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-   -   ePassporte Official Statment (https://gfy.com/showthread.php?t=985088)

Michael O 09-03-2010 04:28 PM
Quote:
Originally Posted by GotGauge (Post 17466067)
Why when we load Funds from a checking account, does it go to the virtual account and not the wallet.
It will go into the Wallet since the place incoming money is stored for all accounts now.

woj 09-03-2010 04:29 PM
Quote:
Originally Posted by nettrust (Post 17466173)
i'm pretty sure vast major part of their funds is already used for generating additional income, and it is probably invested in various funds, realty or stock market.

let's assume epass accounts store 1 million dollar altogether. i bet there are no more than $200k-$300k of real money kept in their account. the rest is already invested. i'm sure they don't make their living from the bank interest and fees only.
That's all great if the investments pay off, if the funds were invested in lets say, hmm, making movies, then this whole setup turns into a ponzi scheme? :upsidedow

cam_girls 09-03-2010 04:29 PM
Quote:
Originally Posted by TheDA (Post 17466143)
You're really living hand to mouth like that? And relying on a system like Epass?
I put everything into buying CamAffiliate.com

To be honest I calculated the risk of a pay failure this week at 0.1%.

I knew the risks...

Michael O 09-03-2010 04:31 PM
Quote:
Originally Posted by JCK (Post 17466077)
I went to change my wallet settings to default to wallet but I see wallet is already checked even though I never selected it before and there is no other option. Was this option changed to wallet for everyone after this incident occured and the option to select Visa no longer made available?
This were changed earlier today.

cykoe6 09-03-2010 04:33 PM
This sounds like the beginning of the end for this whole damn thing.

Marshal 09-03-2010 04:33 PM
Quote:
Originally Posted by BBNuno (Post 17466188)
If you are right that's illegal...
i have no idea why that would be illegal... that was my assumption, though...

Michael O 09-03-2010 04:34 PM
Quote:
Originally Posted by cam_girls (Post 17466118)
Micheal, any chance of checking what happened to my Streamate FCIINC payment due 6 hours ago, and a speedy bank wire?

I'm on the streets in 24 hours. User: cam_girls
For payments from sponsors you need to contact the sponsor we process their transactions within 3 hours from we receive it.

cam_girls 09-03-2010 04:35 PM
Anti money laundering laws = Suspend accounts without notice

Stupid, paypal does this too.

PSD 09-03-2010 04:35 PM
I am getting emails from programs suggesting I change from epassporte to something else but if I have my account set to wallet and withdraw directly to my checking account there should be no problem right or am I missing something here.

Marshal 09-03-2010 04:37 PM
Quote:
Originally Posted by Michael O (Post 17466211)
This were changed earlier today.
Michael, you have always been very helpful and I'm sure all us appreciate that! But, can you please explain us 2 things:

1. why are only wallet funds available for withdrawal?
2. when can we expect any further explanation like a public release about the whole epassporte visa problems?

thanks!

BBNuno 09-03-2010 04:38 PM
Quote:
Originally Posted by nettrust (Post 17466217)
i have no idea why that would be illegal... that was my assumption, though...
Ok. But they cant use your money without you know...Right? If you say yes you can use it its ok but I dont say anything to anyone...

xmas13 09-03-2010 04:41 PM

Michael O 09-03-2010 04:43 PM
Quote:
Originally Posted by nettrust (Post 17466173)
no need for funds to be transferred between banks. a company like epassporte probably has one big company account with a lot of "virtual" pooled accounts (our epass accounts). since this is a "merged" account, there are a lot less funds in reality in their account then all the funds "stored" in people's virtual card, because most of the time people are holding certain amounts on their accounts when not used.

i'm pretty sure vast major part of their funds is already used for generating additional income, and it is probably invested in various funds, realty or stock market.

let's assume epass accounts store 1 million dollar altogether. i bet there are no more than $200k-$300k of real money kept in their account. the rest is already invested. i'm sure they don't make their living from the bank interest and fees only.

they are receiving wire transfers from one bank and only visa services are located in St. Kitts Nevis Anguilla National Bank. this bank but "on hold" their account (virtual visa funds) due to he new visa regulations, but "wallet" money is still available.

i'm pretty sure that's the main reason why their "wallet" money is not frozen and why we will be able to get a hold of it. just my :2 cents:
This is not correct any of it see post #877 that gives an good idea about how things work.

