AmberCutie's Forum
An adult community for cam models and members to discuss all the things!

What is going on with First Choice?

  • ** WARNING - ACF CONTAINS ADULT CONTENT **
    Only persons aged 18 or over may read or post to the forums, without regard to whether an adult actually owns the registration or parental/guardian permission. AmberCutie's Forum (ACF) is for use by adults only and contains adult content. By continuing to use this site you are confirming that you are at least 18 years of age.
All I was trying to say is fcp did not try to attempt "fraud" because they were clear up front they were only a prepaid card not a bank. If you are trying to sue them from here forward use their sketchy tos not their prepaid tos as they will only win by showing they told you countless times they were only a prepaid card holder not a bank.

We learned a lesson, never again leave the money on a prepaid card, the problem is that in other countries we can't open a bank account easily, and not in american dollars. And we don't have other way to get the money. The only way is get the money (from atms and in argentinian pesos, they don't give us usd) and then buy with those pesos usd (there we lose money but it's ok) and save it at home. But it's safer than on the prepaid card.

The day I talked with Ad Kees, he sent me the emails and a document I didn't open, but now I opened and it says the details about what happened, read it please, it's interesting...
 

Attachments

  • press release.pdf
    583.2 KB · Views: 53
  • Helpful!
Reactions: princessofperv
Jun 27, 2017
923
372
93
All I was trying to say is fcp did not try to attempt "fraud" because they were clear up front they were only a prepaid card not a bank. If you are trying to sue them from here forward use their sketchy tos not their prepaid tos as they will only win by showing they told you countless times they were only a prepaid card holder not a bank.

It does not follow from the premise that a fiduciary is not a bank that they cannot attempt fraud, nor that they have no fiduciary obligations. It is not even clear what your logic is.

Credit card companies - including prepaid cards - have fiduciary obligations to their card holders. Owning a prepaid credit card brand is not a license to take customer money, to develop schemes to enrich some stakeholders at the expense of specific cardholders, etc.

A good lawyer in the jurisdiction of Payoneer needs to look at the actual facts and relevant law.
 
Yes, what FCP customer care support tells about that? Anyone know their physical adress, or at least what country they are situated?

FirstchoicePay Prepaid Mastercard
410 Park Ave., 15th Floor
New York, New York 10022
www.firstchoicepay.com
1-929-220-2900

I searched that information on april, because I made a complain on The The Consumer Financial Protection Bureau (it's an independent federal agency built to protect consumers, in US).
https://www.consumerfinance.gov
 
  • Helpful!
Reactions: Gigabytes
May 24, 2018
51
13
21
I have read the press release but i can't figure it out. What actions are we supposed to take now? Keep mailing them, forget about our money and move on, ...etc?
I still believe that everyone will eventually get their money. It is now in the hands of the Belize government, unless they want to suffer a major black eye with regards to international respect. The assets are in the bank they just need to be liquidated which takes time. Choice Bank had a reasonable plan and for some reason the government of Belize decided not to accept it. Hopefully they create a better plan and execute it soon to allow the transfer of funds due to everyone. Looks like it is a waiting game now. It wouldn't hurt to keep applying the pressure on the Central Bank with questions of when, just be respectful so as to not annoy and make it worse.
 
  • Hugs
Reactions: Claudia Smith
Jun 1, 2018
103
15
31
I still believe that everyone will eventually get their money. It is now in the hands of the Belize government, unless they want to suffer a major black eye with regards to international respect. The assets are in the bank they just need to be liquidated which takes time. Choice Bank had a reasonable plan and for some reason the government of Belize decided not to accept it. Hopefully they create a better plan and execute it soon to allow the transfer of funds due to everyone. Looks like it is a waiting game now. It wouldn't hurt to keep applying the pressure on the Central Bank with questions of when, just be respectful so as to not annoy and make it worse.

hope dies the last but what someone said on another forum... and it makes sense to me
"
Choice Bank of Belize: from the frying pan into the fire

The super-liquidator, Henry J. Hazel, nominated by the Central Bank of Belize at the beginning of July didn’t last even two days and yet, we don’t know how much he was paid. Thanks to the pressure put on the Central Bank of Belize by the Panamanian attorney Giovanni Caporaso Gottlieb, it appears that Hazel understood that there is a group of vigilant account holders who wouldn’t let him be the only one to gain from the liquidation, like he had done in the past. The new liquidator, Cedric Flowers, is a certified accountant from Belize, with experience in the liquidation of the Civil Service Credit Union where the members haven’t received almost anything of their deposits.

