What is going on with First Choice?

[bbbosic]

They could ve load the cards with no problem..

9th april to 30th June... do the maths...they just didn't want to!!!

Time is no problem. But perhaps MasterCard has said that Choice Bank is not allowed to make new loads to the cards. We still do not know what the real problem is in this story. If it is not a problem with MasterCard, you are right.

 

[angelika]

Filling in Bank Information, and not able to receive it because of Bank Regulations... money laundry etc. So anyone with solutions yet?

It depends on whether the beneficiary bank is in the same country in which you live. Many people who have moved from another country might still have a bank account in that original country and sending the money to that bank is a lot safer. My beneficiary account is in another country and I called my bank there, and they confirmed that there would be no issues with my full balance being wired to my account there. No scrutiny, no documents needed, nothing. So if you have a bank account in another country, call them and ask them and put your mind at rest. The big issue is having a large amount wired to a bank in the country in which you currently live, and they have your address. They are obliged to flag that amount to the tax authorities who will check if you declared it as taxable income.

 

[avantgart]

I think MasterCard does not allow new loads. So maybe it is not Choice Bank's decision.
Do you think Choice Bank still has a future without MasterCard? Such banks need cards..

Btw: It's end of June and not July.

You are right. They even said mastercard will not allow them...and when once cards are forbbiten for them i dont think it ever will be available again.
That is my fear...they know they are closing down, maybe for multiple reasons...and because of that we will not be able to wait indefinately...something has to happend within a month...

 

[angelika]

I can sense a lot of panic in comments here, and trust me I have felt the same, so I have done some investigating into the rules and regulations relating to banks in Belize. It is reassuring to know that all banks in Belize are strictly controlled by the Central Bank of Belize, which has legal powers over all of them.

In the event of any bank experiencing financial difficulties or risk, the Central Bank will appoint a Statutory Administrator who will take over the bank completely, and ensure that first and foremost the bank's depositors (i.e. customers) are made whole as quickly as possible. The bank cannot just liquidate and do a runner, it will be very tightly managed, including all of its assets being frozen until it can prove that it is in a financially stable position. Executives of the bank will face prison if any wrongdoing is discovered, and the bank will only be allowed to wind-up (liquidate) if it has proven that it is "solvent and has sufficient liquid assets to repay its depositors and other creditors in full and without delay", or " there are clear procedures in place for repayment of its depositors and creditors within a reasonable period of time". Also, no assets of the bank can be distributed to anyone from the bank until all claims of depositors and other creditors have been settled first.

There is plenty more around this, I just picked out the most appropriate part, if you want to read more go to: https://www.centralbank.org.bz/docs...institutions-act-_no-11-of-2012_.pdf?sfvrsn=2 which contains the Domestic Banks And Financal Institutions Act, 2012.

It might be tempting to consider Belize a risky country but in fact it has a reputation as being a very safe country to bank with. There is also no history of bank failures in the country, and for international banks (of which Choice Bank is one) the capital requirements are high compared to other jurisdictions where financial institutions are not forced to keep as large an amount of reserves.

I feel a lot better having done some research. The delay we've all experienced could be a result of the Central Bank intervening and carrying out its investigation to assess the position of Choice Bank (typically takes at least six weeks), but regardless of what the reason for it is, it would seem that there is a very strict due process in Belize to ensure that bank's customers are protected and will receive their funds in full in the event of any crisis.

This is purely my assessment, do your own research and come to your own conclusions, but I don't think a lot of the naysaying and conspiracy theories being bandied about help anyone to feel better, especially when so many of us have been experiencing such high levels of stress and even desperation over the security of our money.

 

[SetOn]

Someone else recived that form to complete and sent it back to them? They told me today it will take 1 week from tomorrow to have the amount in my bank. Anyone here have the same information?

 

[LilFitVeve]

Hi all , does anyone know If National ID/Driver's licence works instead of a passport ? Thx

 

[Evgenij]

Someone else recived that form to complete and sent it back to them? They told me today it will take 1 week from tomorrow to have the amount in my bank. Anyone here have the same information?

Hello.I didnt get anything like that ,even if i send my bank info week ago.Seems like they give no f..k about people who has more than 70k

 

[Chriss]

Hello.I didnt get anything like that ,even if i send my bank info week ago.Seems like they give no f..k about people who has more than 70k

Low money first... high money last...

