Hello everyone, just a heads up about the announcement yesterday from Paxum. They have decided to close all US personal accounts on Friday morning! If you're in the US and are getting payments sent to your Paxum account, you have until this Friday, Jan 12 at 10am EST to withdraw your funds!
To be clear, you can transfer from Paxum to the Paxum Mastercard & still use it- the Mastercard will remain active until it expires. But, after this Friday, you will not be able to send any more funds to the account.
So, if you're getting paid via Paxum, be sure to put everything on the Mastercard and also switch payout methods with the companies that you get payments from !!!
------------ Here is the full announcement -----------
48 Hour Notice – Paxum Personal Account Closure
We regret to inform you that Paxum will be changing the way we work with USA Customers. USA Business Account-Holders will not be affected by this change, but unfortunately Paxum will no longer be providing services to USA Personal Account-Holders.
Please be advised that your Paxum Personal Account will be closed on Wednesday, January 10th 2018 at 10:01 ET (Eastern Time). Paxum Business Accounts will remain open and available after this date.
We understand this will not be welcome news to USA Personal account-holders, and we'd like to take a moment to explain the rationale behind this policy change. There are several factors involved in this decision, including:
Verified USA Personal Account-Holders represent a notably small percentage of our business and revenues, while an incomparable amount of company resources is consumed by the needs of USA Personal Account-Holders through support services, legal requirements and regulatory compliance.
We expect regulatory compliance in the United States to become more complicated and burdensome in the future, particularly with regards to individual users. From a business standpoint we cannot justify the continually growing expense of an even greater percentage of company resources for a small percentage of clients.
We would like to thank every single one of our loyal USA Personal account customers for their continued support and use of our services over the years. We weighed this decision for a long time, but regrettably we have a duty to allocate our resources in a way that best supports the growth and improvement of our company and service for the majority of clients.
We invite you to withdraw your funds without any fees before Wednesday, January 10 th 2018 at 10:01 ET. All fees will be automatically waived for your withdrawal prior to the stated deadline.
Important Recommended Next Steps For You
Log-in to your Paxum personal account and make sure the bank account information is accurate and up-to-date inside your account. You can find this in the section My Account >> Profile Settings >> Bank Accounts
Withdraw your funds without paying the fee by either ACH or WIRE to your bank account.
Transfer your funds without paying the fee to your active Paxum branded card issued by Choice Bank.
To avoid future payment delays, promptly update your payment method with companies that previously paid you via Paxum.
Export your full Paxum personal account statement for your historical financial records. You can do this by visiting the Statements section of your account. Export is available in CSV or PDF formats. Once your account is closed you will no longer be able to access statement information.
*Important Note: Paxum branded cards issued by Choice Bank will remain active after USA Personal account closures. Any remaining funds can be accessed and emptied by the card-holder. However, there will be no way to add new funds after Paxum personal account closure.
Steps We Will Take at January 10th 2018
Any Non-USD current account funds in your Paxum personal account will be automatically transferred to your Paxum USD current account.
All Non-USD current accounts for USA Personal Account-Holders will be automatically closed.
All active card-holders of a Paxum branded card issued by Choice Bank will automatically receive a pro-rated refund of the most recently paid annual fee. This pro-rated amount will be calculated based on the number of days that have passed since the date the annual fee was last charged.
If the funds have not been cleared by the personal account-holder themselves by January 10th 2018 at 10:01 ET, then all USD Funds will be automatically cleared from your Paxum USD current account and either sent to your listed US bank account via ACH or WIRE, or to your active Paxum branded card issued by Choice Bank. Normal account fees ($5 USD for ACH, or $50 USD for WIRE) will be charged for automated funds clearing after the stated deadline.
All USA Personal Account-Holders accounts will be closed effective January 10th, 2018 at 10:01 ET.
Please note: if you are a Paxum USA Personal Account-Holder with an active verified Paxum USA Business Account, your Paxum Business Account will remain open and available for use after the stated deadline, however your Paxum Personal account will be closed, no exceptions.
--------------------------------------------
EDIT: Ruth from Paxum posted the following update:
We have been listening to your feedback, and as a result we have decided to extend the deadline by 48 hours to Friday, January 12th at 10:01am ET. We hope this helps make the transition a little easier for you.
All USA Personal Account-Holders accounts will be closed effective January 12th, 2018 at 10:01 ET.
