What is going on with First Choice?

[TheSence]

In germany its 12.500. You need to report the wire transfer if u want receive that amount or more.

If you pay in cash 10k or more the same thing. And i think you get marked with 3k pay ins but not reported. But marked, so if in case someone official will check you the bank will give out that informations with everything you did over 3k.

So just in case we should get some papers to not get in trouble. Especially when the amount is higher...

Choice, ad kees and everyone involved exactly know about the issues so they should not ignore this now and just send form files out and say: hey look we will wire you the money, give me your bank details, pass and signature and we send it... its safe for us and we dont give a f... about you getting in trouble.

They should create temporary prepaid cards and send them to us so we can withdraw it. Or send it to third party like paxum, epayments or whatever... not fn local bank without papers. They produced this whole mess and should get they're lazy asses up and find solution how everybody can get the money safe returned! Not just what is the easy way for them!

 

[avantgart]

There is more things involved there beside liquidity. Maybe that is just bank laws for their current situation, but they knew from day one they will never load cards again, even the contract with mastercard is till end of july. Smaller amounts could be easily withdraw within 20 days over a cards...yet, with 5k/day limit almost any amount could be doable...

 

[bbbosic]

There is more things involved there beside liquidity. Maybe that is just bank laws for their current situation, but they knew from day one they will never load cards again, even the contract with mastercard is till end of july. Smaller amounts could be easily withdraw within 20 days over a cards...yet, with 5k/day limit almost any amount could be doable...

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.

 

[Chriss]

There is more things involved there beside liquidity. Maybe that is just bank laws for their current situation, but they knew from day one they will never load cards again, even the contract with mastercard is till end of july. Smaller amounts could be easily withdraw within 20 days over a cards...yet, with 5k/day limit almost any amount could be doable...

They prepared this from months ago!

I talked with Rob A. on the phone more than one month ago and he said to me that they will probably pay only a % of the amounts that we have there and that it will be through wire transfer!

Nothing that they do now is random, everything is planed by old-experimented people in this kind of business!

Believe me this guys want our money more than we can imagine and the reason is simple...no more business with adult industry (millions less in their hands)

But unfortunately they can't understand what they are doing to us... their greed can destroy other peoples lifes...
Taking our hard work from us is simply unbelievable sad and frustrating...

 

[angelika]

I don't think that's a good idea, considering the Disclaimer at the end of the email says "If you are not the intended recipient, you may not peruse, use, disseminate, distribute or copy this message or any file attached to this message. Any such unauthorized use is prohibited and may be unlawful."

That's why I said it at each one's own discretion. I personally wouldn't hesitate, as that is just a standard disclaimer to prevent misrepresentation or fraudulent use of the company's intellectual property. Copying the form and sending it elsewhere could be an issue, but completing it and sending it to where it originated from could hardly be considered illegal, especially if you are a legitimate holder of funds being withheld by the bank. There would be no lines crossed. However, each to their own, but you would do well to consider whether sending it in could get you further than doing nothing.

 

[Chriss]

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.

They could ve load the cards with no problem..

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

 

[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.