To Address Recent Confusion About Paxum
 

This is seriously getting out of hand. One person says it's their opinion that we are going out of business, and everyone takes it for granted?

Let's put a couple of non-related things to rest:

Romania is part of the European Union. the banking system is regulated by European directives. We also use banks in Germany, Cyprus, which are also part of the EU.We have been using that bank for almost 2 years now, and the amount of problems there has been minimal compared to every other bank we've used, including US and Canadian banks. Every wire sent there was credited within a couple of days at most, except when information was missing.

We have used different banks over time, but this is normal. We are still registered in Canada, still active in Canada, still audited by the Canadian government, so we have to follow the rules according to what the Canadian government says. We are allowed to have accounts across the world, there is no rule against that.

The ownership issue has been brought up over and over and over. Why is this even still being asked? Everyone on GFY knows who the owner is for every similar program out there. Can we please get over this..

Now, back to the issue at hand.

Every program was emailed about the change in wire instructions. Our 'add funds by wire transfer' also shows the same information. This particular program ignored our instructions and sent funds to a bank account that we no longer work with, and claims we 'stole' their funds. Does anyone here actually think that we control funds sent to an account that is closed?

We have been in contact with the bank where the funds were sent, and their service is sluggish, which was the reason why we chose to distance ourselves from them in the first place. We had too many complaints about wires being delayed, and in order to provide a better service, we dropped that account. The bank was not happy about the drop in activity, and we agreed to completely close the account. Now we are at their mercy, and I think it's understandable that they aren't in a hurry.

We agree that the former bank is taking too long to react and we will guarantee the fact that the funds will be returned. We will continue to request the wire return, and we will provide the confirmation as soon as we get it. On his own end, the sender should recall the funds, and that could solve the issue.

We have always advised our clients to withdraw their funds right away if they didn't feel secure. We also encourage our clients to get a Paxum Mastercard so they can access those funds instantly. That has not changed. We have more funds in our accounts than the total sum of the client's holdings, as we always did. If every penny is withdrawn tomorrow by every client, there is no problem on our end.

According to some people we have been closing down since day 1. Strangely there are quite a few freshly registered GFY members that don't use our services but know we're done for. It really comes as a surprise for us. We've weathered this sort of storm before, and those who have nothing better to do than start this sort of rumor will be at it again soon.

I was always under the impression that once a wire has been sent and ultimately received, it wasn't possible to call it back?

The funds are in motion and cannot be recalled.

Unsolicited observation: Your company is a pain in the ass to work with.

.

you cant call back a wire the bank who got it can send it back.

Nice professional response, thanks for the information.

"We have always advised our clients to withdraw their funds right away if they didn't feel secure. We also encourage our clients to get a Paxum Mastercard so they can access those funds instantly. That has not changed. We have more funds in our accounts than the total sum of the client's holdings, as we always did. If every penny is withdrawn tomorrow by every client, there is no problem on our end."

So why not send him the what $4,500 till the wire gets sorted out if there is no problem?

Parking here.

this would probably be the right thing to do

? ? ?

Ok, and where is accounting and why can't your client support contact them outside the ticketing system?

How long until paxum collects biometrics?

Chris, can you please explain more about the type of auditing the Canadian government performs against Paxum? What is the name of the agency auditing you and can you go into details on the exact nature of the auditing? Thanks.

Ed sent the money to a closed bank account. If he was to send the money to the proper account this is 100% an option we are willing to talk to him about but per my conversation on icq this morning he wants nothing to do with me.


Yes we do use that bank for incoming wires among other banks. Our clients can login to their accounts and go to "Add Funds" and it will give them the exact wire details to use.

As stated in the previous thread accounting is based in montreal. We use email and a ticket system for all things to help keep a good record of everything. This is how we have done business for years now.

As for the exact audit details no I can not and will not go into specific but we are audited by fintrac. www.fintrac.gc.ca

I do not know why people hate on BofA so much then. A wire sent from Canada through SWIFT always hits my account in an hour or two.

I had a misrouted wire once because of wrong account number and funds were returned in five business days with no intervention required.

We agree 100% that TravelX is taking way too long with this. Per my original post - their lack of service and unacceptable delays in simple things such as this is the reason for dropping them and sticking banks that have provided us great service for years

Isn't that just a compliance organization for anti-money laundering and anti-terrorist activities?

http://www.fintrac.gc.ca/msb-esm/intro-eng.asp

I think when most people see a statement such as "we are audited by the Canadian government" they think something like financial accounting auditing with things such as checks on adequate funding of accounts and protection against misuse of funds or fraudulent activities. This often gives certain protections and guarantees. Among other things usually the government sets up a telephone number where people may contact them and request an investigation should they have a dispute with the financial institution. Do you guys have that type of auditing and regulation? If not your statement could be seen by some as a bit disingenuous.

Why would you close an account when there are wires still coming in into it? Wouldn't it make sense to wait a few months to make sure no new wires are coming in?

I think it is the other way around.
BofA has always been fast, they tend to tell you to take your business elsewhere when they know you are in Adult! This was more 6 years ago or so, but yeah.

