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-   -   ePassporte Official Statment (https://gfy.com/showthread.php?t=985088)

cam_girls 09-03-2010 03:56 PM
Quote:
Originally Posted by DEA (Post 17466058)
You were all fucng warned months ago and you all failed to listen and some of you cried for my banning..i dont feel sorry for any of you
https://gfy.com/fucking-around-and-business-discussion/975343-epassporte-1.html


oh fucking well 1

Good call, but like it says in the thread accusations have to be backed up with solid proof.
You had a "reliable insider".

We still don't know if this is the result of less business or some cockup by VISA or the bank.

Dejan 09-03-2010 03:57 PM
Quote:
Originally Posted by DirtyWhiteBoy (Post 17466072)
So.... lets say they fix the problem. How many of you will still use them and keep money with them?

This is a huge wake up call I believe.
I would, because I don't have much alternatives...
I withdraw money from ATM's every 2 week (when I get payouts), so basically I don't use epass in those 28 day's. If they solve this by next week... like nothing happened :)

Michael O 09-03-2010 03:57 PM
Quote:
Originally Posted by ********** (Post 17465189)
I tried it - it didn't work for me.

m
Please email me your UserID, error message you got and I will look into it.

AlexUA 09-03-2010 04:01 PM
[youtubе]AOxVXQlZXqI[/youtubе]

jazzyjenn 09-03-2010 04:01 PM
Quote:
Originally Posted by Michael O (Post 17466094)
The money on the visa virtual is being held at St Kitts Nevis Anguilla
National Bank.
If the money is there, then why can we not wire it out?

TurboAngel 09-03-2010 04:03 PM
Quote:
Originally Posted by Michael O (Post 17466104)
Please email me your UserID, error message you got and I will look into it.
I fell for ya babe seems like everyone want's to blame you like YOU have all the $$ and you'll be going a shopping spree.

will76 09-03-2010 04:03 PM
Quote:
Originally Posted by V_RocKs (Post 17465169)
If you are writing off the money you are a complete douche bag. I have been a member of many ETrade self-investment knock-offs that went bust. Every time the company either got bought out or literally closed its doors. The money they were handling was in a bank account somewhere and each and every time I was offered several ways to receive ALL of my funds... They included cutting me a check, wiring it to an alternate account or continuing on with the purchasing party.

Contrary to popular belief money doesn't just disappear. Madoff spent his inverters money and that is not the case here. Banks with bad debts lose the money to the debtors and even then your money is insured to a certain amount. And that is not the case here. Nobody took the money. Nobody spent the money. It is sitting in an account and will be dispersed one way or another when things come to a conclusion.

From what Michael O has expressed it seems Visa wants Epassporte to comply with some changes in house to conform with recent changes to debit card laws. Once those changes are made they can resume business as usual.

To the government watchdogs we all look like suspicious transactors because we are all using a card that breaks just about every rule requiring a report to be sent out. Either Epassporte will automate the reporting process or they will restructure how the card works.

Either way... you are going to have to realize that Murphy's Law states, "What can go wrong, will go wrong and all at the same time."

This didn't just happen on a Friday.... It happened on a 3-day weekend. So if shit doesn't get ironed out by tonight, it won't be until Tuesday at the earliest and I am thinking more like a week from now at the earliest. However, Epassporte may be able to work something with the bank to transfer all Virtual account monies to the Wallet account so that they can issue withdrawals to whomever requests one before then.
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.

Intrinsic 09-03-2010 04:03 PM
https://gfy.com/17283707-post59.html

http://i55.tinypic.com/ra3hxw.png

cam_girls 09-03-2010 04:04 PM
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_girls

will76 09-03-2010 04:08 PM
Quote:
Originally Posted by Davy (Post 17465863)
The US have been a paper-based country for the longest time.
Here in Europe, checks have become more of an inconvenience for the banks and also the customers. Everything is paper-less. Checks have therefore become more expensive.
You'll get there eventually... :winkwink:
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.

trannysphere 09-03-2010 04:10 PM
how long was IBILL thread before?

TheDA 09-03-2010 04:12 PM
Quote:
Originally Posted by cam_girls (Post 17466118)
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_girls
You're really living hand to mouth like that? And relying on a system like Epass?

Intrinsic 09-03-2010 04:14 PM
Quote:
Originally Posted by TheDA (Post 17466143)
You're really living hand to mouth like that? And relying on a system like Epass?
I heard he has $350k in the bank

oh wait

tony286 09-03-2010 04:15 PM
Quote:
Originally Posted by will76 (Post 17466114)
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.
But would this be a reserve situation when its basically a debt card?

Marshal 09-03-2010 04:20 PM
Quote:
Originally Posted by Davy (Post 17465836)
Is it? So everytime you moved money from your wallet to the virtual visa and vice versa an actual bank transfer was initiated and money was transfered from one bank to another?
I would not be so sure about that. :2 cents:
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 :2 cents:

SomeCreep 09-03-2010 04:23 PM
Quote:
Originally Posted by Michael O (Post 17462371)
If the money is in your Wallet then you can withdraw it, if its on the virtual card then its not possible at this time.
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.

AlexUA 09-03-2010 04:24 PM
http://sondrak.com/images/uploads/jew_rage_gay.jpg

BBNuno 09-03-2010 04:24 PM
Quote:
Originally Posted by nettrust (Post 17466173)
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 :2 cents:
If you are right that's illegal...

tiger 09-03-2010 04:27 PM
Quote:
Originally Posted by DEA (Post 17466058)
You were all fucng warned months ago and you all failed to listen and some of you cried for my banning..i dont feel sorry for any of you
https://gfy.com/fucking-around-and-business-discussion/975343-epassporte-1.html


oh fucking well 1
I was wondering what happened to that thread. Why was it locked?

will76 09-03-2010 04:28 PM
Quote:
Originally Posted by tony299 (Post 17466156)
But would this be a reserve situation when its basically a debt card?
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.

