| MobiusMike |
09-06-2010 12:39 PM |
Quote:
Originally Posted by Russian
(Post 17465313)
Hey Michael O, how are you? Never mind, I don't give a shit.
Straight to business: VISA is not a bank!
There's no difference between so-called wallet money and so-called money on virtual Visa.
Those moneys ARE ALL IN YOUR BANK ACCOUNT!
It makes no difference whether or not you or your bank got blocked by Visa.
The money is still in the bank account where it was before the suspension.
Do you still think we are dumb fucks? No, you are.
I've worked in banks and hey I have a degree in banking.
Visa suspension would never get the money blocked!
Thank god I only had a few cents in your miserable system.
GFY.
|
I've set up wallets internationally and domestically and worked in the transaction acquiring business for years:
1) Deposits usually sit in a "master" account earning interest until a call is made by the wallet application to fund a wallet attached to a card product (Virtual VISA)
2) Normally, each card has a quasi-account attached to the number for accounting purposes so that when funds are swept they are debited from "master" account into the quasi-account so that ATM and Interchange Networks can be accessed for money transfers.
3) If VISA suspended the card program but no further action was taken by either the bank or a regulatory entity then theoretically the funds can be swept back into the master wallet account from the quasi-accounts. This would require some accounting review to ensure that any pending authorizations that were cleared prior to the freeze were still funded unless a decision was made just to move the entire balances back and allow all of those transactions decline.
4) If VISA, the Bank, a regulatory agency or any combination of those entities have "frozen" the funds for purposes of an investigation of illegal activity or activity that violated the Card Association rules/regs, then those moves would be restricted pending the resolution of this investigation.
Best case scenario is that the program was terminated by either the bank, VISA or jointly (and notice should have been given well in advance of this) and there is no further investigation required. In that instance, ePassporte should be able to access the funds and arrange for payouts to the individual cardholders via other methods.
What seems to be a more likely scenario is that there's an allegation of a major violation of either VISA Association rules/regs, local banking laws as overseen by St. Kitt's regulatory authority (whoever that is), or a violation under the purview of the U.S. FTC. Of course ePassporte is innocent until proven guilty, but it seems that all signs (i.e. no notice of sudden cancellation, no immediate solution available to redress issues) indicate that there is a larger problem than a simple closure of the card program and the funds are being held indefinitely. |
