Originally Posted by Davy (Post 17484833)

Translation: we have absolutely no news.

Originally Posted by k0nr4d (Post 17485668)

I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?). The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Why can't we transfer from the VV to the Wallet? Visa says that epass and SKNA has control over the funds, not them, so it's not visa locking it. If the funds from VV and Wallet are stored in two different banks, then there is no chance that they are physically moved when you do a transfer because they would get eaten alive with wire fees. It is far more likely that the money is moved around a database, and batch wires are done once or even a couple of times a day. This suggests SKNA has a lock on the VV account to make sure the balance doesn't go further below the required %.

All in all, this is a fucked up situation and I would be weary even if you do get wires and ach transfers coming through. I say if you can get your money out, get it all out ASAP. With the cards not working, there is little reason for anyone to load their accounts and the amount of money circulating in the system between those still accepting this is finite.

This is all of course my speculation with nothing to back it up other then my own logic, but at least it gives the people refreshing the epass threads something to read and gets some stuff off my mind.

Originally Posted by k0nr4d (Post 17485668)

I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?). The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Why can't we transfer from the VV to the Wallet? Visa says that epass and SKNA has control over the funds, not them, so it's not visa locking it. If the funds from VV and Wallet are stored in two different banks, then there is no chance that they are physically moved when you do a transfer because they would get eaten alive with wire fees. It is far more likely that the money is moved around a database, and batch wires are done once or even a couple of times a day. This suggests SKNA has a lock on the VV account to make sure the balance doesn't go further below the required %.

All in all, this is a fucked up situation and I would be weary even if you do get wires and ach transfers coming through. I say if you can get your money out, get it all out ASAP. With the cards not working, there is little reason for anyone to load their accounts and the amount of money circulating in the system between those still accepting this is finite.

This is all of course my speculation with nothing to back it up other then my own logic, but at least it gives the people refreshing the epass threads something to read and gets some stuff off my mind.

Originally Posted by Michael O (Post 17484796)

We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
For ePassporte

Originally Posted by epitome (Post 17485254)

At least they were able to report a statement from Visa saying that St. Kitts requested that everything be halted due to "program deficiencies." What are those deficiencies reported to Visa? Surely Epass knows what they are if Visa does.

Originally Posted by tube2k (Post 17485699)

http://www.google.com/profiles/ChristopherMallick
http://www.facebook.com/people/Chris...ick/1095914860

http://order.1and1.com/dcjump?ac=OM....is-mallick.com domain is available.

Originally Posted by Zyber (Post 17485706)

I guess it is a "program deficiency" if the necessary funds are not in the bank account.

Then the St. Kitts bank asks VISA to cancel the cards as there are not sufficient funds to cover them.

Sounds logical to me.

Any bank would suspend their issued payment cards if the account holder violates the agreed minimum balance on his account.

Originally Posted by Socks (Post 17485728)

Could we get some screenshots showing that our funds are safe or...?

hehe

Originally Posted by AlexUA (Post 17485689)

Originally Posted by k0nr4d (Post 17485668)

I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?).

Originally Posted by k0nr4d (Post 17485668)

The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Originally Posted by k0nr4d (Post 17485708)

HAHAHA, That's too perfect for his next movie

Exxxit: Life After Porn (2009) (post-production) (producer)
http://www.imdb.com/title/tt1291547/

Originally Posted by wyldblyss (Post 17485623)

I did. I was abruptly told it was not their problem, that even if Visa said we could get money from them, we can't. They told me to contact epassporte.

Originally Posted by wyldblyss (Post 17485748)

Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?

Originally Posted by gumdrop (Post 17485720)

OF course it is. He used the cash to fund his movie expecting to make millions....the movie bombed at the box office. Where else would he get that kind of money? 20 million. :2 cents:

Originally Posted by wyldblyss (Post 17485748)

Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?

Originally Posted by wyldblyss (Post 17485748)

Honestly, after reading that statement, there is no way he wrote it

Originally Posted by Phoenix66 (Post 17485752)

Indeed they told you that. Epassporte is the client of the bank not you. Epassporte has an account in the bank, you don't. Hence the bank will not deal with you or any of us for that matter and bank employees will not disclose any information about epassporte account statement to third parties without some kind of court order.

It's all quite obvious.

Originally Posted by selena (Post 17485780)

Agreed. I don't know who wrote it, but it was not written by Mallick, an attorney, or any professional PR person.

Originally Posted by zeuse (Post 17485791)

If it's so obvious why have visa stated that we should still have access to our funds through that bank?

Originally Posted by zeuse (Post 17485791)

If it's so obvious why have visa stated that we should still have access to our funds through that bank?

Originally Posted by mn (Post 17485763)

he seems to have many close friends when doing a history search on here - but none of his close friends have posted anything regarding this situation.

Originally Posted by Inter-Sex (Post 17485801)

Why you think this, if i may ask ?
And...What would be the reason, for not writing it by hiself?

Originally Posted by selena (Post 17485824)

I have no idea what the reason is, but the wording does not sound like what a high level businessman or someone representing him would use.

Originally Posted by Phoenix66 (Post 17485775)

Indeed. And all those employees just pretending on their own responsibility, probably to buy some time and wire out their "retirements" before they flee completely. Get real. If there was no anyone in charge, they would not bother to write here, they would be browsing job vacancy sites by now.


Not that I'm not worrying about my money, but it's just fascinating to watch all those conspiracy theories being born every hour

Originally Posted by kaktusan (Post 17485492)

it appears that nobody is getting wires, but did anyone manage to get out money by withdrawal to their real credit card?

As Michael says that process is automatic, not reviewed by hand as wires..

Anyone with such luck?

Originally Posted by TheMaster (Post 17485800)

Time frame would be great for when Visa cards will work again or new cards will be issued from other bank or whatever: days, weeks, months?

Originally Posted by Phoenix66 (Post 17485752)

without some kind of court order.

Originally Posted by Michael O (Post 17484796)

We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
For ePassporte

Originally Posted by sicone (Post 17484842)

So the official statement is that nothing has changed and you still know nothing?

Originally Posted by AlexUA (Post 17485689)

Originally Posted by wyldblyss (Post 17485748)

Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?

Originally Posted by k0nr4d (Post 17485708)

HAHAHA, That's too perfect for his next movie

Exxxit: Life After Porn (2009) (post-production) (producer)
http://www.imdb.com/title/tt1291547/

Originally Posted by Michael O (Post 17484796)

We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
For ePassporte