At two weeks after taking “possession” of the Choice Bank, Cedric Flowers did exactly what the attorney Caporaso denounced in his Open Letter to the Prime Minister Dean Barrow and the Governor of the Central Bank of Belize Joy Grant, which is dismiss all of the bank’s personnel to replace them with people of doubtful experience. In the two weeks when he has exercised the task of liquidator, Mr. Flowers hasn’t deigned to issue an announcement saying what his plans are or at least, to show good manners, to introduce himself and say that he needs time to understand the situation.

Ad Kees, ex vice-president of Choice Bank has disclosed a press release where he states that the bank has a surplus.

Mr. Cedric Flowers, where is the money belonging to the Choice Bank account holders? And when will you decide to make a public communication?

On the other hand, the attorney Giovani Caporaso Gottlieb states that there’s nothing left to do but denounce Belize’s banking system to the FMI, where the Prime Minister Dean Barrow exercises the job of Minister of Finances and the Governor Joy Grant is going for the second liquidation in two years, demonstrating that the Central Bank of Belize isn’t complying with its functions."
 
  • Like
Reactions: Smores
Jun 1, 2018
103
15
31
hope dies the last but what someone said on another forum... and it makes sense to me
"
Choice Bank of Belize: from the frying pan into the fire

The super-liquidator, Henry J. Hazel, nominated by the Central Bank of Belize at the beginning of July didn’t last even two days and yet, we don’t know how much he was paid. Thanks to the pressure put on the Central Bank of Belize by the Panamanian attorney Giovanni Caporaso Gottlieb, it appears that Hazel understood that there is a group of vigilant account holders who wouldn’t let him be the only one to gain from the liquidation, like he had done in the past. The new liquidator, Cedric Flowers, is a certified accountant from Belize, with experience in the liquidation of the Civil Service Credit Union where the members haven’t received almost anything of their deposits.

At two weeks after taking “possession” of the Choice Bank, Cedric Flowers did exactly what the attorney Caporaso denounced in his Open Letter to the Prime Minister Dean Barrow and the Governor of the Central Bank of Belize Joy Grant, which is dismiss all of the bank’s personnel to replace them with people of doubtful experience. In the two weeks when he has exercised the task of liquidator, Mr. Flowers hasn’t deigned to issue an announcement saying what his plans are or at least, to show good manners, to introduce himself and say that he needs time to understand the situation.

Ad Kees, ex vice-president of Choice Bank has disclosed a press release where he states that the bank has a surplus.

Mr. Cedric Flowers, where is the money belonging to the Choice Bank account holders? And when will you decide to make a public communication?

On the other hand, the attorney Giovani Caporaso Gottlieb states that there’s nothing left to do but denounce Belize’s banking system to the FMI, where the Prime Minister Dean Barrow exercises the job of Minister of Finances and the Governor Joy Grant is going for the second liquidation in two years, demonstrating that the Central Bank of Belize isn’t complying with its functions."

and one more
From the outset, it was obvious from the Belize Prime Minister's statement on Choice Bank and then the Central Bank governor's statement on seizing the bank that they are primarily concerned about the reputation of the country as a safe offshore banking destination. They constantly emphasized that Choice Bank was a unique case because of its involvement in adult business and that the rest of the banks in the country are completely safe. Go look at their statements. The governor says even though they seized Choice Bank, depositors for other banks in the country have nothing to worry about. Making Choice Bank depositors whole is almost just an afterthought. But how silly is this? It's like saying, sure you just witnessed a murder but trust me, the country is completely safe. Anyway, it's good to be optimistic if you have your money frozen, but until proven otherwise, the Belize government and the Central Bank do not have your best interests at heart.
 
May 24, 2018
51
13
21
Not gonna lie but i find it pretty awkward that they use a Googlemail account to deal with a problem that a lot of people are going through right now. Seems fishy..
That is the email set up by the CPA doing the liquidation. No big deal.
 
Jul 15, 2018
55
31
23
New Update from Central Bank website.

The most important part of this press release is the fact Choice Bank was closed down for AML/CFT compliance issues going back 3 years. AML means anti money laundering. I believe even if the money is released, it will take a long time. I suspect the Central Bank is going to spend a lot of time making sure these compliance issues are satisfied. I think people should be prepared to pay some back taxes once the dust clears.
 
  • Helpful!
Reactions: Smores
Jun 27, 2017
923
372
93
There is something about this situation with Choice Bank and First Choice Pay that I do not understand. Was the prepaid card business 100% of Choice Bank's business, and if not what other kinds of customers did they have?

