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rowan

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#1171

09-03-2010, 04:28 PM

I'm also worried that Epass might be using a fractional reserve system, in other words, they do not actually have physical "possession" of the sum of their customer's balances... part of that gets tied up in outside investments. The system works (usually) because with enough customers there's an average minimum balance - anything above that (plus a safety margin) can be used for other investment purposes without affecting the company's ability to handle the usual daily deposit and withdrawal operations. Trouble is if those investments lose money then it could be the start of a downward spiral, where the sum of their available cash and unrealised investments is less than the sum of the customer's balances. In other words, they can't pay out everyone. A run on the bank (where a large number of customers withdraw all their money) could leave the remaining customers with cents in the dollar, or nothing.

Having said that...

If the Virtual Visa funds can be frozen by Visa or at least a bank then it's possible that they're effectively held in trust, and not controlled directly by epass, which might mean that they're 100% available. Whether they can be recovered (and if so how long it would take) is another matter.
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Toma

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#1172

09-03-2010, 04:28 PM

this will be a long day for michael o :D

.!.
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beta-tester

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Join Date: Sep 2004

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#1173

09-03-2010, 04:29 PM

Originally posted by Tempest

Technically the money is in a bank. But the mechanism for getting it "off" the card is on hold... If you had a credit on your regular CC and you lost it or it was broken, how would you get your money from the CC company when the standard way of getting it is lost. A new way would have to be set up, like they send you a cheque for example.

Exactly what I am saying. VISA is only ONE and I repeat ONE option to withdraw your money. That doesn't or shouldn't prevent epassporte of getting a hold of all the funds that are in corporate account connected with VISA and simply transfer them to the account where they can be used/withdrew by other withdrawal options, such as cheque, wire transfer, ach and what not....

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Tjeezers

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#1174

09-03-2010, 04:30 PM

Originally posted by beta-tester

I read post #877, but still don't understand why you cannot transfer the money that EXISTS on account(s) to wallet, allowing the people get a hold of it. VISA can't by any means control the money in St Kittis bank accounts, which are essentially epassporte accounts, which are our accounts, through the middle men, tho...

If the money is not forfeited by the bank, then there is really no reason for it to not be accessible right now in form of wire transfer, or direct withdrawal from the bank's branch.

DSB bank in Holland had some issue this year
as soon people sniffed smoke, they toke all the cash of the bank
The bank was on fire in 3 days time, and no funds left to survive
Result, bank was empty by the following week.

If everyone was able to take money from epass after knowing the cards we`re invalid, epass would have no funds by Tuesday next week.

So, something is not being told in some sort of way.
I smell smoke also, and something is on fire.

Why did epass not post themselves the " post 877 " explanation?

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Si

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Join Date: Feb 2008

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#1175

09-03-2010, 04:31 PM

Originally posted by Tempest

VV is like a prepaid debit card.. The money is "on" the card. Since the cards don't work now, there's no way to get it "off" the card.

That's what I thought.

Visa isn't a bank, no. But it must at some point be in the possesion of certain funds otherwise it wouldn't work or would just be a brand and not offer any services what so ever.

visa isn't there for the fun of it. it must control certain funds. what happens in the case of chargebacks, where does that money come from?
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natas

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#1176

09-03-2010, 04:32 PM

Originally posted by baddog

How many times should he answer these same questions?

god yes jesus christ already.

are you people not reading the thread?
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xmas13

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#1177

09-03-2010, 04:34 PM

Originally posted by tigermtb

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.

Originally posted by xmas13

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Tempest

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Join Date: May 2004

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#1178

09-03-2010, 04:34 PM

Originally posted by beta-tester

Exactly what I am saying. VISA is only ONE and I repeat ONE option to withdraw your money. That doesn't or shouldn't prevent epassporte of getting a hold of all the funds that are in corporate account connected with VISA and simply transfer them to the account where they can be used/withdrew by other withdrawal options, such as cheque, wire transfer, ach and what not....

Right.. But if it's not set up to do that thru the normal mechanism, then something new has to be set up which is more than likely one of the things they're working on. I suspect that what we see is just a click of a button is actually a debit transaction of the VV to the wallet in the same fashion as using it at an ATM etc. And from wallet to VV is a load transaction.
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Ethersync

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#1179

09-03-2010, 04:35 PM

Originally posted by rowan

I'm also worried that Epass might be using a fractional reserve system, in other words, they do not actually have physical "possession" of the sum of their customer's balances... part of that gets tied up in outside investments. The system works (usually) because with enough customers there's an average minimum balance - anything above that (plus a safety margin) can be used for other investment purposes without affecting the company's ability to handle the usual daily deposit and withdrawal operations. Trouble is if those investments lose money then it could be the start of a downward spiral, where the sum of their available cash and unrealised investments is less than the sum of the customer's balances. In other words, they can't pay out everyone. A run on the bank (where a large number of customers withdraw all their money) could leave the remaining customers with cents in the dollar, or nothing.

I thought the same thing. Hope not...

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V_RocKs

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Join Date: Nov 2003

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#1180

09-03-2010, 04:35 PM

Originally posted by will76

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.

In that regard... This isn't a third party processor deal either. There is no chargeback situation, refunds or any other situation such as that. I was merely showing a similar situation whereby the money is being held in a bank account.
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Denny

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#1181

09-03-2010, 04:38 PM

Originally posted by Tjeezers

If everyone was able to take money from epass after knowing the cards we`re invalid, epass would have no funds by Tuesday next week.
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xmas13

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#1182

09-03-2010, 04:38 PM

http://news.avn.com/articles/ePasspo...ek-410832.html

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Michael O

More Cowbell

Join Date: Jul 2001

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#1183

09-03-2010, 04:38 PM

Originally posted by Tempest

VV is like a prepaid debit card.. The money is "on" the card. Since the cards don't work now, there's no way to get it "off" the card.

Yes.....

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Shoplifter

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#1184

09-03-2010, 04:40 PM

Originally posted by cykoe6

This sounds like the beginning of the end for this whole damn thing.
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abshard

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#1185

09-03-2010, 04:46 PM

I don’t know if this was mentioned yet but what about all the pending charges people have from purchases that haven’t cleared yet will the merchant not be able to collect the money?
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