---------------------------------------------
Hope this doesn't cause too many headaches. I know the companies who send payments out via Paxum are not happy about the short notice.
Cheers
To be clear, you can transfer from Paxum to the Paxum Mastercard & still use it- the Mastercard will remain active until it expires. But, after this Friday, you will not be able to send any more funds to the account.
So, if you're getting paid via Paxum, be sure to put everything on the Mastercard and also switch payout methods with the companies that you get payments from !!!
------------ Here is the full announcement -----------
48 Hour Notice – Paxum Personal Account Closure
We regret to inform you that Paxum will be changing the way we work with USA Customers. USA Business Account-Holders will not be affected by this change, but unfortunately Paxum will no longer be providing services to USA Personal Account-Holders.
Please be advised that your Paxum Personal Account will be closed on Wednesday, January 10th 2018 at 10:01 ET (Eastern Time). Paxum Business Accounts will remain open and available after this date.
We understand this will not be welcome news to USA Personal account-holders, and we'd like to take a moment to explain the rationale behind this policy change. There are several factors involved in this decision, including:
Verified USA Personal Account-Holders represent a notably small percentage of our business and revenues, while an incomparable amount of company resources is consumed by the needs of USA Personal Account-Holders through support services, legal requirements and regulatory compliance.
We expect regulatory compliance in the United States to become more complicated and burdensome in the future, particularly with regards to individual users. From a business standpoint we cannot justify the continually growing expense of an even greater percentage of company resources for a small percentage of clients.
We would like to thank every single one of our loyal USA Personal account customers for their continued support and use of our services over the years. We weighed this decision for a long time, but regrettably we have a duty to allocate our resources in a way that best supports the growth and improvement of our company and service for the majority of clients.
We invite you to withdraw your funds without any fees before Wednesday, January 10 th 2018 at 10:01 ET. All fees will be automatically waived for your withdrawal prior to the stated deadline.
Important Recommended Next Steps For You
Log-in to your Paxum personal account and make sure the bank account information is accurate and up-to-date inside your account. You can find this in the section My Account >> Profile Settings >> Bank Accounts
Withdraw your funds without paying the fee by either ACH or WIRE to your bank account.
Transfer your funds without paying the fee to your active Paxum branded card issued by Choice Bank.
To avoid future payment delays, promptly update your payment method with companies that previously paid you via Paxum.
Export your full Paxum personal account statement for your historical financial records. You can do this by visiting the Statements section of your account. Export is available in CSV or PDF formats. Once your account is closed you will no longer be able to access statement information.
*Important Note: Paxum branded cards issued by Choice Bank will remain active after USA Personal account closures. Any remaining funds can be accessed and emptied by the card-holder. However, there will be no way to add new funds after Paxum personal account closure.
Steps We Will Take at January 10th 2018
Any Non-USD current account funds in your Paxum personal account will be automatically transferred to your Paxum USD current account.
All Non-USD current accounts for USA Personal Account-Holders will be automatically closed.
All active card-holders of a Paxum branded card issued by Choice Bank will automatically receive a pro-rated refund of the most recently paid annual fee. This pro-rated amount will be calculated based on the number of days that have passed since the date the annual fee was last charged.
If the funds have not been cleared by the personal account-holder themselves by January 10th 2018 at 10:01 ET, then all USD Funds will be automatically cleared from your Paxum USD current account and either sent to your listed US bank account via ACH or WIRE, or to your active Paxum branded card issued by Choice Bank. Normal account fees ($5 USD for ACH, or $50 USD for WIRE) will be charged for automated funds clearing after the stated deadline.
All USA Personal Account-Holders accounts will be closed effective January 10th, 2018 at 10:01 ET.
Please note: if you are a Paxum USA Personal Account-Holder with an active verified Paxum USA Business Account, your Paxum Business Account will remain open and available for use after the stated deadline, however your Paxum Personal account will be closed, no exceptions.
--------------------------------------------
EDIT: Ruth from Paxum posted the following update:
We have been listening to your feedback, and as a result we have decided to extend the deadline by 48 hours to Friday, January 12th at 10:01am ET. We hope this helps make the transition a little easier for you.
All USA Personal Account-Holders accounts will be closed effective January 12th, 2018 at 10:01 ET.
---------------------------------------------
Hope this doesn't cause too many headaches. I know the companies who send payments out via Paxum are not happy about the short notice.
Cheers