 

[marvelb0y]

It depends on whether the beneficiary bank is in the same country in which you live. Many people who have moved from another country might still have a bank account in that original country and sending the money to that bank is a lot safer. My beneficiary account is in another country and I called my bank there, and they confirmed that there would be no issues with my full balance being wired to my account there. No scrutiny, no documents needed, nothing. So if you have a bank account in another country, call them and ask them and put your mind at rest. The big issue is having a large amount wired to a bank in the country in which you currently live, and they have your address. They are obliged to flag that amount to the tax authorities who will check if you declared it as taxable income.

Isn't there such a thing called CRS (Common Reporting Standard)? If your country is part of CRS, it doesn't matter where you live or where your bank account is, they will share that information.

 

[mrfunk]

Hi all , does anyone know If National ID/Driver's licence works instead of a passport ? Thx

I sent them my National ID and it works good because I haven't a passport.They told me it's ok and they will send me the wire's receipt once it was sent.

 

[Mell_B]

Are you saying your bank refused to accept the wire? Where are you from?

Someone else recived that form to complete and sent it back to them? They told me today it will take 1 week from tomorrow to have the amount in my bank. Anyone here have the same information?

os

 

[Mell_B]

I sent them my National ID and it works good because I haven't a passport.They told me it's ok and they will send me the wire's receipt once it was sent.

Hoo said this ,kees? Quandrant call me last week says will send me in 7 days the settelment. I don t trust in Quadrant and Kees!

 

[maddafakka]

You will see the page of Choice soon look like:

http://payza.com/

there is a warrant against them.

 

[LilFitVeve]

I sent them my National ID and it works good because I haven't a passport.They told me it's ok and they will send me the wire's receipt once it was sent.

Thx mrfunk, could You pls Tell me what You put under "Beneficiary bank account number" ?

I already put my Iban code above at the ABN No.

 

[Evgenij]

Low money first... high money last...

Yeah,seems like

 

[marvelb0y]

Low money first... high money last...

There is a reason they are doing this but it's little comfort for people who have more money stuck. Let's say hypothetically, 10% of the accounts held 90% of the frozen funds. If the bank has enough money to handle that 10% which satisfies 90% of these frozen accounts, wouldn't that be the best option for the bank? They will significantly reduce their workload in terms of support calls.

 

[mrfunk]

Thx mrfunk, could You pls Tell me what You put under "Beneficiary bank account number" ?

I already put my Iban code above at the ABN No.

I put swift code for me it's like BPPITXXXX
and under Beneficiary bank account n° I put my Iban like this IT0087T9073 etc....

 

[jessy]

• my Intermediary bank doesnt work with IBAN but they use Account of Correspondent Bank №
• how should i fill form Intermediary ABN No then? Someone had send this form from russia??

 

[TheSence]

I also got that email where they want my info, passport etc. i answered with some questions like what about the papers Ad and Rob talked about to receive money without problems because of money laundry. And asked again about Paxum, Cosmo etc. if they can send it there...

@angelika: yes i know i moved from germany to spain 2 years ago and actually i just deleted my german bank account in February. Bad Timing, if i knew this shit would happen with FCP i would use it for the transfer. But now i have to figure out a way how to get it on my bank account in spain without getting problems. I only have about 11-12k but still risky because above 10k and i could not find the limits yet in spain or from my bank or how much i can receive without getting marked/reported/blocked.

 

[TheSence]

What i found on a Website is something like this:

Transfer regulations
Foreign Direct Investments (FDI) in Spain do not require government approval, unless they exceed EUR3 million, or originate from a tax haven.

Transfers over EUR 10,000 must be declared to European Union authorities.

Thats why it makes this so hard... Belize or Cayman Islands are Tax Havens... 1st Reason
Over 10k... declare... well... how to declare? Which papers do we need? i don't have any papers...
If they would send from the US and Split the money it would be possible i guess but if they send it from a Off Shore Place and over 10k there is no possibility to receive it or do i miss something?!

 

[Mell_B]

Me, i have 53k i wait the agrement , if will, come, kees is a lier. I sent all the documents , and i don t receive nothing. Part with quadrant is a bullshit. Quadrant don’t exist, Bank of Choice will take 30% from our amount!

Yes Quadrant is a bullshit, is not true. Bank will take 30% from our account to give other people, ho have small amount!

 

[a_haze420]

What i found on a Website is something like this:

Transfer regulations
Foreign Direct Investments (FDI) in Spain do not require government approval, unless they exceed EUR3 million, or originate from a tax haven.

