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-   -   Paxum closing US PERSONAL Accounts (https://gfy.com/showthread.php?t=1290885)

PornDiscounts-V 01-09-2018 03:56 AM
Quote:
Originally Posted by Petra (Post 22155165)
It sucks, trust me it does since I pay remote employees in the US with paxum. HOWEVER, this isn't new. It's just new that paxum has been pulled into the web of USA red tape (paypal already has to comply, but I think they're big enough they can navigate the legal crap easier).

What this comes down to is an Obama era law called FACTA. This was a HUGE clusterfuck for any US citizen that had a foreign bank account or foreign pension. Basically it means that the financial institution has to report about US citizens accounts to the USA.

When FACTA rolled out there were a lot of banks around the world that basically said "fuck the USA" and just shut down the bank accounts of US citizens. What made this pretty horrible is for overseas citizens, those bank accounts aren't "foreign" accounts. They're our local, everyday living bank accounts.

However, because the US wanted to go after the less than 1% that's hiding assets offshore, it basically made it harder to a) do business with americans b) be an overseas citizen. What really pisses me off about this is it costs more to go after that 1% because it's caught all of us living overseas but don't have to pay taxes in the web. Someone at the IRS and the Financial Crimes Enforcement Network (they deal with FACTA and FBAR) still have to be paid to go over our taxes and forms but most of us don't actually have to pay taxes. Talk about government waste.

So while I agree that the short notice sucks, if you don't like this Americans need to write your representatives about this bullshit.
Thinking you meant to reference FATCA. As FACTA is all about identity theft and the former is about foreign accounts held by US citizens.

INever 01-09-2018 04:01 AM
Quote:
Originally Posted by Petra (Post 22155165)
It sucks, trust me it does since I pay remote employees in the US with paxum. HOWEVER, this isn't new. It's just new that paxum has been pulled into the web of USA red tape (paypal already has to comply, but I think they're big enough they can navigate the legal crap easier).

What this comes down to is an Obama era law called FACTA. This was a HUGE clusterfuck for any US citizen that had a foreign bank account or foreign pension. Basically it means that the financial institution has to report about US citizens accounts to the USA.

When FACTA rolled out there were a lot of banks around the world that basically said "fuck the USA" and just shut down the bank accounts of US citizens. What made this pretty horrible is for overseas citizens, those bank accounts aren't "foreign" accounts. They're our local, everyday living bank accounts.

However, because the US wanted to go after the less than 1% that's hiding assets offshore, it basically made it harder to a) do business with americans b) be an overseas citizen. What really pisses me off about this is it costs more to go after that 1% because it's caught all of us living overseas but don't have to pay taxes in the web. Someone at the IRS and the Financial Crimes Enforcement Network (they deal with FACTA and FBAR) still have to be paid to go over our taxes and forms but most of us don't actually have to pay taxes. Talk about government waste.

So while I agree that the short notice sucks, if you don't like this Americans need to write your representatives about this bullshit.
In 2008/2009 99% of calls to Congress were AGAINST the bank bailout. Congress voted twice, and the second time, about 2/3rds of Congress listened ONLY to the 1%.

Fuck calling or writing Congress.

citation:
99% of Americans were against the bank bailouts. I remember congressmen receiving a thousands call against the bill for each supporting it. – InvestmentWatch

NickBaer 01-09-2018 04:03 AM
Quote:
Originally Posted by ANAL PASTE (Post 22154910)
Even "verified personal accounts"? Because I didn't get any emails. Neither did my business partner. Both had to send in shit ton of "do it this way" pictures of our IDs.
My notice came to an email address (of mine) changed years ago.

klinton 01-09-2018 04:04 AM
Quote:
Originally Posted by webgurl (Post 22155096)
Something big is happening with the USD worldwide. I've been dealing with international banking issues with the USD for over a year.
like what exactly ??

NickBaer 01-09-2018 04:05 AM
Quote:
Originally Posted by Bec (Post 22155027)
That's my problem, as my card expired Dec.31st and they didn't send me a new one, so my money under the Mastercard isn't available to withdraw, or transfer to someone with a Non USA Business account.

It's not all that much, but if they charge $50 for a wire to my bank, I'll get like $7.
They told me a long time ago that once you transfer from checking to Card, you can't transfer back.

That would be something useful right now.

JJE 01-09-2018 04:07 AM
I can see why it would be expensive to comply with FATCA, perhaps that's why Paxum opened up their 'bank' so that they can somehow avoid it. But seems like that would result in being cut off from the US in one form or another anyway. Is Paxum popular for US based webmasters? If I lived there I'd opt for some form of direct payment rather than losing out to Paxum fees.

Petra 01-09-2018 04:14 AM
Quote:
Originally Posted by PornDiscounts-V (Post 22155189)
Thinking you meant to reference FATCA. As FACTA is all about identity theft and the former is about foreign accounts held by US citizens.
Yea, sorry, fatca. I get the t and c mixed up.

