Choice Bank having financial problems?

[AlexO]

Is this email true?

Dear Accountholder,

Due to recent developments involving the prepaid card component of our international banking business, Choice Bank Ltd. (“the Bank”) has been forced into a temporary liquidity constrained position.

With a view to enable the Bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the Bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the Bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the Bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required.

The Bank maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of US$26 million, a most recent reported regulatory capital ratio of 26.92%, and statutory liquidity ratio of 74.59%, such ratios significantly exceeding all statutory capital adequacy and liquid asset requirements. The liquidity challenges the Bank currently faces is truly a short-term one. As it progresses through this process, the Bank is confident that all its depositors, cardholders and creditors will be kept whole.

We thank you for your patience and understanding and apologize for any inconveniences caused.

Yours sincerely,

Paradise Point Building
Corner Hutson Street and Marine Parade Boulevard
Ground Floor, P.O. Box #2494
Belize City, Belize, Central America

[AlexO]

Paxum, FirstChoicePay and Payoneer use this bank for their Mastercards. I know Payoneer uses another bank in addition to Choice Bank for Mastercards, but if the email is true does it spell the end of the mastercards from those companies.

[bestfreeporn]

I think Firtschoicepay is owned my Choice bank and that means the end for them, will Paxum survive who knows. Payoneer uses Choice Bank and another one so they will survive.

[DonMK]

How can a bank have "temporary liquidity constrained position" what they lent out more than they made money back on?

[AndyR]

FUCK !!!!

[dom_trev]

If true and if they come out okay you can see what depositors will be thinking, time to withdraw the cash , which will in turn put them into more liquidity problems, over all it's a fucked up announcement if true.
On this note where the fuck are the reps form those places, Ruth for example.

[roboscripts]

This is the answer i got from Ruth from Paxum:

Please see our statement below, and let me know if you have any questions!

Paxum Statement Regarding Choice Bank
Paxum Inc would like to address any concern our clients may feel after the recent news regarding Choice Bank Limited. On April 9th 2018 Choice Bank Limited informed its customers that it has been forced into a constrained position by the regulatory authorities.

Paxum would like to reassure our customers that this is an issue between Choice Bank and its regulatory authorities directly, and it is completely unrelated to Paxum. Paxum is just a customer of Choice Bank.

As a result of the news from Choice Bank we regret to inform you that Paxum cards can no longer be loaded via transfer to card. However it is important to note that any funds that currently exist on any Paxum card issued by Choice Bank are fully available and can be used as normal at the ATM and for POS purchases.

We are grateful that only a small portion of Paxum users are affected by Choice Banks situation, as it only relates to the Paxum issued card. All other aspects of Paxum services are operating normally, and regular service is uninterrupted. We apologize for this inconvenience caused to Paxum card-holders by Choice Bank, and we are working hard to promptly implement our new card solution.

As part of our commitment to providing a reliable payment service, and as a result of lengthy card issuing delays through Choice Bank over the last few months, Paxum had already been exploring alternative card issuing options and we have finalized a backup card. New cards are currently being printed. There will be no additional cost to the user for the new card, and we should have everything completed within 4 weeks. We will update clients as soon as the new cards have been shipped and implemented.

In the beginning of March 2018 Choice Bank experienced problems loading funds to cards and at that time Paxum pro-actively introduced Instant Withdrawal to External Credit/Debit card as an additional instant withdrawal option. Many clients have tried this option, and we recommend it for any Paxum client seeking instant access to their account funds while a replacement Paxum card is being implemented. Please note, some restrictions do apply.

Paxum payment solution has always been more than just a card, which is why problems that our card issuer Choice Bank is experiencing will not cause any long-term damage to Paxum's ability to provide consistent secure global payment services.

Paxum offers multiple withdrawal options (Wire, EFT/ACH, External Credit/Debit Card, and Transfer to Other Accounts), instant payments worldwide, and we still offer instant withdrawal. Paxum cards will be back very soon, and we look forward to continuing to serve our clients payment needs in the meantime.


Thanks,


Ruth

[linux]

Sign up for the Genie Platinum Prepaid Visa Card issued by Metropolitan Commercial Bank (Member FDIC)
of New York. Maximum Load - 20K (5K per day)

https://geniecard.com/dcs/?gc=GenieCard ... 2138250179

[Wm2man]

Do you predict this bank making a come back and customers staying with them?

[roboscripts]

No that bank is finished

[jag]

I just hope they get their house in order for all the clients with accounts there, but I am not holding my breath.

[jlinkz]

I know my Paxum Mastercard is no good any more, I can not add funds form the checking account to use it, fuck fuck fuck

[bbwlover]

Are deposits at that bank insured or it's uninsured.

[HeidiHoe]

Are deposits at that bank insured or it's uninsured.

Its in Berlize right? So the question is what are the laws governing banking in that country.

[badkitty]

Any news how this is going for the Bank, will the Paxum Mastercards be good again.....