Michael O 09-03-2010 04:28 PM
Quote:
Originally Posted by GotGauge (Post 17466067)
Why when we load Funds from a checking account, does it go to the virtual account and not the wallet.
It will go into the Wallet since the place incoming money is stored for all accounts now.

woj 09-03-2010 04:29 PM
Quote:
Originally Posted by nettrust (Post 17466173)
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.
That's all great if the investments pay off, if the funds were invested in lets say, hmm, making movies, then this whole setup turns into a ponzi scheme? :upsidedow

cam_girls 09-03-2010 04:29 PM
Quote:
Originally Posted by TheDA (Post 17466143)
You're really living hand to mouth like that? And relying on a system like Epass?
I put everything into buying CamAffiliate.com

To be honest I calculated the risk of a pay failure this week at 0.1%.

I knew the risks...

Michael O 09-03-2010 04:31 PM
Quote:
Originally Posted by JCK (Post 17466077)
I went to change my wallet settings to default to wallet but I see wallet is already checked even though I never selected it before and there is no other option. Was this option changed to wallet for everyone after this incident occured and the option to select Visa no longer made available?
This were changed earlier today.

cykoe6 09-03-2010 04:33 PM
This sounds like the beginning of the end for this whole damn thing.

Marshal 09-03-2010 04:33 PM
Quote:
Originally Posted by BBNuno (Post 17466188)
If you are right that's illegal...
i have no idea why that would be illegal... that was my assumption, though...

Michael O 09-03-2010 04:34 PM
Quote:
Originally Posted by cam_girls (Post 17466118)
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_girls
For payments from sponsors you need to contact the sponsor we process their transactions within 3 hours from we receive it.

cam_girls 09-03-2010 04:35 PM
Anti money laundering laws = Suspend accounts without notice

Stupid, paypal does this too.

PSD 09-03-2010 04:35 PM
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.

Marshal 09-03-2010 04:37 PM
Quote:
Originally Posted by Michael O (Post 17466211)
This were changed earlier today.
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!

BBNuno 09-03-2010 04:38 PM
Quote:
Originally Posted by nettrust (Post 17466217)
i have no idea why that would be illegal... that was my assumption, though...
Ok. But they cant use your money without you know...Right? If you say yes you can use it its ok but I dont say anything to anyone...

xmas13 09-03-2010 04:41 PM

Michael O 09-03-2010 04:43 PM
Quote:
Originally Posted by nettrust (Post 17466173)
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 :2 cents:
This is not correct any of it see post #877 that gives an good idea about how things work.

Michael O 09-03-2010 04:44 PM
Quote:
Originally Posted by pornstar2fag (Post 17465437)
Nope - they lied about that shit too.. just tried it

We were unable to issue a withdrawal at this time. Please try again later.
Please email me at [email protected] then I will look into it.

Tjeezers 09-03-2010 04:45 PM
almost 39.000 views in 1 whole day
thats a strong thread

Michael O 09-03-2010 04:46 PM
Quote:
Originally Posted by Serious-Partner (Post 17465545)
Hello Michael,

We arranged a wire transfer in epassporte, print, signed and send it by email.
When will you send it ?

Thanks for your time and help.
It takes us 1-2 business day to send wires for business accounts.
2-3 business days for personal accounts since they need to be reviewed by Account Verification we may have some delays this and next week due to the volume.

howardzinn 09-03-2010 04:46 PM
Quote:
Originally Posted by lacuna (Post 17464540)
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...
I don't give a shit. I have a few thousand in there, if it's a choice between giving it to a lawyer for a class action or letting Visa or Epassporte or the bank in Antigua eat it, I'm going with the lawyer.

Jman 09-03-2010 04:46 PM
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?

Michael O 09-03-2010 04:50 PM
Quote:
Originally Posted by nettrust (Post 17466228)
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!
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.

CPimp 09-03-2010 04:54 PM
So, it looks like we'll be waiting all weekend since Friday business hours are drawing to a close, especially in St Kitts?

Vick! 09-03-2010 04:54 PM
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.

baddog 09-03-2010 04:54 PM
Quote:
Originally Posted by nettrust (Post 17466228)
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!
How many times should he answer these same questions?

mOrrI 09-03-2010 04:57 PM
Damn this is really annoying ....
Agrrr... pissed...

beta-tester 09-03-2010 05:01 PM
Quote:
Originally Posted by Michael O (Post 17466259)
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.
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...

GotGauge 09-03-2010 05:02 PM
Quote:
Originally Posted by Michael O (Post 17466202)
It will go into the Wallet since the place incoming money is stored for all accounts now.
KeyWord "now"

eurabia 09-03-2010 05:02 PM
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 VISA

urbanpimp 09-03-2010 05:02 PM
Quote:
Originally Posted by baddog (Post 17466274)
How many times should he answer these same questions?
As annoying as it is, let this question be asked by as many people that want to ask itand as many times that they want to.
Lots of people live from payment to payment and they are very nervous and possible desperate.

Odysseus 09-03-2010 05:03 PM
Quote:
Originally Posted by Vick! (Post 17466273)
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.
OOOOOOhhh :Oh crap

DimeCash 09-03-2010 05:04 PM
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.

tigermtb 09-03-2010 05:04 PM
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.


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