This may have been brought up before but this entire situation probably arose from Belize and a whole list of nations coming under CRS this year. I'm sure the FCP account did not have proper documentation so basically as soon as the law took effect, Choice Bank was going to get in trouble and they did. The bank knew this law was happening but they did not want to warn their customers because of course it would cause a bank run. So the "scam" part of this entire ordeal is the fact they did not warn their customers. I doubt it is to try to steal the funds. However, the effect is similar. Now that this happened, good luck trying to get your funds out even if it's still going to be yours. I would be very interested in anyone who actually successfully manages to receive this wire transfer from Quadrant.
Also should add this entire, you can get 100% if it's under a certain amount vs 70% over is probably related to bank transfer laws as well and not because they are trying to treat different amounts differently. In general, if you transfer 10k and under, you don't have to jump through a ton of hoops from paperwork. However, this entire Quadrant arrangement seems different. I'm guessing Choice isn't transferring your money to Quadrant. Perhaps they are claiming some insurance loss and Quadrant is paying Choice a percentage of that loss. Except instead of paying Choice, they will pay you. So in other words, they are able to get by these transfer laws because no money is actually being transferred to Quadrant.