Petra 01-09-2018 04:15 AM
Quote:
Originally Posted by JJE (Post 22155213)
I can see why it would be expensive to comply with FATCA, perhaps that's why Paxum opened up their 'bank' so that they can somehow avoid it. But seems like that would result in being cut off from the US in one form or another anyway. Is Paxum popular for US based webmasters? If I lived there I'd opt for some form of direct payment rather than losing out to Paxum fees.
It doesn't matter if they stayed as money transfer or a bank, bottom line is if you have US citizens using your product you have to comply with FATCA.

JuicyBunny 01-09-2018 04:19 AM
Quote:
Originally Posted by INever (Post 22155129)
Oy vey, you mean God's choosing another people? :Oh crap
God is a fickle girl. :thumbsup

JJE 01-09-2018 04:27 AM
Quote:
Originally Posted by Petra (Post 22155222)
It doesn't matter if they stayed as money transfer or a bank, bottom line is if you have US citizens using your product you have to comply with FATCA.
Gotcha, but what's the difference between a business and a personal account in terms of reporting?

webgurl 01-09-2018 05:01 AM
Quote:
Originally Posted by klinton (Post 22155204)
like what exactly ??
Ask the cryptonuts or someone from the tinfoil hat club. :helpme:error

Klen 01-09-2018 05:08 AM
I can confirm what Petra said, FACTA thing applies to everything, not just bank accounts but any kind of money form. In fact, if i would open tomorrow "klen coins", i would have to report all US clients to IRS otherwise i would end up on blacklist.

marlboroack 01-09-2018 05:30 AM
The people behind paxum are smart. It's a great company and honestly can't say anything wrong about them.

marlboroack 01-09-2018 05:35 AM
Quote:
Originally Posted by Bec (Post 22155027)
That's my problem, as my card expired Dec.31st and they didn't send me a new one, so my money under the Mastercard isn't available to withdraw, or transfer to someone with a Non USA Business account.

It's not all that much, but if they charge $50 for a wire to my bank, I'll get like $7.
I can exchange it for you today if you want.

brassmonkey 01-09-2018 05:52 AM
Quote:
Originally Posted by marlboroack (Post 22155303)
The people behind paxum are smart. It's a great company and honestly can't say anything wrong about them.
:1orglaugh:1orglaugh:1orglaugh stfu!

marlboroack 01-09-2018 05:54 AM
Quote:
Originally Posted by brassmonkey (Post 22155321)
:1orglaugh:1orglaugh:1orglaugh stfu!
blow me :love2suck

Petra 01-09-2018 05:55 AM
Quote:
Originally Posted by JJE (Post 22155240)
Gotcha, but what's the difference between a business and a personal account in terms of reporting?
FATCA/FBAR only applies to personal accounts. Reporting is different for companies.

Bec 01-09-2018 07:44 AM
Quote:
Originally Posted by NickBaer (Post 22155210)
They told me a long time ago that once you transfer from checking to Card, you can't transfer back.

That would be something useful right now.
I don't want to transfer the $$ in the Mastercard account. What I need is to be able to put the little $7 in checking onto my Mastercard, have the Mastercard expiration changed to a few days or even the end of the month so I could go and buy groceries with the $50 or so that's left in Mastercard. Doing ATM wouldn't get me ALL of the money as they only dispense funds in $20 increments.

Yes, it's a small amount overall compared to some of you, but I work hard for my "biz" payments.

Bec 01-09-2018 07:47 AM
Quote:
Originally Posted by marlboroack (Post 22155306)
I can exchange it for you today if you want.
Thanks, but I can't get to it. The Mastercard has expired and they are holding the money I have on it in limbo somewhere. There's no option to move money onto it from Checking either. Otherwise I'd just go buy something and use it up.

I wrote Ruth, perhaps she'll have a solution. Crossing fingers!

3xmedia 01-09-2018 07:54 AM
Quote:
Originally Posted by marlboroack (Post 22155306)
I can exchange it for you today if you want.
how? funds are on his Paxum Mastercard that already expired and it's not possible to transfer funds back from the card to checking account.

anexsia 01-09-2018 08:16 AM
Quote:
Originally Posted by jscott (Post 22154325)
No accounts were closed from just being US citizens before though, their situations were closings bcos of other issues right?
Mine was closed months ago and it was because I was a US citizen living in Virginia. There's a thread here from awhile back which had other US Paxum users who had their accounts closed too.

