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What is going on with First Choice?
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I might not know the whole story but how hard it can be for them to create account on paxum or epayments or similar and send money to everyone right away?
At least they're still trying to pay you guys.
A couple original posts read to me like, "I was unaware what the Accounting Dept. was doing with your money. We bet on a Cryptocurrency (for e.g.) and unfortunately Romero/BTC/ETH (you choose) is trading down at the moment. Give us some more time and wel will hopefully make your money back and be able to pay you".
Ever hear of the term, "Run on a bank". The old-timey movie "It's a Wonderful Life" illustrates this run-on-bank example.
If I was owed money by this company I'd again take comfort in the fact they are seemingly, still trying to pay -but I'd positively hound them every single day with an email. I'd also write them "Certified" letters via post. I'd be sweet, as it seems like they're picking and choosing who they pay, but being a hassle might be your best bet so they can get you off their back (conversely, you don't want to piss them off
( ).
Much like an insurance company, this outfit took all your money and made a bad play in some investment avenue... they're doing their best to 'buy more time', obviously, as their is no consistency in their payouts, and def. no transparency. ((
https://en.wikipedia.org/wiki/Bank_run
A couple original posts read to me like, "I was unaware what the Accounting Dept. was doing with your money. We bet on a Cryptocurrency (for e.g.) and unfortunately Romero/BTC/ETH (you choose) is trading down at the moment. Give us some more time and wel will hopefully make your money back and be able to pay you".
Ever hear of the term, "Run on a bank". The old-timey movie "It's a Wonderful Life" illustrates this run-on-bank example.
If I was owed money by this company I'd again take comfort in the fact they are seemingly, still trying to pay -but I'd positively hound them every single day with an email. I'd also write them "Certified" letters via post. I'd be sweet, as it seems like they're picking and choosing who they pay, but being a hassle might be your best bet so they can get you off their back (conversely, you don't want to piss them off
( ). Much like an insurance company, this outfit took all your money and made a bad play in some investment avenue... they're doing their best to 'buy more time', obviously, as their is no consistency in their payouts, and def. no transparency. ((
https://en.wikipedia.org/wiki/Bank_run
I recommend epayservice.i receive now there payments from cb and i can say they are the most profesional platform yet. But i wrote them asking about receiving big amount there from liquidator, and they didnt say i couldnt, but said as far as they know, liquidator sends only to personal accounts, and wire transfer with this virtual bank is done over theirs company's account.
It is possible i think only for them to sign as a partner. The liquidator told me they are considering to hire ex partners of virtual banks, but he leaves that as last option.
I am aware it is not an easy task as you may think. Even if their law permits that kind of distribution(they are representatives of state not a company), we all know how reliable virtual banks are...and it is easier for the money to end up in wrong hands then when it is peraonal bank account involved. Nevertheless, i would prefer virtual bank either way.
It is possible i think only for them to sign as a partner. The liquidator told me they are considering to hire ex partners of virtual banks, but he leaves that as last option.
I am aware it is not an easy task as you may think. Even if their law permits that kind of distribution(they are representatives of state not a company), we all know how reliable virtual banks are...and it is easier for the money to end up in wrong hands then when it is peraonal bank account involved. Nevertheless, i would prefer virtual bank either way.
- Mar 23, 2017
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I don't live in US but my bank account is in US, I received the first payment... waiting for the second but I seemany people haven't get their first payment... it seems that it will last a lot, maybe the next year...
Revolut is not only a virtual bank for example, is becoming bigger; when I asked the liquidator about possibility of wiring my money there he totally ignored my Q and sent me that default message about ‘restricted country’..
Hello Claudia,
your residence on the papers is in USA or only your bank account?
They jsut send me emal : Wire form must be type written and not hand written. Kindly redo your wire form and resubmit it to us. ..i Dont kknow how can i do it ? can u send me somoone claim how can i fill it ?
- Mar 23, 2017
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i m sorry i didnt understand the answer. a foreigner can open a bank acct in the usa. does a person need to provide some papers from his own government and show the source of the income to the usa bank?
FYI after viewing this thread, I followed up with them and they sent me the following email...
Dear Customer,
Please be advised that our website www.choicebanklimitedinliquidation.com has been updated with information regarding submission of wire transfer information and supporting documents. Please visit to view the updated information.
With that said, we ask that you kindly provide the below documents in order for us to proceed with you claim.
1. Complete the attached form. (Information must be type written).
2. Notarized copy of your passport
3. Most recent copy of your utility bill. P.o.box not accepted.
4. Documents must be submitted in a PDF format.
5. If funds are to be transferred to persons or entities other than the registered claimant, a notarized document with authorization and acceptance, as well as passport information, will be required from each party, in a manner acceptable to the Liquidator, and will be subject to verification before payment is processed.
Regards
The Liquidation Team.
Dear Customer,
Please be advised that our website www.choicebanklimitedinliquidation.com has been updated with information regarding submission of wire transfer information and supporting documents. Please visit to view the updated information.
With that said, we ask that you kindly provide the below documents in order for us to proceed with you claim.
1. Complete the attached form. (Information must be type written).
2. Notarized copy of your passport
3. Most recent copy of your utility bill. P.o.box not accepted.
4. Documents must be submitted in a PDF format.
5. If funds are to be transferred to persons or entities other than the registered claimant, a notarized document with authorization and acceptance, as well as passport information, will be required from each party, in a manner acceptable to the Liquidator, and will be subject to verification before payment is processed.
Regards
The Liquidation Team.
