Paxum closing US personal accounts - 48hr notice
 

Anyone else get this? The email looks legit.

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.

It goes on to explain "why" they are doing this.

Got it too.. so americans can't use paxum at all now?

awesome how we're being treated after all these years. Shows what loyalty gets ya with them over there.

"USA Business Account-Holders will not be affected by this change"

unless they are paying US based affiliates with Paxum personal accounts

I guess no one learned shit when it comes to Epassporte.

this will affect huge number of paxum users

Boy good thing you pointed that out! Why I am sure we all forgot about epass except you. Thank god you're here to point out the obvious

The rest of the email because a couple of people messaged me asking.

-----

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.

I wouldn't blame Paxum but would our over reaching government. :pimp:

Agreed except for the 48 hour notice...it's chicken shit.

These changes has being slowly brewing for a couple of months ...

got the email. fuck those assholes! switched my payments from them. this is weird shit. the only reason sponsors use them is to pay affilliates. so why would sponsors add money there now??? this means way less biz here.

:2 cents::2 cents:

Yep, there are already a few threads about it (example: https://gfy.com/fucking-around-and-pr...d-account.html).

Does this involve First Choice Pay too?

Anyway this sucks for Paxum users.

I'm Canadian but I do feel the pain. It's bullshit. I did switch mainly to FirstChoice it was a better option for me. What the fuck? I'm pissed and I will be using first choice or cheque before paxum as a result of this statement.

damn, so sad to hear :(

indeed :disgust

Why not have a business account?

I'll blame them for lack of communication. It's completely unprofessional to give only 48 hours notice if this was a voluntary move on their part due to business reasons.

And, why didn't Paxum inform EVERYONE? We have a Canadian Business account with them, but are affected as we make many affiliate and supplier payments to US personal account holders. We now have to quickly find alternate payment methods for those impacted.

something tells me this was forced... no option to keep it open :2 cents::2 cents: im guessing the plug was pulled. everybody loves paypal! my money is in my bank before i can login! :1orglaugh:1orglaugh only cost 25 cents! :thumbsup:thumbsup

FATCA has finally reached paxum?

Bad news. While I am glad that our business account will not be closed it will still be negatively effected since we use it to pay many personal accounts also.

Regardless of their reasoning I find 48 hours of notice completely unacceptable.

Was told about this about 2 months ago after they said they weren't renewing USA based paxum cards anymore.

Oh well, what's next?

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.

@Ruth

Ruth I think you guys underestimate the impact.

You guys say in the email and I quote:

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.

...

Well you are wrong because I am a EU citizen, and the biggest reason I have paxum since day one is because I can be paid by paxum. And the percentage of "MY" business from USA Personal Account Holders is "A LOT HIGHER" then what you think.

I assume that aprox 40% of my costumers can not pay me anymore by paxum.

So at some point paxum will be useless for me as well, while as a EU citizen I am not directly effected by this.

It's only a matter of time for some other company to replace paxum because we need "ONE SYSTEM" for all and everyone.

Take my word, ... in 6 months from now you'll deeply regret this (stupid) decision.

:2 cents:

Pretty sure they won't regret this, it's not like they have a choice. It's either closing US accounts or go out of business completely. Also pretty sure there won't be some other company to replace them. It is very hard and expensive to offer a service like Paxum in the US due to all the financial regulations there like FATCA https://en.wikipedia.org/wiki/Foreig...Compliance_Act

Services like Paxum will eventually stop to exist because it's getting stricter and stricter in the rest of the world too. Like CRS which is like a worldwide FATCA
https://en.wikipedia.org/wiki/Common_Reporting_Standard which is already live in most first world countries and many more counties already signed to join

In general banking also a lot is changing over the past years, like for example many EU banks have closed and stopped offering USD accounts for EU companies.

Also to even have a normal personal bank account in another country is getting harder and harder by the year, especially with CRS being implemented by more and more countries. I used to bank abroad quite a bit, but now they all want proof that I pay my taxes somewhere else and if I don't provide that they close my account.

Eventually it will be almost impossible to use any kind of offshore bank or online payment service like Paxum. Maybe crypto/blockchain will eventually be a solid solution, but governments will probably try to do anything to prevent that from happening.