In a traditional "reserve banking" model, a bank gets $X of deposits and then keeps maybe 10% of that deposit money available for withdrawals. Then it loans out the other 90% and makes money from those loans. That reserve model makes it possible to have a run on the bank, because the 10% held back is not enough to cover all the depositors if they come running for their money at the same moment.

If Choice Bank's only business was prepaid cards, then you would think that 100% of the prepaid balances would be covered by cash on hand. The fact that a "run on the bank" was starting to develop suggests that Choice must have had other businesses besides the prepaid card business, and there must have been some kind of loan activity going on. If you First Choice Pay customers read the fine print on your contracts, does it say that Choice Bank has the right to loan out your deposits and that the prepaid card balances are not guaranteed to be covered by liquid assets on hand at the bank?
 
There is something about this situation with Choice Bank and First Choice Pay that I do not understand. Was the prepaid card business 100% of Choice Bank's business, and if not what other kinds of customers did they have?

In a traditional "reserve banking" model, a bank gets $X of deposits and then keeps maybe 10% of that deposit money available for withdrawals. Then it loans out the other 90% and makes money from those loans. That reserve model makes it possible to have a run on the bank, because the 10% held back is not enough to cover all the depositors if they come running for their money at the same moment.

If Choice Bank's only business was prepaid cards, then you would think that 100% of the prepaid balances would be covered by cash on hand. The fact that a "run on the bank" was starting to develop suggests that Choice must have had other businesses besides the prepaid card business, and there must have been some kind of loan activity going on. If you First Choice Pay customers read the fine print on your contracts, does it say that Choice Bank has the right to loan out your deposits and that the prepaid card balances are not guaranteed to be covered by liquid assets on hand at the bank?

The prepaids cards represent the 41% as I understand reading the press releases, the updates and publications on Central Bank's site.

The % of liquidity the banks need by law in Belize is 24%.

The press release from Choice Bank says:

"At the beginning of this year approximately 71% of the Bank’s deposits were comprised of deposits relating to the Mastercard prepaid card business, of which 41% of its deposits consisted of deposits from clients engaged in the Adult Business."

it says also:

"At the same time, the Bank has continued to maintain and comply with the Central Bank’s
prudential standards including approved liquid assets of US$25.4 million or 28% of total deposit
liabilities in excess of the legally required 24% as aforesaid."
 
  • Helpful!
Reactions: Smores
May 3, 2018
16
1
1
Hi, can you please tell me, has everyone that applied for the paxum card received it? And if yes, how long did it take?
 
Apr 13, 2018
28
18
18
Hi, can you please tell me, has everyone that applied for the paxum card received it? And if yes, how long did it take?

I ordered the paxum card about 3 moths ago. 1 month my card was in the "submitted" mode, 1 month it was in the "printing", and the "shipped" mode is now 30 days and counting...

In other words, I ordered the Paxum card 3 moths ago and did not receive it.

Waiting for Godot...
 
Jun 1, 2018
103
15
31
I ordered the paxum card about 3 moths ago. 1 month my card was in the "submitted" mode, 1 month it was in the "printing", and the "shipped" mode is now 30 days and counting...

In other words, I ordered the Paxum card 3 moths ago and did not receive it.

Waiting for Godot...
have u ordered standard shipping or fast?
 
Hi, can you please tell me, has everyone that applied for the paxum card received it? And if yes, how long did it take?
My card has been "submitted" exactly 1 month tomorrow. No idea when it will ever show.
 
Apr 13, 2018
28
18
18
have u ordered standard shipping or fast?

Standard (back in the day when I ordered it there was no express shipment option.)

My advice is use the express shipment cause you get the tracking number, and the shipment period will be much shorter.
 
Jan 5, 2018
75
27
23
West Texas
One of my friends in Eastern Europe got her card about 3 weeks ago. She's been able to load it and withdraw at ATMs. She monitors this forum, so she can tell more if she wants.
 
Apr 17, 2018
75
29
23
29
I applied for Paxum card on 28th april and i recived it on 03 july in Romania, standard delivery because it wasn't available any express delivery. Only 1 thing i don't like about this card....doesn't exist chip on it. They are same like old payoneer's cards.
 
Jun 1, 2018
103
15
31
I called Central bank they told me to call Choice bank at 501 223 6851 . i did, and was told to send all inquiries vie email on their gmail
 
  • Helpful!
Reactions: HelenaL