ePassporte Official Statment

Michael is on a different time zone than us, it's like 12:44am there now, so he's probably sleeping or tossing and turning from all the stress, ha ha.

boy does this suck or what? shitty friday

I just sent an email to Michael asking him some existential questions...

good news is i made it out safely.

I have $1.51 on my Virtual Visa. I'm so fucking pissed right now. I can't buy a goddamn Route 44 Dr Pepper from Sonic during Happy Hour today. What the fuck am I going to do?!?!

DAMMIT DAMMIT DAMMIT DAMMIT!

I'm going to sue everyone, including GFY since they facilitated the posting of this bad news and helped ruin my day.

</SARCASM>

=)

all we can do right now is pray that this will be resolved.... we're left pretty much nothing else.

what is the meaning of life
what is the sound of one hand clapping
if a tree falls in the woods how many chipmunks does it slaughter... I know man I know, we are all searching for answers

Jesus fuck.

What a shitty thing to happen when it did.

How many dicks Sarah Palin can take at once

Sorry praying is only reserved for the religious.

praying and hoping that we'll survive this massive hit.....

if anyone gets a direct deposit or wire transfer please post ! so far I emailed them wire out like 10 hours ago and so far it has not gone out

hmm maybe 8

You mean for the religulous.

lots of BIG sponsors loaded up $xxx,xxx to make the payouts for the end of the period. Get ready for a whole lot of "we cant pay you because of epassporte" threads

new info for business acc:
Wire transfer loads and disbursement requests received after 2 pm PST on Friday September 3rd,2010, will be processed on Tuesday September 7th, 2010.

PLEASE BE SURE TO SEND WIRE TRANSFERS WELL IN ADVANCE TO AVOID DELAYS.

dont worry, be happy
best day for drink vodka))

This thread is dead! I must bump it before it goes to the second page!

this will be long weekend!

sigh....we can only hope for the best

im switching to wires again

the epass was handy to pay offshore people with

but it was just another fee to move money into the bank

i pay taxes so not worried about that...but...just too much stress involved

i think i have an account on say 100 sponsors...and say 20 of them are active and will send payouts

so..min 20 places to change up

not the end of the world.

if epass makes it through this...i for one will applaud them and use them again

I get at least 2 or 3 epassporte fraud affiliate accounts a month that I shut down.

these are phishers that sign up for affiliate programs, use stolen credit cards to make purchases, get commission. pretty much laundering money through me and epassporte.

I catch these people and shut them down, but how many other affiliate programs miss these people?

There are banking laws about knowing your customer and I'm assuming Visa doesn't trust that the bank knows their customers, or that Epassporte knows their customers.

Epass has been cleaning up their act for the past year, but I guess too little too late.

I'm assuming that if ePassporte and Visa can not work out their differences, that Visa can't just "eat" the money in the virtual visas. At that point I assume that the funds in question will be returned to ePass, and then to our epass "wallets".

These are my assumptions, and we all know what they say about assumptions... This is the most ridiculous cluster-fuck I've ever heard of, and if this isn't resolved quickly, the class-action lawsuits will be spectacular. In which case though, you can pretty much kiss your money goodbye...

Like they don't know why Visa finally shut them off. I warned them many times over
several months that by withdrawing undisclosed fees from account holders they
were in violation of their merchant agreement and they would be shut down if they
didn't refund those "fees" (thefts). They were told over and over. Now they claim
to be surprised when Visa finished their investigation and shut them down, just as
I told them would happen.

I removed it here to be able to do email/boards and IM at the same time, I still have ICQ open but I want to be able to answer anyone that contacts me and follow the boards.

I have been working for 18 hours straight with 2x45 minutes breaks half the time in the hospital with my sick girl on a total of 15 hours sleep the last 84 hours SO DON'T YOU DARE QUESTION MY COMMITMENT.
Yes this is my job, yes we have to make statements on whats going on because its in everyones interest because we will continue as a business and for that reason there are things we can not disclose.
There have been serious ups and downs in the 5 years I have been with ePassporte and both my superiors and colleagues have always been more than honest with me.

I am done with you on this board questions email me.

JUST HAVE NEWS FROM MICHEL :

people think they lost money, you should write news I think



Michael (ePassporte) (18:47:33 3/09/2010)
OK thanks but money is safe no one will lose money

they should make a movie about this.

After finding out I did some research on the issue and wanted to share my thoughts as it probably answers some questions.

