What is going on with First Choice?

[Adrianna__]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

 

[divakitty003]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

When I emailed the vice president of bank he told me that the bank is under liquidity constrain position and they have a liquidity rate of nearly 75%, is not a guarantee but shows the solidity of bank.

 

[BufordT]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

It's hard to find anything official. Here is one however http://www.xbiz.com/news/234907/choice-bank-suspends-withdrawals-from-deposit-accounts. Maybe more to the point regarding FCP is this one https://domaingang.com/domain-news/...ard-issuer-in-liquidity-constrained-position/. I think @nicehotjob earlier posted a discussion directly with the bank also if I'm not mistaken. Getting to be too many pages to keep track of everything

 

[larrymcp]

It is a new one that I highly suggest people wait on using for now. They can pop up saying anything and some of you people seem so willing to trust them just because MFC or CB is allowing them as payments. That means nothing.

Yeah, you sure got that right... I took a look at Cosmo's web site just now, and I see a bunch of spelling and grammar errors. That can sometimes indicate that they're not a well-run or well-funded outfit with professional staff. Combine that with what you said, that they had previously lifted text from another company's site and used it on theirs, and I think I'd shy away from Cosmo for now.

 

[Darkemporium]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

News about Choice Bank:

"Dear ---------,

I would suggest awaiting the developments, once appropriate I will inform you and we could set up an account for you.
Apart from that I have to inform you that there is no guarantee on the amounts in First Choice Pay. As you may have seen from the initial message we maintain a level of liquidity of 74.59%.
I am sorry I cannot share any more information at this time.

Best regards,"

I prefer give to everyone only trusted news

 

[dark_mermaid]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

There is a statement on the homepage: http://www.choicebankltd.com/ "Choice Bank Funds Availability Policy"

 

[bbbosic]

Question about Choice bank:
Is there any official statement or news that the bank is frozen? I searched on Google and didn't find anything. There are offshore zones forums and nada on this case. My point is, do you know for sure that the bank doesn't function?

Customers of the bank got the following e-mail.

---

Dear Accountholder,

Due to recent developments involving the prepaid card component of our international banking business, Choice Bank Ltd. (“the Bank”) has been forced into a temporary liquidity constrained position.

With a view to enable the Bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the Bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the Bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the Bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required.

The Bank maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of US$26 million, a most recent reported regulatory capital ratio of 26.92%, and statutory liquidity ratio of 74.59%, such ratios significantly exceeding all statutory capital adequacy and liquid asset requirements. The liquidity challenges the Bank currently faces is truly a short-term one. As it progresses through this process, the Bank is confident that all its depositors, cardholders and creditors will be kept whole.

We thank you for your patience and understanding and apologize for any inconveniences caused.

Yours sincerely,

Paradise Point Building
Corner Hutson Street and Marine Parade Boulevard
Ground Floor, P.O. Box #2494
Belize City, Belize, Central America

----

 

[SetOn]

This is what support told me 5 min ago....money from balance seems to be in FCP, not in Choice Bank account....

 

[Laura0210]

Let me ask you a simple question. I read here some FCP accounts are frozen so i ask you this:

If i transfered all the amount i had on FCP account to my FCP credit card, there can be a problem with withdrawing them from any ATM? I mean is there a posibility to lose all that money if i dont withdraw them soon?

 

[a_haze420]

Let me ask you a simple question. I read here some FCP accounts are frozen so i ask you this:

If i transfered all the amount i had on FCP account to my FCP credit card, there can be a problem with withdrawing them from any ATM? I mean is there a posibility to lose all that money if i dont withdraw them soon?

Why would you risk it? I would take out all available funds asap.

 

[Laura0210]

Why would you risk it? I would take out all available funds asap.

Thanks a lot! I'll do it right now.

 

[Darkemporium]

Let me ask you a simple question. I read here some FCP accounts are frozen so i ask you this:

If i transfered all the amount i had on FCP account to my FCP credit card, there can be a problem with withdrawing them from any ATM? I mean is there a posibility to lose all that money if i dont withdraw them soon?

How you can do that? Is an impossibile operation as i know

 

[Chriss]

News about Choice Bank:

"Dear ---------,

I would suggest awaiting the developments, once appropriate I will inform you and we could set up an account for you.
Apart from that I have to inform you that there is no guarantee on the amounts in First Choice Pay. As you may have seen from the initial message we maintain a level of liquidity of 74.59%.
I am sorry I cannot share any more information at this time.

Best regards,"

I prefer give to everyone only trusted news

Was he talking about no guarantee for the frozen funds in firstchoice pay?
What was your actual question for him?

 

[Laura0210]

How you can do that? Is an impossibile operation as i know

I didnt do the operation in one transaction. I always transfer the money on card after each payment received from any cam site i work with (Standard loading - 2 days) so except ca small ammount, i had all my money transfered on credit card. Btw 5 min ago i withdrawed an important ammount from 2 ATMs with FCP credit card.

 

[Teagan]

I didnt do the operation in one transaction. I always transfer the money on card after each payment received from any cam site i work with (Standard loading - 2 days) so except ca small ammount, i had all my money transfered on credit card. Btw 5 min ago i withdrawed an important ammount from 2 ATMs with FCP credit card.

You can get any money off of the card still. You can not touch any money in your account not loaded to the card.

 

[Laura0210]

You can get any money off of the card still. You can not touch any money in your account not loaded to the card.

Indeed. Lucky me i had 99% of them loaded on card.

 

[Darkemporium]

Was he talking about no guarantee for the frozen funds in firstchoice pay?
What was your actual question for him?

I've asked to Choice Bank if I can open an account with them and after transfer my money from FCP to CHoice Bank account.

