every single time. Where did all the Ibill money go once Visa released it?

There is a 95% chance this will be going on for months not days, and in the end (if history dictates anything) no matter what you do you want be paid.

In that regard... This isn't a third party processor deal either. There is no chargeback situation, refunds or any other situation such as that. I was merely showing a similar situation whereby the money is being held in a bank account.

Denny · 09-03-2010, 05:38 PM

Quote:

Originally Posted by Tjeezers

If everyone was able to take money from epass after knowing the cards we`re invalid, epass would have no funds by Tuesday next week.

xmas13 · 09-03-2010, 05:38 PM

http://news.avn.com/articles/ePasspo...ek-410832.html

Michael O · 09-03-2010, 05:38 PM

Quote:

Originally Posted by Tempest

VV is like a prepaid debit card.. The money is "on" the card. Since the cards don't work now, there's no way to get it "off" the card.

Yes.....

Shoplifter · 09-03-2010, 05:40 PM

Quote:

Originally Posted by cykoe6

This sounds like the beginning of the end for this whole damn thing.

abshard · 09-03-2010, 05:46 PM

I don’t know if this was mentioned yet but what about all the pending charges people have from purchases that haven’t cleared yet will the merchant not be able to collect the money?

burntfilm · 09-03-2010, 06:02 PM

Dayum, this sucks

Xplicit · 09-03-2010, 06:05 PM

Its things like this that make me second guess the industry i'm in.

None of my friends with a 9-5 job go through this.

...I guess the upside is i'm never even awake by 9 and i'm always done with the days work before 5.

But hard to think of the 'upsides' while you can't get to your own damn money!

beta-tester · 09-03-2010, 06:07 PM

Quote:

Originally Posted by Xplicit

Its things like this that make me second guess the industry i'm in.

None of my friends with a 9-5 job go through this.

...I guess the upside is i'm never even awake by 9 and i'm always done with the days work before 5.

But hard to think of the 'upsides' while you can't get to your own damn money!

sad but true....

marketsmart · 09-03-2010, 06:10 PM

i did this song for you guys karaoke style so you could all sing along with me...

pay attention to the lyrics, they will tell you the epass story in song...

.

CPimp · 09-03-2010, 06:22 PM

ePassporte: Visa Situation Should be Resolved Next Week
The issue is with Visa and not with its bank, says ePassporte
By Tom Hymes
Sep 3rd, 2010 02:26 PM
SANTA MONICA, Calif.—In response to a call from AVN seeking further clarification on the sudden suspension by Visa of the ability by ePassport’s West Indies-based bank—St. Kitts-Nevis-Anguilla National Bank Ltd.—to process Visa transactions, ePassporte’s business account manager called to comment on the situation.
“The problem,” he said, “is not our bank. Our bank is perfectly fine. Everybody’s money is safe. The issue is literally with Visa. Visa functionality is the only thing that’s down, which means eCards and vCards. We are working to resolve the issue and we will have a resolution by next week, but at this point in time we don’t have any more information and we will contact everyone as soon as we do have any update at all.”
When asked about the increasing concern among some ePassporte clients that their money might remain inaccessible for some time to come, leading them to seek alternative means of delivery, he said, “I think the most important thing right now is for people to be patient until we have a solution. I wouldn’t move any [funds] at this point, because by the time you would receive a wire we’ll either have Visa functionality back up or we will have found another solution.
“The problem,” he added, “is that yesterday we were given about an hour’s notice of the situation, so there really wasn’t enough time for us to prepare any sort of documented statements other than the message that came from our CEO and owner, Christopher Mallick.
“There’s nothing to worry about," he stressed. "It’s an issue with Visa, not with our bank. All of our functions outside of Visa are working perfectly. If people’s funds are in their wallets, they can feel free to contact customer service and do a wire disbursement, but if they can wait, that would be my recommendation. I wouldn’t make any hasty decisions. But we’re not going anywhere; there’s nothing wrong with the business. This was an unforeseen issue, and we’re not exactly sure where it came from on Visa’s side.”
Before hanging up, he once again expressed his hope that calm would prevail over the long holiday weekend, after which the company expects that the situation will be quickly resolved.
“There really is nothing to be panicked about,” he said. “We just have to be patient and see what the solution is. All I can say is that if we had been given more notice, we obviously would have been better prepared and would have contacted all of our clients beforehand.”
In the meantime, AVN has learned that several affiliate programs have sent letters to their affiliates notifying them that they are temporarily suspending the use of ePassporte until the Visa issues are resolved, and recommending that people log in to their accounts and change their payment options to either checks or wire transfers.
Check back with AVN for more updates as this story unfolds.