Transfers over EUR 10,000 must be declared to European Union authorities.

Thats why it makes this so hard... Belize or Cayman Islands are Tax Havens... 1st Reason
Over 10k... declare... well... how to declare? Which papers do we need? i don't have any papers...
If they would send from the US and Split the money it would be possible i guess but if they send it from a Off Shore Place and over 10k there is no possibility to receive it or do i miss something?!

I'm gonna state this again for those who haven't read the thread. Probably the 4th or 5th time I've mentioned it though.

The cam sites you work for have all records of all your payments being sent to first choice. Most sites have these accessible on your model account page you don't even need to contact the site.

Your first choice account has a record of all the loads you have received. I would print this now in case their site goes under.

Then ask the insurance company (who we don't know for sure is located in belize) for a copy of a receipt stating how much they have wired to you.

Then you have all required paperwork to receive the money. The only thing is you have to declare the income on your taxes and then pay taxes to your country on that income. Which you should anyway. In most countries you will probably receive the money no problem. I receive large wires from the US all the time and there is no issues. I just declare the income when I do my taxes and pay $$.

It really should not be an issue working for a cam site in another country is legal. Unless camming is illegal in your country then I don't know what you would do but those laws are pretty rare.

 

[marvelb0y]

What i found on a Website is something like this:

Transfer regulations
Foreign Direct Investments (FDI) in Spain do not require government approval, unless they exceed EUR3 million, or originate from a tax haven.

Transfers over EUR 10,000 must be declared to European Union authorities.

Thats why it makes this so hard... Belize or Cayman Islands are Tax Havens... 1st Reason
Over 10k... declare... well... how to declare? Which papers do we need? i don't have any papers...
If they would send from the US and Split the money it would be possible i guess but if they send it from a Off Shore Place and over 10k there is no possibility to receive it or do i miss something?!

Here is something I found regarding declaring offshore assets as a Spanish resident:

http://www.abacoadvisers.com/spain-explained/taxes/news/spains-assets-declaration-form-model-720

It only kicks in if you have assets over 50k.

Choice Bank isn't your employer so I don't think the record of payments from the cam sites are relevant.

 

[a_haze420]

Here is something I found regarding declaring offshore assets as a Spanish resident:

http://www.abacoadvisers.com/spain-explained/taxes/news/spains-assets-declaration-form-model-720

It only kicks in if you have assets over 50k.

Choice Bank isn't your employer so I don't think the record of payments from the cam sites are relevant.

They 100% are relevant as that's where the money originated from. And a third party service was used to receive the payments. So the paper trail would be as follows: cam site > First choice pay (shut down) > whoever pays out the wire transfer (I'm assuming the insurance company)

Those would be the requirements to properly prove where it came from and declare the money as income and pay the tax along with it. But again in most cases I don't think many banks will be asking questions unless the sums are like 5-6 digits.

 

[marvelb0y]

They 100% are relevant as that's where the money originated from. And a third party service was used to receive the payments. So the paper trail would be as follows: cam site > First choice pay (shut down) > whoever pays out the wire transfer (I'm assuming the insurance company)

Those would be the requirements to properly prove where it came from and declare the money as income and pay the tax along with it. But again in most cases I don't think many banks will be asking questions unless the sums are like 5-6 digits.

The declaration of income should only be based on that paper trail of payments from the cam site to whatever bank account you chose. In this case, it happens to be Choice Bank. For example, if MFC paid you from Jan to Dec in 2017, you would declare those payments whenever you are supposed to declare income for 2017. The government would not care when you took money out of your bank account. Whether you saved your money or spent your money, it's still income for that year. Right now the discussion is about transferring money between two banks.

 

[a_haze420]

The declaration of income should only be based on that paper trail of payments from the cam site to whatever bank account you chose. In this case, it happens to be Choice Bank. For example, if MFC paid you from Jan to Dec in 2017, you would declare those payments whenever you are supposed to declare income for 2017. The government would not care when you took money out of your bank account. Whether you saved your money or spent your money, it's still income for that year. Right now the discussion is about transferring money between two banks.

Using first choice pay as a payment processor is not like using a bank. I used first choice pay. I did not have a bank account with choice bank. I used their services to obtain my money from a prepaid MasterCard. This is not a bank. This a payment transaticion. This money is income. Its just a different way of getting paid essentially. It is no way like transferring from bank to bank as all money stored in first choice was stored underr one account run by first choice/payoneer. Not a personal account with each fcp users name attached to it.