Please can you clarify how much you call "big"? And in this way I can analyze the delay time you are specifying? Because it is not the same to say 10,000 euros or 100,000 euros or more.
PS: Also you should not be afraid to say a quantity because in the end you are a nickname (anonymous like me or anyone).
I think the only difference in amount between us which can be relevant is that sum(first payment) is bigger then 15k or not, because this is a threshold for banks alarms for single transaction (somewhere is even 10k) and more difficulties for us to receive it. So i also asked people here who received the first payment and its bigger then 15k to say if they had problems with their banks...but noone wanted to say anything...
New update on Choice Bank website:
- Mar 23, 2017
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I saw it but I don't understand, when I read that is nothing new, it sounds as "you have to wait". Who are those they are doing negotiations with and they didn't agree,? they say they are looking other options to pay who? And the second distribution? it's so confusing.
If you understand it, can u explain it please?
How do you mean to pay who? To pay all of us. Many of us did not receive anything yet...and now it seems they have no solution at all! It seems they are rejected by all. What a country when state official cannot operate internationally...but they managed somehow to use that rest of the money to keep spending for their expences...so why should they be in a hurry now!? And now they accepted rejected claims too, corporate ones with big sums, which rest of the money made even smaller now...so now i guess i will be happy to get the first payment at all...it would be a miracle if something left for the second one....
When the first distribution started they had US $40.2 million for the first distribution, now in the last update I see they have US $56 million, plus that US $7.6million who was already sent to depositors/customers. So I think they have sold some of the other assets.
From the last update I don`t get any updates on when we`ll get paid or if they secured a new deal with another payment processor...so they can send us the money.
From the last update I don`t get any updates on when we`ll get paid or if they secured a new deal with another payment processor...so they can send us the money.
so now they can not pay even those who are in non restricted countries? as i understood there are ppl from non restricted counties who did not get paid?
Yes...they are not supported by any bank at the moment...and from what they said, no bank with which they tried to negotiate even showed interest to have something with them. That leaves only epay options and card partners(what would be great), but they are also backed up with real banks and nowadays regulated by bank laws as well...
I can not believe that liquidator who works for state and for central bank of the country are banned from rest of the world in try to send money back. We are so lucky to pick the best time in history when the whole world decided to regulate bank laws and money flows...
Maybe at the end we all will meet in belize...
I can not believe that liquidator who works for state and for central bank of the country are banned from rest of the world in try to send money back. We are so lucky to pick the best time in history when the whole world decided to regulate bank laws and money flows...
Maybe at the end we all will meet in belize...
From this update, to me it means that we will be waiting for a Long Long time and will not see our money back.
I haven't even received the 1st distribution so upset! After SO much Time, effort and spending extra money to print, notarize documents and forms, emails exchange.. For not even received the First half of my money (and I'm in the US)!
From now on they can just give the excuse that they have not found any intermediate bank to send the funds and that are working on it, and be "working on it" forever... this could literally last for years! They don't even need to try to find an intermediate bank again, why would they be in a hurry anyway?
So from now on and years to come they can just say they aren't able to send funds anymore because no intermediate bank accepts it! I just have a feeling this will last for many years now as they will say forever "we have been trying to find a new intermediate bank but no one accepts us"! Its just so frustrating to me, I was counting on at LEAST receiving the first 50%!
I haven't even received the 1st distribution
so upset! After SO much Time, effort and spending extra money to print, notarize documents and forms, emails exchange.. For not even received the First half of my money (and I'm in the US)!From now on they can just give the excuse that they have not found any intermediate bank to send the funds and that are working on it, and be "working on it" forever... this could literally last for years! They don't even need to try to find an intermediate bank again, why would they be in a hurry anyway?
So from now on and years to come they can just say they aren't able to send funds anymore because no intermediate bank accepts it! I just have a feeling this will last for many years now as they will say forever "we have been trying to find a new intermediate bank but no one accepts us"! Its just so frustrating to me, I was counting on at LEAST receiving the first 50%!
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International banking in 3rd world countries is harder than you can imagine, it all depends on US and EU banks for theses countries to conduct their business. Anyway this may take some more time but have faith people, my mindset is to forget about this matter as long as no new updates are being made. And focus on making money in real life. Good luck for all.
- Mar 23, 2017
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I mean do they say to those who haven't received the first part? or all of them? because they have like a ranking of prorities and I remember FCP cards holders were almost the last ones on the list... My question is are they saying the second distribution? or all of them (first part, second part , and all on the list, not only FCP)
- Mar 23, 2017
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From this update, to me it means that we will be waiting for a Long Long time and will not see our money back.
I haven't even received the 1st distribution
From now on they can just give the excuse that they have not found any intermediate bank to send the funds and that are working on it, and be "working on it" forever... this could literally last for years! They don't even need to try to find an intermediate bank again, why would they be in a hurry anyway?
So from now on and years to come they can just say they aren't able to send funds anymore because no intermediate bank accepts it! I just have a feeling this will last for many years now as they will say forever "we have been trying to find a new intermediate bank but no one accepts us"! Its just so frustrating to me, I was counting on at LEAST receiving the first 50%!
why didn't u get the first if u are in US? that's awful! they don't have excuses. Why didn't u use the direct deposit as payment method instead of FCP?
They meant on first distribution. There are a lot of us without the first one, plus the corporate claims they now approved. It is normal that only after paying that first ( which who knows when it will be) they can start considering the second one. Also, you cannot expect if/when they resume payments, that first round will be finished fast. Nevertheless...this problem they are having now, i think noone even considered possible...not even they...it is a serious one for sure...
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