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[youtubе]AOxVXQlZXqI[/youtubе]Comment
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This isn't an Etrade deal.
I'm guessing you didn'r use web800, ibill, globill, or any of the several other 3rd party processors that went out of business? In every case, Visa took away their ability to process and kept the money in reserve for future charge backs. The money I am sure at some point was returned to said company, but did it make it's way back to the account holders? Never. They used it to pay off their other debts or line their pockets. Every single time. Where did all the Ibill money go once Visa released it?
There is a 95% chance this will be going on for months not days, and in the end (if history dictates anything) no matter what you do you want be paid.ICQ: 86364801 Email: will [at] innovativeassets [dot] com
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Micheal, any chance of checking what happened to my Streamate FCIINC payment due 6 hours ago, and a speedy bank wire?
I'm on the streets in 24 hours. User: cam_girlsComment
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I dont think the US banks will ever charge people to cash checks. At least not until the day comes that they do away with paper money. Paperless isn't turning out so well right now, I'll stick to my checks as long as I can have them.
I hope this does get worked out, hate to see so many people lose their asses yet again from payment processing companies.ICQ: 86364801 Email: will [at] innovativeassets [dot] com
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how long was IBILL thread before?
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no need for funds to be transferred between banks. a company like epassporte probably has one big company account with a lot of "virtual" pooled accounts (our epass accounts). since this is a "merged" account, there are a lot less funds in reality in their account then all the funds "stored" in people's virtual card, because most of the time people are holding certain amounts on their accounts when not used.
i'm pretty sure vast major part of their funds is already used for generating additional income, and it is probably invested in various funds, realty or stock market.
let's assume epass accounts store 1 million dollar altogether. i bet there are no more than $200k-$300k of real money kept in their account. the rest is already invested. i'm sure they don't make their living from the bank interest and fees only.
they are receiving wire transfers from one bank and only visa services are located in St. Kitts Nevis Anguilla National Bank. this bank but "on hold" their account (virtual visa funds) due to he new visa regulations, but "wallet" money is still available.
i'm pretty sure that's the main reason why their "wallet" money is not frozen and why we will be able to get a hold of it. just my
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And Epassporte stores all funds on the Visa Virtual Card by default. I just checked my settings which are set to store funds in "Wallet" and yet my Wallet has a balance of $0.00 because all of my funds were still stored on my Visa Virtual Card.
Millions of dollars in funds from countless Epassporte customers have now been placed on hold indefinitely. That's going to have some serious repercussions.Comment
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If you are right that's illegal...no need for funds to be transferred between banks. a company like epassporte probably has one big company account with a lot of "virtual" pooled accounts (our epass accounts). since this is a "merged" account, there are a lot less funds in reality in their account then all the funds "stored" in people's virtual card, because most of the time people are holding certain amounts on their accounts when not used.
i'm pretty sure vast major part of their funds is already used for generating additional income, and it is probably invested in various funds, realty or stock market.
let's assume epass accounts store 1 million dollar altogether. i bet there are no more than $200k-$300k of real money kept in their account. the rest is already invested. i'm sure they don't make their living from the bank interest and fees only.
they are receiving wire transfers from one bank and only visa services are located in St. Kitts Nevis Anguilla National Bank. this bank but "on hold" their account (virtual visa funds) due to he new visa regulations, but "wallet" money is still available.
i'm pretty sure that's the main reason why their "wallet" money is not frozen and why we will be able to get a hold of it. just myComment
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From what I read the "money" is at the bank in St. Kitts. Did someone shut down that St. Kitts Bank? Then St. Kitts would need to get access to the money to be able to give it back to epassporte, which then would have to give it back to the end account holders. That is a lot of links in the chain. If all of that happens it would be months from now and if epassporte ends up going out of business why would they give the money back. No other 3rd party processor ever has. Really not much different then a company going out of business and keeping the last couple checks they owe affiliates, once you are out of business what incentive you have to repay people. Greed is a mother fucker. All of this is assuming that epassporte gets their hands back on the money. I would be a little worried if a Bank in a 3rd world country had my cash.Last edited by will76; 09-03-2010, 03:29 PM.ICQ: 86364801 Email: will [at] innovativeassets [dot] com
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This sounds like the beginning of the end for this whole damn thing.бабки, шлюхи, силаComment
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Anti money laundering laws = Suspend accounts without notice
Stupid, paypal does this too.Comment
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I am getting emails from programs suggesting I change from epassporte to something else but if I have my account set to wallet and withdraw directly to my checking account there should be no problem right or am I missing something here.Last edited by PSD; 09-03-2010, 03:36 PM.Comment
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Michael, you have always been very helpful and I'm sure all us appreciate that! But, can you please explain us 2 things:
1. why are only wallet funds available for withdrawal?
2. when can we expect any further explanation like a public release about the whole epassporte visa problems?
thanks!---
Busy ranking websites on Google...Comment
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ICQ 557504926Comment
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This is not correct any of it see post #877 that gives an good idea about how things work.no need for funds to be transferred between banks. a company like epassporte probably has one big company account with a lot of "virtual" pooled accounts (our epass accounts). since this is a "merged" account, there are a lot less funds in reality in their account then all the funds "stored" in people's virtual card, because most of the time people are holding certain amounts on their accounts when not used.
i'm pretty sure vast major part of their funds is already used for generating additional income, and it is probably invested in various funds, realty or stock market.
let's assume epass accounts store 1 million dollar altogether. i bet there are no more than $200k-$300k of real money kept in their account. the rest is already invested. i'm sure they don't make their living from the bank interest and fees only.
they are receiving wire transfers from one bank and only visa services are located in St. Kitts Nevis Anguilla National Bank. this bank but "on hold" their account (virtual visa funds) due to he new visa regulations, but "wallet" money is still available.
i'm pretty sure that's the main reason why their "wallet" money is not frozen and why we will be able to get a hold of it. just myTruth TellerComment
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almost 39.000 views in 1 whole day
thats a strong threadComment
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I understand we cannot withdraw or purchase with the card but why can't epassporte just transfer all of their clients money sitting in VV in the wallet. If money is "safe" as per you guys then why can't you guys do that move?Comment
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1) the other funds are on the cards and Visa suspended the cards so we can not move funds to and from the cards.
2) As soon as we know more at the latest early next week.
Funds are safe, you can withdraw Wallet funds now if you wish but we expect to be back next week or have a different solution by then.Truth TellerComment
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So, it looks like we'll be waiting all weekend since Friday business hours are drawing to a close, especially in St Kitts?
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Micheal, Why money is available if it is in Wallet and not available if it is in Virtual Visa?
Please point me to post of this is answered already, its tough to look through whole thread.Comment
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1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.
That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.
Please correct me if I am wrong...
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Stop spazzing out like little bitches and be reasonable. EP has been nothing but stand up even in the toughest of times. I trust EP. I trust the CEO's statement. I'm 95% sure this will be resolved within a reasonable time frame. And yes, there's a small chance your might lose your dear money. U know what? Eat a dick. Deal with it. Money is not everything. Go have fun this weekend. But please stop this disgusting crying.
P.S. Fuck VISAComment
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Did Chris Mallack post directly in this thread?
If not - why not?
He was able to post about his movie yet something of this which REALLY affects the industry he seems silent with the exception of Michael O.Comment
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I like how I requested a wire of $xx,xxx from my account and now ePass has put my account into "Funds Protection Mode" for my security.
Yeah ... I ask for my money and they suspend my account. Wow. interesting.Jay | JuicyAds Founder
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