Epass: Wouldn't it suck if...
 

Someone mentioned that on the St. Kitts website there was some text that made it seem like they were going into the same biz as Epass.

Wouldn't it suck if Epass was really doing everything right and the bank found the tiniest compliance problem to get them shut down and to take over their business?

Remember folks, banks are just as shady as the worst adult companies!

Epass keeps saying they have no idea why they were shut down and St. Kitts isn't cooperating.

Oh well, just throwing something else out there for everybody to ponder as we sit and wait.

yes, this idea also crossed my mind...if bank rolls our some kind of epass like service then it could be this..

fantasy wish fulfillment.

...and if this is right, who will go like sheep to the St. Kitts bank?

Many I would suppose.

:1orglaugh:1orglaugh

I wouldn't be surprised.

What sucks is that we're kind of forced into a payment system. If enough sponsors get together and say they're going to offer "X company" then a lot of webmasters around the world have to follow like sheep if they want to easily get their money.

It's then a domino effect.

If my designer says that he'll only accept "X company" then I'm most likely going to sign up so that I can continue using them. Same with traffic brokers and so on.

But seriously....how can epassporte "have no idea" why they were shut down when there are countless stories of people's 6 figure balances, of people using the service to distribute gambling money and of people with multiple cards in multiple names etc?

You got to be pretty stupid to let all that and the changes in visa regulations concerning your specific business totally escape you.

If that happens I will immediately add everyone who does business with them to my shit list.

-not that anyone will care or particularly mind being on my shit list, just a matter of principle principle.

ePassporte + sknanb = TWIN SISTERS!

their bank is close to tits up anyway. who cares? google it.

this is an interesting issue

And do you think if that was happening, Mallick would be staying as far away from getting involved with what's going on as he has and having his Filipino staff right statements in his name like "funds are in motion"? I mean I dunno, but if I was him and that was happening to my biz, I'd be all over the place crying foul.

Don't think that's what's happening.

no they can't. Simple as that. SKNANB is a retail bank for its domestic area and a wholesale bank for international area. Due to VISA regulations, SKNANB should create an international financial institution that can be controlled by SKNANB, but can't be the same bank. Furthermore, SKNANB should never have more than 49% of the stocks of such company. Otherwise, they should enter into a co-branding contract and be fully responsible for the money, plus they won't be able to keep the "bank secrecy" (besides some financial and accounting issues which varies according to many variables such as location, range of operations and so on).

The sole fact of having to give up on bank secrecy makes me hard to believe they're going that way since it's their bread and butter.

But there's more: if even then they choose to go this way, each and every former Epass member has to sign a form for funds release which allows them to move the funds from Epass account to the new account OR pay former users up to the last cent plus accrued interest.

Now, this scenario is possible ONLY if SKNANB and Epass were the same company. Legally, SKNANB can't steal the money from an account and move it to a new one, it simply won't work, just think about it and you'll realize why it's impossible.

Now, although nobody knows, I'm quite positive they're not the same company, and what happened is usually related to an interdiction by a higher financial court, such as FDIC or in this case, probably the CARICOM Single Market (CSME). So why look for the most strange and bizarre possibility when there's a very common one (which I think is the right one, btw)? Keep in mind they lied about VISA, then they lied about SKNANB, so it's very hard to believe they're in the right but they have to lie for whatever reason, and on top of that, there's a conspiracy between VISA and SKNANB to take down Epass. Just in case VISA's business is to have as much Epassporte-like companies as possible

anyway, the short answer is no way José!

For a long time before the St. Kitts incident, Epassporte was working perfectly. Epassporte support was always quick and useful. It is possible that the problem is more St. Kitts fault, rather than Epassporte fault.

All valid points. I never thought of it along the lines of them just shifting around the money.

I was thinking more along the lines of reaching out to Epass users and saying "hey, we have this great new service!"

But as someone mentioned, Chris Mallick would be screaming up a storm if that happened.

It was more of a "wouldn't that be fucked up" post.

Weirder things have happened.

I am watching the banks try and take a brick and mortar company away from me on a fine print wrote in a mortgage that was signed 3 years ago that was stated as "any transaction between purchaser could be deemed to review" ...so as it is a fixed commercial loan that was purchased from a local hometown bank that was picked up by a large "sunny:trust" bank is fair game for rate hikes and re- approval. The banks are only in it for the gain, anyone that believes they can trust them is delusional.
I would not be surprised if the interest alone would make a financial institution make a move to grab a piece of the pie, these fuckers are vultures, and prey on the weak and dying. Something is going on, maybe not what the op is leading to, but at least your thinking outside the box.....Keep questioning. This answer will be deep with money being the motive for sure.

our money is there:

Fortis Bank (Curaçao) NV

Central America Netherlands Antilles Curaçao Willemstad

Address: PO Box 3889, Berg Arrarat 1, Willemstad, Netherlands Antilles

My theory was along those lines.

My guess is sknab lent chris/epass money based on what money was held in reserve by the bank to cover whats on the visa cards. Either some major players cashed out , thus less money in reserve or the bank asked for a bigger cut on the loan to chris/epass , and when chris didn't want to renogotiate they pulled the plug because the fund to cover whats on the cards was too low. i.e. chris didn't pay back the loan.

just a theory anyways.