Michael O 09-03-2010 04:44 PM
Quote:
Originally Posted by pornstar2fag (Post 17465437)
Nope - they lied about that shit too.. just tried it

We were unable to issue a withdrawal at this time. Please try again later.
Please email me at [email protected] then I will look into it.

Tjeezers 09-03-2010 04:45 PM
almost 39.000 views in 1 whole day
thats a strong thread

Michael O 09-03-2010 04:46 PM
Quote:
Originally Posted by Serious-Partner (Post 17465545)
Hello Michael,

We arranged a wire transfer in epassporte, print, signed and send it by email.
When will you send it ?

Thanks for your time and help.
It takes us 1-2 business day to send wires for business accounts.
2-3 business days for personal accounts since they need to be reviewed by Account Verification we may have some delays this and next week due to the volume.

howardzinn 09-03-2010 04:46 PM
Quote:
Originally Posted by lacuna (Post 17464540)
These are my assumptions, and we all know what they say about assumptions... This is the most ridiculous cluster-fuck I've ever heard of, and if this isn't resolved quickly, the class-action lawsuits will be spectacular. In which case though, you can pretty much kiss your money goodbye...
I don't give a shit. I have a few thousand in there, if it's a choice between giving it to a lawyer for a class action or letting Visa or Epassporte or the bank in Antigua eat it, I'm going with the lawyer.

Jman 09-03-2010 04:46 PM
I understand we cannot withdraw or purchase with the card but why can't epassporte just transfer all of their clients money sitting in VV in the wallet. If money is "safe" as per you guys then why can't you guys do that move?

Michael O 09-03-2010 04:50 PM
Quote:
Originally Posted by nettrust (Post 17466228)
Michael, you have always been very helpful and I'm sure all us appreciate that! But, can you please explain us 2 things:

1. why are only wallet funds available for withdrawal?
2. when can we expect any further explanation like a public release about the whole epassporte visa problems?

thanks!
1) the other funds are on the cards and Visa suspended the cards so we can not move funds to and from the cards.
2) As soon as we know more at the latest early next week.

Funds are safe, you can withdraw Wallet funds now if you wish but we expect to be back next week or have a different solution by then.

CPimp 09-03-2010 04:54 PM
So, it looks like we'll be waiting all weekend since Friday business hours are drawing to a close, especially in St Kitts?

Vick! 09-03-2010 04:54 PM
Micheal, Why money is available if it is in Wallet and not available if it is in Virtual Visa?

Please point me to post of this is answered already, its tough to look through whole thread.

baddog 09-03-2010 04:54 PM
Quote:
Originally Posted by nettrust (Post 17466228)
Michael, you have always been very helpful and I'm sure all us appreciate that! But, can you please explain us 2 things:

1. why are only wallet funds available for withdrawal?
2. when can we expect any further explanation like a public release about the whole epassporte visa problems?

thanks!
How many times should he answer these same questions?

mOrrI 09-03-2010 04:57 PM
Damn this is really annoying ....
Agrrr... pissed...

beta-tester 09-03-2010 05:01 PM
Quote:
Originally Posted by Michael O (Post 17466259)
1) the other funds are on the cards and Visa suspended the cards so we can not move funds to and from the cards.
2) As soon as we know more at the latest early next week.

Funds are safe, you can withdraw Wallet funds now if you wish but we expect to be back next week or have a different solution by then.
1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.

That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.

Please correct me if I am wrong...

GotGauge 09-03-2010 05:02 PM
Quote:
Originally Posted by Michael O (Post 17466202)
It will go into the Wallet since the place incoming money is stored for all accounts now.
KeyWord "now"

eurabia 09-03-2010 05:02 PM
Stop spazzing out like little bitches and be reasonable. EP has been nothing but stand up even in the toughest of times. I trust EP. I trust the CEO's statement. I'm 95% sure this will be resolved within a reasonable time frame. And yes, there's a small chance your might lose your dear money. U know what? Eat a dick. Deal with it. Money is not everything. Go have fun this weekend. But please stop this disgusting crying.

P.S. Fuck VISA

urbanpimp 09-03-2010 05:02 PM
Quote:
Originally Posted by baddog (Post 17466274)
How many times should he answer these same questions?
As annoying as it is, let this question be asked by as many people that want to ask itand as many times that they want to.
Lots of people live from payment to payment and they are very nervous and possible desperate.

Odysseus 09-03-2010 05:03 PM
Quote:
Originally Posted by Vick! (Post 17466273)
Micheal, Why money is available if it is in Wallet and not available if it is in Virtual Visa?