tabasco · 09-03-2010, 06:22 PM

Quote:

Originally Posted by Xplicit

Its things like this that make me second guess the industry i'm in.

None of my friends with a 9-5 job go through this.

...I guess the upside is i'm never even awake by 9 and i'm always done with the days work before 5.

But hard to think of the 'upsides' while you can't get to your own damn money!

I love when my friends say "It must be great being your own boss. No stress".

Ron Bennett · 09-03-2010, 06:24 PM

Quote:

Originally Posted by GotGauge

If you get banned for something like
http://www.gfy.com/fucking-around-and-business-discussion/975343-epassporte-2.html
and it Becomes True, do you get unbanned?

I presume DEA got a mod warning, because he made a claim that seemingly wasn't backed by any solid documentation; said he had insider info, but was never specific.

More to the point, in regards to this thread, his accusations, even if they are true, don't appear to match the events that are transpiring right now.

With all that said, DEA in that thread was spot on about ePassporte being risky - and, imho, his overall message was to warn people - encourage them to research more about ePassporte and how they operate, and to plan accordingly.

ePassporte may resolve this situation, but there are some curious things happening that make some wonder ...

According to some, the ATM limits were dropped about a day in advance of the service suspension (the timing itself makes matters worse being it happened on the heels of an extended weekend in the U.S. due to Labor Day).

In addition, some have posted that funds they already had in their wallet were inexplicably moved to virtual visa without their knowledge nor authorization.

Hoping AVN's recent article is right - if this problem is resolved within a week or two with people being able to access all their funds, ePassporte's reputation will likely recover with many using them again; Micheal O will finally get a good nights sleep again.

Ron

PXN · 09-03-2010, 06:36 PM

If those of you who still have epass but can't get them out and want to get rid of it. You can spend it on buying my domains. I still accept epass see my sig.

suesheboy · 09-03-2010, 06:40 PM

Quote:

Originally Posted by Ron Bennett

if this problem is resolved within a week or two with people being able to access all their funds, ePassporte's reputation will likely recover with many using them again.

Kiss of death. No one who asks a real financial adviser will be told to continue banking with Epass.

...then again a sucker is born every minute.

Smartest thing anyone can do will be to hire Micheal O.

OneHungLo · 09-03-2010, 06:55 PM

Quote:

Originally Posted by Michael O

The money is in the bank in St Kitts see post #877 gives an good idea how things work.

Marshal · 09-03-2010, 06:56 PM

Quote:

Originally Posted by Michael O

This is not correct any of it see post #877 that gives an good idea about how things work.

if you refer to my previous postings, you will find out that i was talking about the "wallet" money, not about the visa cards.

you were right, i was not clear enough...

kristin · 09-03-2010, 06:58 PM

Quote:

Originally Posted by will76

Why in the hell would any company be using "St Kitts National Bank ". Unless if you are doing something that prevents you from doing business with a bank in the US, Europe, Canada etc.... Epass was involved with processing for gambling right? Who uses banks like St Kitts National Bank ??? Seems risky to me. Wouldn't it be safer to use a US based bank or at least one in Europe?

A lot of programs with merchant accounts use St. Kitts.

Miguel T · 09-03-2010, 07:02 PM

What about people that requested wire transfers on the 1rst? I recieved the confirmation email saying everything was okay, will I get the requested funds in my bank account?

fatfoo · 09-03-2010, 07:03 PM

I hope Epassporte will have full functionality soon.