More and more of the sponsors I use are paying out via Paypal though which is awesome.

tammix 01-09-2018 08:52 AM
why Chris and Ruth are hiding info on whats happening? This look very shady

ilnjscb 01-09-2018 09:07 AM
For the record I have no paxum account but it isn't shady. If you do any work internationally the tax laws are obscene. As a US citizen you have to beg banks to work with you because of the outlandish requirements that literally no other nation requires.

tammix 01-09-2018 09:24 AM
Quote:
Originally Posted by ilnjscb (Post 22155675)
For the record I have no paxum account but it isn't shady. If you do any work internationally the tax laws are obscene. As a US citizen you have to beg banks to work with you because of the outlandish requirements that literally no other nation requires.
ok it looks fishy then, they are not very specific on the reasons, dropping US customers just like this, huh, dunno...

ilnjscb 01-09-2018 09:35 AM
Sure, suboptimal, and who is to say what the reason really is. But that could be the case. Several banks have recently done the same thing due to onerous US regulations.

tigermtb 01-09-2018 09:56 AM
This is bad news for US Personal Paxum account holders, and that sucks .. but..

If anyone needs somewhere to send their Paxum funds, we can accept them and it enters you to win advertising credit in our New Years Resolution promo. Please note that the funds would have to be spent on Advertising, we wouldn't be able to send them out via another method or something...

Promo Details

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blackmonsters 01-09-2018 09:57 AM
Thanks Trump.

pamon 01-09-2018 10:06 AM
Wouldn't the easy answer be to incorporate your biz and then open a new account under that Corp/LLC and proceed? Not sure

rowan 01-09-2018 10:11 AM
Quote:
Originally Posted by ilnjscb (Post 22155675)
For the record I have no paxum account but it isn't shady. If you do any work internationally the tax laws are obscene. As a US citizen you have to beg banks to work with you because of the outlandish requirements that literally no other nation requires.
If you've been following Paxum "complaint" threads then it's probably not a total surprise.

For everyone else, 48/96 hours notice before complete account closure may cause some panic. That's the shady part. Why does this need to happen so quickly?

ilnjscb 01-09-2018 10:12 AM
Quote:
Originally Posted by blackmonsters (Post 22155783)
Thanks Trump.
:1orglaugh:1orglaugh:1orglaugh

JuicyBunny 01-09-2018 10:16 AM
Research FATCA and FBAR and thank Obama. /end of thread.

Markul 01-09-2018 11:36 AM
Jesus. Stop doing business as individuals and incorporate yourself already.

C H R I S 01-09-2018 11:47 AM
Get a business account....

wasteland 01-09-2018 11:58 AM
Quote:
Originally Posted by Markul (Post 22156029)
Jesus. Stop doing business as individuals and incorporate yourself already.
For small shops and individuals, an LLC is a fast and inexpensive option for US folks.

Klen 01-09-2018 11:59 AM
Quote:
Originally Posted by wasteland (Post 22156092)
For small shops and individuals, an LLC is a fast and inexpensive option for US folks.
Yep Delaware incorporation cost only 700$. But we know "real" reason why people have personal accounts :1orglaugh

pigface 01-09-2018 12:03 PM
here is a very old article but maybe its regarding this: https://www.biv.com/article/2016/11/...rgeted-us-aut/

JuicyBunny 01-09-2018 01:27 PM
:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh :1orglaugh

TrashyContent 01-09-2018 02:04 PM
Hmmm...
 
I'm in the UK so I guess I don't have to worry... I only ask as my account is a $ account... just wanted to make sure no one outside of the USA had been effected... ?

PornDiscounts-V 01-09-2018 02:09 PM
Quote:
Originally Posted by JJE (Post 22155240)
Gotcha, but what's the difference between a business and a personal account in terms of reporting?
America made corporations into entities like people. So if you are one, it acts separately from you and isn't required to be reported. If you get money paid to you on Paxum, and you are having it sent to a personal account, and you are s USA citizen, you are supposed to be self reporting the account to both the IRS and the FBI. Nobody is doing that. Hence the issue. Along with you self reporting it, Paxum is supposed to be reporting it as well. Major headache for them.

The reason a business does not have to report is that it is not a citizen. It is an entity, like a person, but not a citizen. So because the law says citizens, businesses are not included.

Other countries are complaining about this law because it is causing them hundreds of millions in losses by both their own regulators and their companies. Much more in aggregate than America is making in recovered funds. I expect the GOP to shoot this law down. It was created in partisan bullshit when the banks got bailed out and everyone blamed the 1% for their stupidity. It was the Democrats showing their constituents they were going to punish the rich.

Well.. now the entire world is getting punished by an overreaching law.

RuthB 01-09-2018 02:10 PM
Quote:
Originally Posted by TrashyContent (Post 22156323)
I'm in the UK so I guess I don't have to worry... I only ask as my account is a $ account... just wanted to make sure no one outside of the USA had been effected... ?
Only USA Personal Account holders are affected.

All other accounts are fine, so yes your account will be fine.

Thanks :)


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