What is going on with First Choice?

[Dill]

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."

 

[Dill]

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.

 

[Chelsea9]

New Update from Central Bank website.

 

[heiko]

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..

 

[proengine]

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.

 

[Derek_Zoolander]

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.

 

[Claudia Smith]

Yes I read the update, https://www.centralbank.org.bz/docs...-choice-bank-limited-v1-20180717.pdf?sfvrsn=2

But it doesn't say nothing new.....

 

[Darkemporium]

I'm still pretty lost, I sent many emails but no answers from anyone.

 

[Smores]

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?

 

[Claudia Smith]

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."

 

[dsni]

Hi, can you please tell me, has everyone that applied for the paxum card received it? And if yes, how long did it take?

 

[fenix_rises]

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...

 

[Dill]

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?

 

[a_haze420]

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.

 

[fenix_rises]

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.

 

[LilFitVeve]

I do have the Paxum card in my hand but cannot activate it...and i like to think of myself being able to handle such a mission The support is awful but thank God for their instant transfer , even if it costs 25 usd to transfer 1k, i don't care at this moment

 

[Boerman]

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.

 

[LilFitVeve]

It would, for me at least, be a great and appreciated help, regarding the activation of the card...did it came activated ? Did she had to push a magic button on their 1996 looking website... ?

 

[Boerman]

idk, but I can ask her next time we talk

 

[me4good]

It would, for me at least, be a great and appreciated help, regarding the activation of the card...did it came activated ? Did she had to push a magic button on their 1996 looking website... ?

You don't have the activation button ?

 

[SetOn]

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.

 

[LilFitVeve]

You don't have the activation button ?

I have it but an error appears when i click it...i wrote to the support team with it but it's impossible to get an answer it seems

 

[me4good]

I have it but an error appears when i click it...i wrote to the support team with it but it's impossible to get an answer it seems

You tried on the phone application too, changed the pc or the browser ? can you be more specific, what kind of error? try to send an email here
octav@paxum.com

 

[Dill]

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

 

[LilFitVeve]

You tried on the phone application too, changed the pc or the browser ? can you be more specific, what kind of error? try to send an email here
octav@paxum.com

I did, Octav Check it please

V.

 

[me4good]

I did, Octav Check it please

V.

I am not Octav. Octav works at Paxum and helped me too.

 

[mrfunk]

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

Same here, I sent around 40 e-mails with multiple accounts and only one reply telling me that they're working and that was all, no more contacts from this fucking bastards thieves and I have more to say.

 

[Claudia Smith]

Somebody called the Central Bank yesterday or today?

Don't receiving answers, and don't knowing anything is deperating when we need the money...

 

[Pure_emotion]

Mine is printing since...forever ...they took those 45 $ from me tho...which sucks if i cant actually use the damn card.

 

[Dill]

I paid 95 for fast delivery. so 45+95. the status has been shipped for 3 weeks. they didnt provide any track number. no card. ripped off