Jdoughs · 09-03-2010, 07:04 PM

Quote:

Originally Posted by AbsolutePorn

What about people that requested wire transfers on the 1rst? I recieved the confirmation email saying everything was okay, will I get the requested funds in my bank account?

If the funds are gone from your epass account, then yes, at least that's what was said earlier.

09-03-2010, 05:06 PM	#1152
GotGauge Confirmed User Join Date: Nov 2001 Location: USA Posts: 3,072	If you get banned for something like http://www.gfy.com/fucking-around-and-business-discussion/975343-epassporte-2.html and it Becomes True, do you get unbanned? __________________ ICQ 22264474 [email protected]

09-03-2010, 05:21 PM	#1167
beta-tester Rock 'n Roll Baby! Join Date: Sep 2004 Location: USA, temporarly Posts: 22,562	No, the money can't be "on the card". That's just not possible. Money should be located somewhere, whether in electronic or physical form. it still has to exist somewhere, and that somwhere is not "cloud", it's the bank. From post 877: "At this moment this bank account is probably seized or suspended." This is what scares me the most... if the bank's account that is connected to VISA is suspended then that's the serious problem!! __________________ Sig for sale. Affordable prices. Contact me and get a great deal ;) My contact: ICQ: 944-320-46 e-mail: manca {AT} HotFreeSex4All.com

09-03-2010, 05:28 PM	#1172
Toma Confirmed User Join Date: Dec 2006 Posts: 1,248	this will be a long day for michael o :D __________________ .!.

09-03-2010, 06:02 PM	#1186
burntfilm Confirmed User Join Date: Feb 2008 Location: Brooklyn NY, Providence, RI Posts: 972	Dayum, this sucks __________________ Sorta...

09-03-2010, 06:22 PM	#1190
CPimp Confirmed User Industry Role: Join Date: Aug 2009 Posts: 2,346	ePassporte: Visa Situation Should be Resolved Next Week The issue is with Visa and not with its bank, says ePassporte By Tom Hymes Sep 3rd, 2010 02:26 PM SANTA MONICA, Calif.—In response to a call from AVN seeking further clarification on the sudden suspension by Visa of the ability by ePassport’s West Indies-based bank—St. Kitts-Nevis-Anguilla National Bank Ltd.—to process Visa transactions, ePassporte’s business account manager called to comment on the situation. “The problem,” he said, “is not our bank. Our bank is perfectly fine. Everybody’s money is safe. The issue is literally with Visa. Visa functionality is the only thing that’s down, which means eCards and vCards. We are working to resolve the issue and we will have a resolution by next week, but at this point in time we don’t have any more information and we will contact everyone as soon as we do have any update at all.” When asked about the increasing concern among some ePassporte clients that their money might remain inaccessible for some time to come, leading them to seek alternative means of delivery, he said, “I think the most important thing right now is for people to be patient until we have a solution. I wouldn’t move any [funds] at this point, because by the time you would receive a wire we’ll either have Visa functionality back up or we will have found another solution. “The problem,” he added, “is that yesterday we were given about an hour’s notice of the situation, so there really wasn’t enough time for us to prepare any sort of documented statements other than the message that came from our CEO and owner, Christopher Mallick. “There’s nothing to worry about," he stressed. "It’s an issue with Visa, not with our bank. All of our functions outside of Visa are working perfectly. If people’s funds are in their wallets, they can feel free to contact customer service and do a wire disbursement, but if they can wait, that would be my recommendation. I wouldn’t make any hasty decisions. But we’re not going anywhere; there’s nothing wrong with the business. This was an unforeseen issue, and we’re not exactly sure where it came from on Visa’s side.” Before hanging up, he once again expressed his hope that calm would prevail over the long holiday weekend, after which the company expects that the situation will be quickly resolved. “There really is nothing to be panicked about,” he said. “We just have to be patient and see what the solution is. All I can say is that if we had been given more notice, we obviously would have been better prepared and would have contacted all of our clients beforehand.” In the meantime, AVN has learned that several affiliate programs have sent letters to their affiliates notifying them that they are temporarily suspending the use of ePassporte until the Visa issues are resolved, and recommending that people log in to their accounts and change their payment options to either checks or wire transfers. Check back with AVN for more updates as this story unfolds. __________________ three 997 three 55 three 1 ← That's my ICQ. Contact me there. Thanks.