Woj ,
We did wait and gave plenty of notice to companies. Out of 100's of companies that wire us money a couple did not comply or follow the proper steps when sending money to us..
Before any clients send us ANY money they are required to go through the following steps :

1) Login to their account
2) Click Add Funds
3) Input the Amount
4) Use the wire details that are given to them on this page.

If this client did this steps as most of our clients do - this simply would of not happened. Instead this client sent the funds without following the proper steps and ignoring the emails that had been sent out.


Chris

Thank you for your confirmation regarding the bank from Romania.

Some quick information about the bank in question. (I really wonder why Paxum decided to choose one of the least known banks from Romania).

"Romanian International Bank S.A.

Romanian International Bank was set up in 1998 in Romania and starting from May 2002 the bank has been taken over by mr. Daniel Kendrick Roberts
and mrs Florina K Roberts, who are jointly holding approximately 90% of Romanian International Bank stocks.

Since 1996 Mr. Daniel K. Roberts owns a 93% of the total shares of the American bank, Merchants Bank of California and also owns a financial
services company with 25 branches in U.S.A."

[Source: roib.ro]

I am a technology services and media company.

Banks are using a wire system that was design and built in the 1960's there have been no changes in decades. You can't recall a wire once it leaves your bank. What's worse is each bank and clearing bank have different policies and procedures.

It's always a battle dealing with banks. People that haven't figured that out by now can't seriously be in a real business situation.

It is really sad how people jump on the panic button. 95% of the time when I read something posted here as an issue, is usually the person just not reading or understanding a process.

:food-smil02 :fart :costumed15 :costumed87 :1orglaugh
http://www.careerealism.com/home/jto...ck-300x200.jpg

Even captain obvious knew the answer to this one! Paxum is not customer-centric.

For an even bigger potential issue and nightmare scenario for your family... https://gfy.com/showthread.php?t=1095400

Chris is there a possibility that the bank is holding Eds funds because of fees or other unknown obligations the bank feels Paxum owes after closing your accounts out? It is not normal for a bank to not bounce a wire back to the originating bank if the account does not exist. Something doesnt seem right here. What was the date you guys closed your account there at the bank? Also Eds bank should be able to call the bank directly and get info on what happened to the wire. i don't know if he has tried this yet. But I would have to agree with others that Paxum just crediting Eds account for the $4500 now and you guys sorting it out with the bank at your convenance to get the funds, would be the most logical thing to do since he did send the money to your guys account under good confidence that it was going to get there even though he was mistaken in sending it there according to your posts. I'm sure the damage done to Paxum by doing nothing but blaming Ed over and over is going to amount to more than 4500 dollars in the long run even if you are unable to get the money back from the bank your goodwill and good publicity in making it right with your customer will more then pay your company back.

Wires are so archaic. I find EU wires to be a bit less a pain than in NA. Being regulated in Canada is better than a lot of ewallets out there. I fear any LLC and regulated in cyprus or netherlands antilles.

I don't think they are really regulated in the common definition of the word in the financial industry. I think they were merely required to register with the government and adhere to certain regulations as far as money laundering and terrorist activities go. Someone from Paxum can correct me if I am wrong but as far as I know there isn't a Canadian government agency you can contact in regards to disputes with Paxum (as is typical for banks) nor is there an actual Canadian government agency auditing their books and making sure they have ample funds in their accounts to cover liabilities.

Usually when a financial institution is regulated there are clearly defined procedures for in cases there are disputes. For instance in the US most banks only have so many days to investigate a dispute and must often give you access to your funds after so many days on a provisional basis. This exists to protect customers from all types of fraud and situations. AFAIK Paxum isn't regulated in that way. There is no one the people who have been waiting a month for their funds can call to appeal or lodge a complaint as it relates to Paxum.

So is TravelX the same as these people? http://www.travelex.com/

And to help people understand, is what Paxum does by nature (MSB) high risk?

If so, there is certainly nothing wrong with that as adult is high risk.

That would at least explain some of the bank and service provider jumping. Is it difficult for Paxum to find and retain banks that will work with it because of the service provided?

Yes that is the company and they had full knowledge of what we did. They never had an issue with it. Paxum made the choice to stop doing business with them.

I agree! Why is it now paxums fault when the guy sent the money to wrong account? Why should they cover this? Imagine you have to give me some money for some stuff ,you deliver to wrong address and then it is ME who has to give you this money until I get back your money that you sent to wrong address? I dont know,I think some people are overreacting in this case.

Not sure about others but we had zero problems with paxum so far.

Yeah i agree with that. And as stated they are doing their part to recall the funds.
It will be the bank who will return the money not Paxum.

can I withdraw $1000 from an ATM in a single transaction with paxum mastercard?

Ive been useing travelex for years bailed me out a few times

Yes did that the other day $1050 AUS

I told you Ed was still missing $4500.

Yes ofcourse you can.

I noticed in another thread you mentioned you would be going to the GFY party in vegas. I would honestly love to have a face to face meeting with you so maybe i can address all your concerns regarding our program and so you can put a face to the company.


[email protected] if you want to setup a time.