First of all I think we should cut Michael some slack, he is clearly the messenger here and if it wasn't for him we would be completely in the dark. I am 100% sure he is trying to do whatever lies within his power. It is so easy for a company going down the shitter to just not communicate anymore and leave everything behind (well in most cases except the funds then).

I don't know the setup and structure of epassporte in detail but i do know a lot about offshore constructions and credit cards. Working with offshore companies and trust companies in between does not make it easier to get such a setup.

Visa debit cards are issued by Visa through financial institutions, mostly banks. These cards are linked to a corporate account which needs to be funded equally or more of the combined balances on the cards. So if you have 100 cards out there with a combined balance of let's say 50k, the bank who issued those cards has a bank account somewhere with a balance of 50k.

The problem with the wallet and visa "accounts" is that money in the wallet is accounted for on the bank account of epassporte self. Therefore epassporte should have no problem paying out those funds.

Your balance on the visa card is different, an equal amount of funds is located on a bank account at the St. Kitts National Bank linked to the big corporate visa account. At this moment this bank account is probably seized or suspended.

The problem is not caused by epassporte itsself, it is created by the fact St Kitts National Bank has either lost their Visa contract or has to deal with another sort of problem: funds being seized because of legal issues.

If the St Kitts national bank indeed lost their visa account that would mean that they are not allowed to issue new Visa cards or offer customers the functionality to withdraw money through visa cards. This has nothing to do with the funds though as the funds are most likely still in the bank, it is just that the option to withdraw through visa is suspended. Such actions are often communicated well in advance with several warnings, in case Visa has the impression St Kitts National Bank has other, probably legal, issues that might a good reason too.

The other option is that St Kitts National Bank seized all their accounts preventing a bank run for example. I find that unlikely. St. Kitts National Bank is part of the ECIC Holdings Ltd which a consortium of 10 banks in the area which recently were in the news for rescuing the TCI Bank which went into forced liquidation. Again your funds should still be with the bank then, the only problem is then that nobody including Visa or epassporte is able to access, in which case Visa has a good reason to suspend the withdrawal. In this case epassporte will probably try to regain access to the funds and find a new Visa issuing bank to continue operations.

The St. Kitts National Bank (or fully: St Kitts-Nevis-Anguilla National Bank Ltd) falls under the Eastern Carribean Central Bank. I couldn't find the warranties and insurances the central bank issues yet but i am pretty sure you can't compare it to western standards.

So in my opinion you can't really blame epassporte at this moment, maybe only for the fact they relied solely on the St Kitts National Bank.

Bitchting at the situation or persons is useless at this moment, the only thing you can do here it withdraw funds on your wallet and be patient till further useful information is released from epassporte (or a newspaper in case you read that the St Kitts National Bank went under supervision or filed bankruptcy which let's hope won't happen)


Please note that I am not affiliated with epassporte in any way, I am just posting my thoughts

More reads:
[1] http://www.highbeam.com/doc/1A1-D9DTKCK80.html
[2] http://www.eccb-centralbank.org/About/index.asp
[3] http://www.ecseonline.com/issuer_pro...ional_bank.php
[4] http://www.ecseonline.com/issuer_pro...Rpt31Mar10.pdf (unaudited quarterly report for Q1 2010 of St. Kitts National Bank)
[5] http://www.thedominican.net/2010/08/...-tci-bank.html

That is a big IF but I for one will join you applauding them and MO if they get through this

Not ignoring this waiting for confirmation on my information instead of posting some thing I am not 100% sure off.

what news? bad or very bad?

This is BY FAR the best explanation of the potential outcome from all of this. I was around when the epoch/ibill shit went down, and it wasn't pretty. Hopefully for you guys Epass has not placed your funds in St. Kitts Nevis Anguilla National Bank. With the pending lawsuit and freeze of assets, odds are that money is gone for good. Without alot of details it's ALL just speculation, but the way this situation is playing out so far it smells alot like epoch/ibill. I hope for the best outcome for all of you.

well they earn their money with the transactions so they should still be making money, i think the interest is just a bonus

I suddenly have the urge to watch these movies.

I think best post in this entire thread is 877

Let's think logical:

VISA is not stupid at all. as far as i was able to find out, this is NOT an epassporte problem, this is St. Kitts Nevis Anguilla National Bank problem:

Check out the first two articles in the searches, especially the first one:
http://www.thestkittsnevisobserver.c...tley-debt.html

You will be able to find out that St. Kitts Nevis Anguilla NATIONAL BANK was having problems for a long while, so as the country economy, and I guess VISA just blocked them for a reason, at least until they fix the national credibility issue.

