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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.Mechanical Bunny Media
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Is there a limit on how much you can transfer via credit card? I know its prob been asked million times but to lazy to search for it.Comment
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hoping this gets solved soon. I have some money stuck in there, and lots of my clients have large sums stuck as well, so it affects my work volume.Comment
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Obviously Chris knows what the problem is and why the cards were cut off. The only reason I can think of for not coming out in saying it is that it is such a colossal fuck-up on ePassporte's part that stating publicly what happened would open them up to getting sued. AVN or Xbiz needs to contact someone at the bank in St. Kitts and get their side of the story.The best ePassporte replacement I have found: OKPAYComment
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a Chapter 11 might be comingComment
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three 997 three 55 three 1 ← That's my ICQ. Contact me there. Thanks. Comment
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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.Comment
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HAHAHA, That's too perfect for his next movie
Exxxit: Life After Porn (2009) (post-production) (producer)
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“Buy an iPad, kill a Chinaman” - Brendan O’NeillComment
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Could we get some screenshots showing that our funds are safe or...?
heheComment
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That would be illegal without mentioning this in user agreement. They are not a real bank. They could still do this illegally, but I doubt it would go undiscovered for that long.
Doubt that as well. Bank does not need a VISA to shut the cards down. They can just block the balance on account. Transaction will not go through.Comment
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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?Comment
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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.Comment
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Thanks for the update Micheal. I am sure you guys will get things sorted.Comment
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I really don't think this is far off at all...
He expected a quick double up using epassporte customers as the investors and failed miserably.
The numbers you see in your account are just that, numbers.. There is no cash backing them.
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I hate people who dont read threads they just post shit like this asshole above(Vick!)SKYPE#: davievegas - email: ddmedia702[at]mail[.]comComment
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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 hourComment
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selena.delgado9Comment
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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?Comment
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Under the circumstances can you blame them? I am sure many don't want people to judge them by Chris' actions, or lack there of. If this turns out badly, which I assume it will, none of the stink will stick to them. Friendship is one thing, risking your reputation to support them when you are not sure they deserve that support is another.Comment
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selena.delgado9Comment
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I'm not trying to be rude but I'm not sure you thought that statement out. I highly doubt Chris, who lives in California walks into an office daily and sees everyone. There is more than one office and I bet that 90+% of the people that work for him have no clue where he is at any given moment and the vast majority have probably never laid eyes on him. The support staff all seem to be from India, excluding MichaelO (who I don't believe lives in California either).
So it is very possible that someone like Chris could leave the country and his staff carry on as usual believing everything is ok and not knowing what the entire story is. Take Michael for example. He has stated he knows nothing more than we do. Has he physically seen Chris since this situation happened? I highly doubt it.
This is the Internet, I do business with a lot of people, but 99.9% of them I have never met and to be honest, I have no clue where half of them are located, nor would I know if they up and left.Comment
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It is automatic as long as you already have a valid credit card in their system that has been verified.
If you don't then you can enter a new one but to get it verified you have to scan and send the face of the card, the back of the card, a recent card statement, your ID plus a clean picture of your ass. You send this to them and maybe after a year or two your card will get verified. However by then Epass will be gone along with your money!Comment
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"just draft something up and send it out under my name" ...?Comment
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When you're running down my country hoss...you're walking on the fighting side of me!
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It sure sucks being broke but I would imagine it sucks even more being broke yet having money that is yours yet not being able to access it, that would drive my bonkers.VPS 1 - 1.5 GB RAM, 10 GB SSD - 11.88 euro/year
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LOL, well that will buy you some time
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lets give them few more days, i still believe that there is SOME chance that we will get our cash back
if nothing happens in a few days then we should start fund raising for mass lawsuit or A-TeamComment
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I appreciate the difficult position Michael O and the folks at ePassporte are in. I would hope that following statements from them quickly resolve the following:
1. In the communication above you state that ePassporte did not "see this coming". Were negotiations to resolve the issue that resulted in the program closure being conducted with St. Kitts bank? Did these negotiations unexpectedly break down suddenly causing the "unanticipated closure" or was this a completely unanticipated closure of the product?
2. Have you been able to verify that a gross amount that meets a "reasonability check" against what ePassporte shows as outstanding VV accounts total balances is either on deposit or frozen at St. Kitts? Are you currently working jointly with St. Kitts to verify VV account balances or has this process not been started yet?
3. Has St. Kitts' Ministry of Finance and more specifically the Financial Regulatory Department been informed of St. Kitts actions against their Visa cardholders? If so, is the Ministry's office directly involved in helping to negotiate a release of these funds?
4. Is there currently any investigation by either St. Kitts Ministry of Finance, the U.S. FTC or any other regulatory agency concerning the disposition of the Virtual Visa balances or the policies/procedures or operations of the ePassporte program?
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