This is indeed horrible news, especially for us who keep lots of money there
But I am optimistic on this one, considering good record epass has been having for over 7 years. I've been a user for 6 years and I can say that I never had major problems with them...
Anyway, here's what I found on another forum that might be totally related to why VISA hopefully temporarily suspended Epass' Visa program. It has to do with new US gov regulations regarding prepaid cards... read on:
Quote:
The reason for this move from Visa is most likely because of the new rules enforced by Treasury Department's Financial Crimes Enforcement Network (FinCEN).
New rules has come in place regarding debit pre paid cards, gift cards and reloadable top up cards. The rules, which were mandated by the Credit CARD Act of 2009, require more data collection and reporting from businesses, and some experts say they could make prepaid card buying a challenge for some consumers.
Starting June 28, the public will have 30 days to comment on the rules, which require nonbank prepaid card providers to:
Quote:
File suspicious activity reports (SARs) with the government on suspicious activity of more than $2,000. Suspicious Activities Reports are Treasury Department forms already required of banks, casinos, poker rooms, securities and futures firms and others in the money services business. More than 5.6 million have been filed since they were first mandated in 1996 (see chart). The proposed rule would add nonbank card providers to the ranks of those required to file forms with the government when their suspicions are aroused.
Collect customer information anytime a card is reloaded at someplace other than a bank.
Maintain transaction information.
The rule focuses on the following:
Quote:
Don't have the value clearly labeled on them.
Are reloadable at places other than banks.
Can have a maximum lifetime value of more than $1,000, including reloads.
Can be used anywhere -- especially if they can be used internationally.
Can have the value transferred to another card.
Are purchased in large amounts or seem otherwise suspicious.
Basically this is another terrorists anti-money laundry mumbo jumbo, but for now Epassporte is going to stay closed unless they will be able to comply with the new regulatations that came into force just a bit more than 30 days ago.
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