Please point me to post of this is answered already, its tough to look through whole thread.
OOOOOOhhh :Oh crap

DimeCash 09-03-2010 05:04 PM
Did Chris Mallack post directly in this thread?
If not - why not?

He was able to post about his movie yet something of this which REALLY affects the industry he seems silent with the exception of Michael O.

tigermtb 09-03-2010 05:04 PM
I like how I requested a wire of $xx,xxx from my account and now ePass has put my account into "Funds Protection Mode" for my security.

Yeah ... I ask for my money and they suspend my account. Wow. interesting.

Michael O 09-03-2010 05:06 PM
Quote:
Originally Posted by Vick! (Post 17466273)
Micheal, Why money is available if it is in Wallet and not available if it is in Virtual Visa?

Please point me to post of this is answered already, its tough to look through whole thread.
Visa suspended the cards so its not possible to move funds to/from the cards.

GotGauge 09-03-2010 05:06 PM
If you get banned for something like
http://www.gfy.com/showthread.php?t=975343&page=2
and it Becomes True, do you get unbanned?

Michael O 09-03-2010 05:07 PM
Quote:
Originally Posted by beta-tester (Post 17466291)
1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.

That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.

Please correct me if I am wrong...
The money is in the bank in St Kitts see post #877 gives an good idea how things work.

nickutis 09-03-2010 05:08 PM
hehe I hope SOBV lost all their money in this epass drama :)

Michael O 09-03-2010 05:11 PM
Quote:
Originally Posted by tigermtb (Post 17466301)
I like how I requested a wire of $xx,xxx from my account and now ePass has put my account into "Funds Protection Mode" for my security.

Yeah ... I ask for my money and they suspend my account. Wow. interesting.
Please email me your UserID and i will look into it.

Marshal 09-03-2010 05:11 PM
Quote:
Originally Posted by beta-tester (Post 17466291)
1) actually scares me a bit. I don't understand how can VISA have the access to the funds. They must be located phisically somewhere, in the bank for example. From what I understand VISA only gives the bank the licence to issue the cards and use their network to operate on a global level. VISA by no means should have access to the money!! I might be seriously wrong on this, though, but I don't think so.

That means if the money is on VISA card, they are still in the bank laying somewhere, and if visa suspends the program, that doesn't mean the funds are frozen, right? VISA don't have any jurisdiction over the money sitting in one person's account that is only connected to VISA's network and can be used everywhere. If VISA withdraws its licence off that bank, money should still be in the account and not forfeited.

Please correct me if I am wrong...
your question has a good point. as far as i'm aware, St. Kitts Nevis Anguilla Bank put on hold all their funds on cards for some reason (I guess because VISA have been putting pressure on them with their new regulations). the bank can't legally steal this money, so it should be still in the bank. the rest of the money is probably in some other bank or another account which is not connected to visa services. this is just my lame explanation. someone correct me, please...

Michael O 09-03-2010 05:11 PM
Quote:
Originally Posted by DimeCash (Post 17466300)
Did Chris Mallack post directly in this thread?
If not - why not?

He was able to post about his movie yet something of this which REALLY affects the industry he seems silent with the exception of Michael O.
Mr. Mallick is working to solve this situation with Visa.

cam_girls 09-03-2010 05:11 PM
Fuck I've got 25MB bandwidth left. Broke and blind.

I am just utterly fucked, off to the Salvos, eating out of bins fucked.

No way to get my pay back on track whatsoever.

Wait I can spend $2 out of my $20 paypal coming in at the net cafe....

Shame walking from the park 10km to the cafe is really fucking painful when you don't have any food

Michael O 09-03-2010 05:14 PM
Quote:
Originally Posted by nettrust (Post 17466326)
your question has a good point. as far as i'm aware, St. Kitts Nevis Anguilla Bank put on hold all their funds on cards for some reason (I guess because VISA have been putting pressure on them with their new regulations). the bank can't legally steal this money, so it should be still in the bank. the rest of the money is probably in some other bank or another account which is not connected to visa services. this is just my lame explanation. someone correct me, please...

Please do not post incorrect information, see post #877 as an example on how things work and we have already stated that the money on the virtual cards are at St. Kitts

DimeCash 09-03-2010 05:15 PM
Quote:
Originally Posted by Michael O (Post 17466331)
Mr. Mallick is working to solve this situation with Visa.
Understood but as the owner taking 5 minutes to write a personal post - direct from the horses mouth might make some people feel some level of comfort.


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