Epassporte is located on Netherland Antilles and I'm sure they are not stupid to keep all of their money in the nearby country. This problem with the bank they are using for visa electron/virtual services is couple of months old (since this is a national problem), so I'm sure they were very well aware of this fact. I'm sure they are not dumb enough to be in a position to loose all their funds duet to the bank bankruptcy.

As far as I know, it's not possible to withdraw the funds from the epassporte visa account, but you should have no problems withdrawing money from the wallet using wire transfer and other methods offered there (at least that's their public statement which I also checked out from their support center).

Epassporte Visa money=St. Kitts Nevis Anguilla National Bank (I guess just a part of it).
Epassporte Wallet Money=Can't tell for sure, but their funds should be kept in some Netherland Antilles bank or even some US related bank, which is quiet logical.

Do you remember when Epass wallet option was implemented?

Why would wire transfer to some US banks be so cheap, only 3 bucks? That makes me think Epassporte is probably using some bank close related to US banks (someone please help me understand this part).

Epassporte has been in business for the last 7 years and have a lot of experience running financial services. I guess they took measures to insure their money, so they would not run out of business or face a bankruptcy just like that. Their might have been slow at moments, but to be honest - never had any serious issue with them so far.

If everything turns out for the best, we will be able to withdraw money from Epass wallets and in the meantime VISA would simply have to return the frozen money by some means (since those funds are FDIC insured).

So, let's calm down and wait for their public release. The scenario I was hoping for is the following: Epassporte will just change the bank and get new VISA cards issued by them.

I hope I'm not going to regret after posting this publicly and hope everything turns out for the best!

I have done many wires with epass and at the BEST of times it takes a couple days for them to go out so don't read too much into that. People have withdrawn money to US bank accounts (although it takes a couple days to clear but the process worked)

More info here as well in bottom: http://www.italkcash.com/forum/e-cur...all-users.html

I guess it really comes down to where you are located. In the US checks don't cost a thing to deposit and its real easy to do. Chase bank even has an iphone app now that allows you to take a picture of your check and it deposits the funds into your account, so you don't even need to go to the bank to make the deposit. I love checks here in the US.

Like they don't know why Visa finally shut them off. I warned them many times over
several months that by withdrawing undisclosed fees from account holders they
were in violation of their merchant agreement and they would be shut down if they
didn't refund those "fees" (thefts). They were told over and over. Now they claim
to be surprised when Visa finished their investigation and shut them down, just as
I told them would happen.

Michael O. I hope your "better half" gets well soon.

A question: our Visa Virtual funds, are they actually in the St. Kitts Nevis Anguilla National Bank Ltd.? If so, and that bank fails are our funds lost or tied up in litigation for years? Also, if this is the case is there some sort of government insurance in that country, or insurance policies that the bank has in place, similar to our FDIC in the United States that will come into play?

If our Visa Virtual funds are not at that bank, then where, exactly are they?

Next question: is Epass in negotiations to get another bank to issue their credit cards? If so, what is the time frame for new cards to be issued and mailed to us?

no need to bother with this question: all virtual visa funds are located within St. Kitts Nevis Anguilla National Bank (just check out the back of your epassporte visa electron card).

are you fucking serious an iphone app for cheques.. omfg.. its not that easy here in Australia! Free deposit cheques? damnit why the fuck do i have to pay so much...

I mentioned it yes, of course you see things coming and you will be notified well in advance. Banks are not a one man show :-)

Michael
is it possible to add a personal visa card now?
May I ask you to speed up the verification process of this added visa card?

It's mainly Europeans receiving the wire. Some banks hold them for up to 3 months until they release it.

I am very interested in this undisclosed fees can you please email it to me and we will look into it, we do not hide any fees deliberately so if we have made a mistake please let us know.

Thanks
[email protected]

Just got a sponsor payment from acc. dreamview07
How do you guys may call that company who willing to send epassporte today? fuck it

Yeah, the picture deposit is crazy.

#877 wasn't live when I posted my comments. After reading it, however, I agree 100%. That scenario would provide the best chances for a positive outcome for all parties. I certainly hope for that for everyone.

WOW.. what a day.
Positive approach: "I really hope it'll be fixed.. "
Negative approach: "so what r u telling me - NO MONEY?!"
My approach: "IT SMELLS and I really don't like it. Great way do end a week.. "