Worldcore banking alternative with debit cards.. Please Read!
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Worldcore is not really global. It does not accept persons from majority of countries including US!
I want to make clear that I have not suggested anything nor will i ever do that. If you read thru these so called AML and KYC provisions we can look directly to Paypal as a prime example. These provisions allow these providers to freeze funds at any given time without any further explanation. Money Laundering and all these buzz words that make the rounds are just a pretext, plain and simple. We are living in a parallel world of common law and civil law on one side and︀ the UCC Uniform Commercial Code on the other side with the latter being the dominant︁ force. Everything needs to be seen from a commercial point of view. If you read︂ thru all the provisions, everything is so broadly stated that any interpretation of these provisions︃ can justify the freezing of funds at any time. Paypal is a prime example for︄ that. They have mastered a business model based on these provisions where they can freeze︅ funds for months to make up for any cash shortfall that they might experience. Thousand︆ of business owners have gone out of business because of these practices by Paypal. This︇ information can be found on the internet. I also had the “pleasure” to have been︈ in contact with a couple of folks personally. But how can they prove anything...it is︉ all about protecting them from the bad guys, isnt it? Again, I am not suggesting︊ that any other business will ever engage in these practices. I am just pointing to︋ the setup of these provisions, that based on these provisions this option should be in︌ the back of everyones mind when considering a business account with these types of institutions.︍ People make one mistake generally: Just because a legal entity is registered with a government︎ agency does not make the common man any safer. He needs to understand who these️ provisions were written for and what they actually mean. And mostly it is not for the reasons the common man thinks it to be. I have just noticed that this company advertises with you. So this post might be a conflict of interest. Feel free to delete it if you need to, no problem. I have just replied to your question. Regards.
I totally agree with you. But how does it differ from other similar companies? As you already explained it happens with PayPal and various other payment processors almost every day. So far, personally I have had no problems with PayPal at all, I'm using them since 2005 - Not a single issue at all.
I know WorldCore, Advance cash and similar companies don't have the size of PayPal and therefore the risk they will or can freeze accounts may or may not be higher, but that said.. if a small company does that, they will went out of business quickly.
But I share your fears.︀ Bad examples are iBill, ePassport, PSBill, Pago and many more.. have been there done that.︁ What I suggest everyone is to now put all your eggs in one basked!! That's︂ also very common way of doing high volume payment processing these days.
I know WorldCore, Advance cash and similar companies don't have the size of PayPal and therefore the risk they will or can freeze accounts may or may not be higher, but that said.. if a small company does that, they will went out of business quickly.
But I share your fears.︀ Bad examples are iBill, ePassport, PSBill, Pago and many more.. have been there done that.︁ What I suggest everyone is to now put all your eggs in one basked!! That's︂ also very common way of doing high volume payment processing these days.
Totally agreed and to most people it probably will never happen. It usually︃ happens only with the larger transfers. Smaller amounts would not make any business sense as︄ that would make too much noise. Its better to freeze 60k with one click than︅ 60k with 100 clicks. Instead of 100 bad reviews you will only get 1 instead︆ and you got more bang for the buck. Thats the better business model and this︇ is what these AML provisions are used for. As you said, most will likely never︈ be affected as these kind of providers are mostly used to get a Mastercard for︉ shopping purposes. If you check out the “headquarters´” of this provider on Google then it︊ is pretty obvious to me that this company is more or less a startup where︋ things can still go either way. So knowing that 50k would be sent to their︌ omnibus account where they have full control of the funds would make me personally very︍ uncomfortable. But the terms and conditions are laid out clearly and everyone finally has to︎ make their own decisions. The constant whining when the pudding actually hits the fan is️ what I cant follow because one could have read the terms and conditions beforehand.
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