 

[nicehotjob]

@THE MOLLIE MARIE a facepalm hunter lol

 

[Guest]

I have an official email from Escalation team of Payoneer... they said to me very clear that the money is at Firstchoice and Choice Bank is only the bank issuing the cards!
Again I say this is email is from someone higher than call center operators!

I really hope that you can have an official answer about how to take out our money from there

I didnt do the operation in one transaction. I always transfer the money on card after each payment received from any cam site i work with (Standard loading - 2 days) so except ca small ammount, i had all my money transfered on credit card. Btw 5 min ago i withdrawed an important ammount from 2 ATMs with FCP credit card.

You could ha e money out for ATM becouse I am sure you didn't empty the money which they were allready loaded on FCP card... You have more than 10000 dolar in FCP acount ? If you have had under 10000 then you have no problem with frozen found... The money on card alway was available to us to take them out

 

[InkInSkin]

Camcontacts just sent this to me:

"Update about FirstchoicePay



Since last week’s announcement regarding FirstchoicePay we have been working hard every day to get your money returned. Today we have been told by FirstchoicePay that Choice Bank (which holds all of FirstchoicePay’s funds) is planning on returning money to FirstchoicePay account holders.

If we sent you a payment to your FirstchoicePay account and you did not receive it then Choice Bank has said that it will return your money to us so that we can then send it on to you.

Choice Bank says it doesn’t know when the money will be returned, but it has said that due to its liquidity position it will not be before 1 May.

When we have more information, and of course as soon as we receive your money back, we will let you know."

 

[bbbosic]

Does someone with better english speaking skills understand what this person is saying on youtube at 8:54 : ?
It's about FCP and getting money out of it. He has some news which is not official yet.

 

[Chriss]

If i would have a bank i wouldn t want this kinda publicity (8:54)

 

[Chriss]

Camcontacts just sent this to me:

"Update about FirstchoicePay



Since last week’s announcement regarding FirstchoicePay we have been working hard every day to get your money returned. Today we have been told by FirstchoicePay that Choice Bank (which holds all of FirstchoicePay’s funds) is planning on returning money to FirstchoicePay account holders.

If we sent you a payment to your FirstchoicePay account and you did not receive it then Choice Bank has said that it will return your money to us so that we can then send it on to you.

Choice Bank says it doesn’t know when the money will be returned, but it has said that due to its liquidity position it will not be before 1 May.

When we have more information, and of course as soon as we receive your money back, we will let you know."

It sounds like un-frozen money...right?

 

[bbbosic]

Camcontacts just sent this to me:

"Update about FirstchoicePay



Since last week’s announcement regarding FirstchoicePay we have been working hard every day to get your money returned. Today we have been told by FirstchoicePay that Choice Bank (which holds all of FirstchoicePay’s funds) is planning on returning money to FirstchoicePay account holders.

If we sent you a payment to your FirstchoicePay account and you did not receive it then Choice Bank has said that it will return your money to us so that we can then send it on to you.

Choice Bank says it doesn’t know when the money will be returned, but it has said that due to its liquidity position it will not be before 1 May.

When we have more information, and of course as soon as we receive your money back, we will let you know."

It's not clear to me. Do they mean that those funds which were in transit at the time FCP died will return, or also all the funds on our balance?

 

[SavannahMay]

Camcontacts just sent this to me:

"Update about FirstchoicePay



Since last week’s announcement regarding FirstchoicePay we have been working hard every day to get your money returned. Today we have been told by FirstchoicePay that Choice Bank (which holds all of FirstchoicePay’s funds) is planning on returning money to FirstchoicePay account holders.

If we sent you a payment to your FirstchoicePay account and you did not receive it then Choice Bank has said that it will return your money to us so that we can then send it on to you.

Choice Bank says it doesn’t know when the money will be returned, but it has said that due to its liquidity position it will not be before 1 May.

When we have more information, and of course as soon as we receive your money back, we will let you know."

This kind of information I expect from @Dan Epstein

 

[a_haze420]

This kind of information I expect from @Dan Epstein

He isn't the like ultimate boss man of first choice pay. He does what he can but he can only do so much. Its nice he has stuck around to help.

 

[Teagan]

Does someone with better english speaking skills understand what this person is saying on youtube at 8:54 : ?
It's about FCP and getting money out of it. He has some news which is not official yet.

He said his trusted source, but unconfirmed as of right now so treat it as a rumor, said that funds will be able to get out of the accounts as a Payoneer account card. That that's how they plan on getting people their money going forward because Payoneer is not effected by this.

 

[tekwolf]

This kind of information I expect from @Dan Epstein

So you expect somebody that is just as much informed as us to tell you things you get at the same time as he is seems you didn`t listened to the advice of dj pionner and read this complete thread

 

[AmberCutie]

This kind of information I expect from @Dan Epstein

Can you please stop? Dan isn't wholly in the loop anymore as his company is dissolving. He's been nice enough to TRY to help here as much as he can, but people holding him to some high standard as if hey has any say or insight about the company that just SHUT DOWN need to cool their jets.

Dan has been more active and chatty here at ACF than you or a majority of the newcoming posters in this thread over the last year, so chill the F out.

@Dan Epstein can you PM me when you have a moment to figure out what to do with your forum tag/banner since the company you're verified for is going under? I want you to be recognized as someone who was completely trustable when FCP was active, don't wanna rip your tag from you, but not sure how to proceed.

 

[InkInSkin]

It's not clear to me. Do they mean that those funds which were in transit at the time FCP died will return, or also all the funds on our balance?

At this point it's just an assumption but let's all hope it applies to every form of money that got stuck somehow.
The payments from "mass payout companies", the funds sent via the make a payment service, and the funds over 10k.