Choice Bank of Belize faces liquidity problems

[extremedox101]

yes axe , checking accounts still work in paxum so the problem remain in cards‌ .
but i guess users who had more than 10k in firstchoice accounts are suffering‍ now.

aswell the users that tried to make wire transfer before/during the problem ?

 

[Axe]

That is correct, i have more than 10k on FirstChoice frozen. Paxum is fine, they‌ can wire.

 

[Nicolae Ciobanu]

Yesterday i write a email to central bank from belize ,i will send , one‌ picture with my account to see that bank don t upload my card with money‍ from 09.04.2018, the money from account are frozen don t move in my card. I⁠ will send the email from FirstChoice Pay , because say we can withdraw all the⁤ money with no problem . Is a scam, what is happened right now with that⁣ bank.

 

[Nicolae Ciobanu]

Yes i am from Romania Bucharest!! [email protected] is my email

 

[Evgenij]

Hi.I have been talking to FirstChoice pau daily,and the last answer was more clear.They r‌ looking for new bank and cards but at the same time they r trying to‍ get all money out of ChoiceBank.I was informed that ChoiceBank wont fix anything till 1⁠ th May.But i hope it will after!(

 

[Axe]

The vice president of Choice obviously said it could be months..1st of May is now..:|‌
Firstchoice pay can t do a thing about Choicebank.Till Choice Bank sorts things out, if‍ they ever will...we will have to wait.
I don t trust these promises.Why isn t⁠ there a lawsuit between Firstchoice and Choice bank by now? Is there a connection between⁤ the 2? Why havent they applied for another bank by now like paxum? If paxum⁣ can do it..why can t they?
This just sounds fishy to me.

 

[Evgenij]

I totaly agree with u.When i spoke with FCP,i asked,what will happen if⁢ ChoiceBank wont get money back ? They said we will start lawsuit.They will!!! But still︀ didnt! And ofc their support cant tell anything more.

 

[Evgenij]

I am hardly⁠ waiting till Tuesday 1 st May.After that i will go to local lawyer ,if he⁤ can help.

 

[Axe]

This is a question for the law firm handling the case. ARE OUR MONEY INSURED‌ ?

 

[Caporaso and Partners]

I had some answers with a parallel investigation: it seems that Wire Cards (provider of‌ the Master Cards distributed by Choice Bank) shot down their program and create the liquidity‍ problem. This happens few months ago with Wave Crest that had suspended their VISA program⁠ without prior notice and then their Master Cards program with 15 days’ notice. Now Choice⁤ Bank need to get all their (our) money back and it will take few weeks,⁣ then they can start to pay out. Of course, the bank will need a plan⁢ to avoid massive withdraw than can cause bank’s bankruptcy. Caporaso & Partners still work to︀ press Choice Bank to notify their plan to all customers and be transparent. We also︁ ask to all customers to join our group and give us a Power of Attorney︂ to show to the bank and the Central Bank that we are one for all︃ and all for one. Our money is not insured so we have to act fast︄ but think first about cause and effect relation in our behavior.

 

[John L]

The FirstChoicePay and Choice Bank are the same company, or operated by the⁢ same company, if you look at the bottom of FirstChoicePay website, it sais "© 2018︀ Choice Bank Ltd., All Rights Reserved ", also if you run a whois.com for the︁ both domains, you will find the same contact details for both websites.

I have been︂ contacting the FirstChoicePay company for the last three weeks, once a week, but they have︃ told me the same answer, that they don`t have an estimate time frame on when︄ this problem will be fixed.

Today I see that they charged me that monthly maintenance︅ fee...

 

[extremedox101]

firstchoicepay is high risk business solution introduced by choice bank︁ , the stuff and employees are branched from payoneer.

 

[Axe]

Who can investigate if cosmopayment is involved with these guys? It is 4 weeks old.‌ Wouldn t be funny if Choice,when this is over, transfers our money to Cosmo ,‍ considering FirstChoice no longer is in business? Cosmo has a limit of 90000 per year⁠ withdrawl and bigger transfer fees.
The money are going slow and the fees are huge....⁤
Maybe i am being paranoid...but that would be a major scam.

 

[Axe]

90 k sounds a lot but really it isn t.It can prevent massive widraw from‌ clients that have a lot in their accounts...

 

[dawnsdad79336]

There may be other things that people can do to put pressure on the Belize‌ government and banking system. Belize is a small country that aspires to be big in‍ foreign banking, tourism, and international investing. It was not so long ago that I was⁠ seeing tv commercials and hearing radio commercials on US tv and radio advertising how wonderful⁤ Belize is for investing and tourism. This choice bank thing could be disastrous for those⁣ goals. If people would write various Belize government offices and real estate marketers and firms⁢ involved in tourism, saying that they have been considering investing in Belize or traveling there︀ but now they are reconsidering because they have heard that the banking system is unstable︁ because of this problem with choice bank and they are afraid that their investments would︂ be at risk, these entities would put much pressure on the Belize government and banking︃ system to resolve this problem. It's your money, people. Be creative.

 

[basz]

If FirstChoicePay wants to send the remaining money on the virtual balance to your bank‌ account by wire transfer, what are the best options? Sending a large amount of money‍ (>$10k) from an offshore bank in Belize to an European country sounds risky. No?

 

[Evgenij]

The bank says is the only one way they r planing.But⁤ its very risky for everyone who has big ammounts.

 

[Axe]

Why would it be risky? Is there any risk? They will never do that. They‌ are trying to prevent massive withdraw so wiring big sums of money is out of‍ the question.

 

[Evgenij]

Risky to recieve in local bank,that will start to ask questions from where u got‌ these money.

 

[Axe]

Just a few people didn t declare their revenues to the financial institutions.I have no‌ such problem.How are you going to trial if it ends up to this? Hopefully it‍ won t.
It 's been a week already and we haven't made a decision yet.Who⁠ goes with the lawyer above and who has other option?
The real estate and tourist⁤ companies don;t give a f8ck about us.Would you? Promotion is one thing,real life is another.⁣ As long as the Central bank stays still,there isn t much we can do.