A large amount of people using first choice did so to avoid taxes by storing or using their money on fcp and never running it though their bank. So much of this money is not declared. Hence the documentation needed.

If this is not the case and taxes were already paid you would still need all the paper work I described to prove where the money came from as well as your statement from doing your taxes to prove it has been previously claimed.

 

[avantgart]

In most countries, you have to declare and pay the taxes the moment you produce invoice for your service(any kind of business), even if the customer havent paid you yet! So declaring it now is tax fraud nevertheless. You cannot connecting those papers like that in a bank(its not their job).court(where i dont want to end up) has juridiction for connecting those trails, and they can only prove you are not a criminal, just that you made couple of fellonies(tho,when you get caught for tax froud for this kind of amount, you go to jail for sure)
@a_haze420 you said multiple times how you have declared always your taxes, and i think you also said you have nonresident bank account in us?
So please, help all of us who want to receive without a problem this money and declare it, by telling us what bank you are using and how did you exactly declared it?(what description did you use and how did you declared fcp money)

 

[a_haze420]

In most countries, you have to declare and pay the taxes the moment you produce invoice for your service(any kind of business), even if the customer havent paid you yet! So declaring it now is tax fraud nevertheless. You cannot connecting those papers like that in a bank(its not their job).court(where i dont want to end up) has juridiction for connecting those trails, and they can only prove you are not a criminal, just that you made couple of fellonies(tho,when you get caught for tax froud for this kind of amount, you go to jail for sure)
@a_haze420 you said multiple times how you have declared always your taxes, and i think you also said you have nonresident bank account in us?
So please, help all of us who want to receive without a problem this money and declare it, by telling us what bank you are using and how did you exactly declared it?(what description did you use and how did you declared fcp money)

As an independent contractor you do not pay your taxes as soon as you provide the service ie: do a cam show. that would make 0 sense. Not sure where you got that idea from.

It is not tax fraud not to pay tax on each cam show you do as you do it that is ridiculous. You report your income and pay your taxes once per year (or however many per year your country requires) you don't pay tax each time you do a cam show and it is not illegal to not do so...that's like not how it works in the slightest.

I live in Canada so the banks I use will not be of any use to anyone that doesn't live in Canada. The American bank I use is BMO Harris.

I declare the money I earn camming each year once a year when taxes are due on my taxes as income earned as an independent contractor. It doesn't matter where it comes from payment by check, first choice pay and then take the cash and deposit it, wire transfer etc. I add all my income for all cam sites and clip sites I work on and pay the tax I am determined by my government to owe. I don't have to put a description it is claimed as: income as an independent contractor.

I submit my paperwork from my cam sites that show how much I was paid if its requested but so far it has not been so I just keep it filed in case of an audit.

I really really want you guys to understand how to do this but when no one listens and just shoots me down I can't help. So that's the last time im explaining it. Hope you guys get it figured but there should be no problems accepting money you WORKED for as long as you have the paper work I stated and declare the money. Even paying back taxes from previous years you might incur a fine but at least you will get your money.

Ps. Laws for tax declaration vary per country but generally they are similar. I took accounting in college and have done taxes for large businesses etc. So I'm not just spewing non sense.

 

[a_haze420]

Another good example of why you don't pay tax per transaction

A waitress is tipped 5$ on a table she serves. She doesn't have to run home and pay like .50 cents or whatever the tax percentage may be to the government. She doesn't pay on each tip. She declares on her taxes how much tips she has made in the year and then pays her portion of taxes.

 

[TheSence]

Well in germany you have to sign up as a independent worker BEFORE you start working and then its the same with taxes once declaration once a year but you have to pay every month income tax.

In spain you also need to sign up before you earn money otherwhise its illegal. And in spain as a independent (autonomo) you even pay tax for 3 month upfront for a enspected loan. If you earned less you get the money back you paid to much, if you earned more you have to pay afterwards the difference.

So it seems its not the same concept in the eu like its in canada... you cant pay tax afterwards. First sign up as a independent then pay tax for income. If i would do it here like you recommended i would end up in jail.

For example if you earn 2000 eur as a independent in germany you pay every month stuff like unemployment insurance, care insurance
pension insurance, healthcare insurance from your income, church tax, income tax, solidarity surcharge for east germany (yes in germany u pay shit like that). So you loose about 500-700 eur from that 2000 and keep 1500-1300.

Probably its different in canada? Doesnt work that way. At least not in germany or spain.