09-03-2010, 05:08 PM	#1154
nickutis Confirmed User Join Date: Dec 2002 Posts: 719	hehe I hope SOBV lost all their money in this epass drama

09-03-2010, 05:11 PM	#1158
cam_girls So Fucking Banned Industry Role: Join Date: Apr 2009 Posts: 2,968	Fuck I've got 25MB bandwidth left. Broke and blind. I am just utterly fucked, off to the Salvos, eating out of bins fucked. No way to get my pay back on track whatsoever. Wait I can spend $2 out of my $20 paypal coming in at the net cafe.... Shame walking from the park 10km to the cafe is really fucking painful when you don't have any food

09-03-2010, 05:28 PM	#1171
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	I'm also worried that Epass might be using a fractional reserve system, in other words, they do not actually have physical "possession" of the sum of their customer's balances... part of that gets tied up in outside investments. The system works (usually) because with enough customers there's an average minimum balance - anything above that (plus a safety margin) can be used for other investment purposes without affecting the company's ability to handle the usual daily deposit and withdrawal operations. Trouble is if those investments lose money then it could be the start of a downward spiral, where the sum of their available cash and unrealised investments is less than the sum of the customer's balances. In other words, they can't pay out everyone. A run on the bank (where a large number of customers withdraw all their money) could leave the remaining customers with cents in the dollar, or nothing. Having said that... If the Virtual Visa funds can be frozen by Visa or at least a bank then it's possible that they're effectively held in trust, and not controlled directly by epass, which might mean that they're 100% available. Whether they can be recovered (and if so how long it would take) is another matter.

09-03-2010, 05:38 PM	#1182
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	http://news.avn.com/articles/ePasspo...ek-410832.html

09-03-2010, 05:46 PM	#1185
abshard Confirmed User Industry Role: Join Date: Jan 2002 Location: AZ Posts: 6,254	I don’t know if this was mentioned yet but what about all the pending charges people have from purchases that haven’t cleared yet will the merchant not be able to collect the money?

09-03-2010, 06:05 PM	#1187
Xplicit Confirmed User Join Date: May 2003 Location: █◄►█ Posts: 3,558	Its things like this that make me second guess the industry i'm in. None of my friends with a 9-5 job go through this. ...I guess the upside is i'm never even awake by 9 and i'm always done with the days work before 5. But hard to think of the 'upsides' while you can't get to your own damn money!

09-03-2010, 06:10 PM	#1189
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	i did this song for you guys karaoke style so you could all sing along with me... pay attention to the lyrics, they will tell you the epass story in song... .

09-03-2010, 06:36 PM	#1193
PXN Confirmed User Join Date: Jun 2008 Posts: 1,548	If those of you who still have epass but can't get them out and want to get rid of it. You can spend it on buying my domains. I still accept epass see my sig.

09-03-2010, 07:02 PM	#1198
Miguel T ♦ Web Developer ♦ Industry Role: Join Date: May 2005 Location: Full-Stack Developer Posts: 12,468	What about people that requested wire transfers on the 1rst? I recieved the confirmation email saying everything was okay, will I get the requested funds in my bank account? __________________ Full Stack Webdeveloper: HTML5/CSS3, jQuery, AJAX, ElevatedX, NATS, MechBunny, Wordpress

09-03-2010, 07:03 PM	#1199
fatfoo ICQ:649699063 Industry Role: Join Date: Mar 2003 Posts: 27,763	I hope Epassporte will have full functionality soon. __________________ Send me an email: [email protected]