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euro_princess
04-11-2018, 12:21 PM
I managed to empty my card, so a few hours ago was working for me. I made online transactions too. I found out only because SM left a notification in my account. I won't get my payment this week, unfortunately.

danep
04-11-2018, 12:38 PM
Is FCP closing down? Thats what people want to know and your posting isnt very clear on that matter. Also I tried to use my card and it declined. A few other people on Twitter mentioned their cards are declining as well.

Jane, no matter how inconvenient the situation is, I'll do my best to help. Contact me at your earliest convenience please.

Bananabunny
04-11-2018, 01:32 PM
Wait whaaaaaaaaaat?! I don't quite get it. WHY is this happening?? As a non native speaker I see too many words I don't know in here :( So when exactly will first choice pay be gone? Is there a reason for this sudden decision? And what are our alternatives? I'm so lost and scared :( Webcamming is the only way I am capable to make money and I wouldn't be thrilled to suddenly have to pay huge fees for loading my money into my bank account!! I already don't make a lot a month :/

Also huge thanks to danep for always answering our questions!! We all wish you good luck for your future! :) You were always friendly and helpful! Thanks for everything!!

DeepThoughts
04-11-2018, 03:12 PM
^^ What is your native language?

Bananabunny
04-11-2018, 06:54 PM
^^ What is your native language?

French is my mother tongue and German is the language I speak the most. So kinda both. Why are you asking?

tropo
04-12-2018, 12:33 AM
^^ It would be fair but there is no way they will honor it. They are going out of business! They no longer care if we are all angry at them plus its likely they dont even have the money.

Has anyone else tried to empty whats on their account and been denied?? I cannot get to the bank until at least tomorrow to empty mine. I went into town early for a doctors appointment and used most of what was on my card to pay my rent (thanks god) but there is still like half a grand I want to get out of there and I freaking out that I might not get it now. :( I wouldnt even have cared but until I know how I will get my future payments Im a bit nervous. I dont want to have to start using my savings!

I emptied most of my balance at the ATM about 30 hours ago and the rest by POS purchase at Body Shop in the last 24 hours. I have $5 left, which I cannot get.

tropo
04-12-2018, 12:38 AM
It looks like Paxum cards issued by Choice Bank are going to be a problem too. My Paxum card IS issued by this bank.

Here's a message I got from SM yesterday:

PAXUM:
Paxum payments will continue to be processed and sent to your Paxum account. However, Paxum cards issued by Choice Bank will need to be replaced. Paxum is already issuing replacement cards. If this affects you, please contact Paxum for further information. We have been told that any funds already loaded to your card can still be used, and you can log into your Paxum account and manually transfer funds (fees may apply). Contact Paxum directly for any questions about your funds.

If you would like to change your payment method to Paxum, please do so on your Payments page as soon as possible.

danep
04-12-2018, 01:04 AM
Wait whaaaaaaaaaat?! I don't quite get it. WHY is this happening?? As a non native speaker I see too many words I don't know in here :( So when exactly will first choice pay be gone? Is there a reason for this sudden decision? And what are our alternatives? I'm so lost and scared :( Webcamming is the only way I am capable to make money and I wouldn't be thrilled to suddenly have to pay huge fees for loading my money into my bank account!! I already don't make a lot a month :/

Also huge thanks to danep for always answering our questions!! We all wish you good luck for your future! :) You were always friendly and helpful! Thanks for everything!!

Nous sommes pas perdues (pardon my broken French), feel free to reach out and let me know how can help in this inconvenient transitional time.

*Lynn*
04-12-2018, 01:05 AM
It looks like Paxum cards issued by Choice Bank are going to be a problem too. My Paxum card IS issued by this bank.

Here's a message I got from SM yesterday:

PAXUM:
Paxum payments will continue to be processed and sent to your Paxum account. However, Paxum cards issued by Choice Bank will need to be replaced. Paxum is already issuing replacement cards.

This is what I am trying to get a response about and I still haven't heard back from Paxum. I'm under the impression that there is no replacement card yet, but we'll see!

raakashock
04-12-2018, 03:38 AM
is it still possible to transfer money from my fcp account to my bank account?

tropo
04-12-2018, 05:25 AM
This is what I am trying to get a response about and I still haven't heard back from Paxum. I'm under the impression that there is no replacement card yet, but we'll see!

I'm wondering how safe keeping money in the Paxum 2511 USD account will be. If I'm going to spend $50 to transfer money to my bank account I'll have to let it accumulate for at least 2 months to make it worthwhile. As I'm not in the US I don't have a cheque payment option for my SM earnings.

If they start offering new debit cards, how much are they going to charge? I just paid $45 for a card I've only had for 2 months.

Bananabunny
04-12-2018, 09:44 AM
According to sources on the SW Discord server, things are going to get fixed in 2 weeks.

EDIT
Nevermind I just found out that somebody got an email back from Firstchoicepay support and it's not true apparently. They also say to get all the money out of the card ASAP at an ATM or spending it online.

Classy_Katy
04-13-2018, 01:50 AM
Danep said this earlier - Existing users of bank transfers from selected websites should continue to receive payments at the moment.
Funds that are already on the cards can be used, new payments will not be loaded, because we no longer have the infrastructure to do so.

Has there been any change on this? I see people saying all sorts on the forum. It looks like bank transfers are only working for now and will also stop eventually.

tropo
04-13-2018, 02:08 AM
Danep said this earlier - Existing users of bank transfers from selected websites should continue to receive payments at the moment.
Funds that are already on the cards can be used, new payments will not be loaded, because we no longer have the infrastructure to do so.

Has there been any change on this? I see people saying all sorts on the forum. It looks like bank transfers are only working for now and will also stop eventually.

This official email I got from Firstchoice yesterday says it's all over:

With regret, we are writing to inform you that Firstchoice Pay is not receiving or processing any further payments, effective immediately.

Please be aware that you are not able to receive any new payments through Firstchoice Pay. We trust that the companies that pay you will be offering a new way for you to receive your payments. Please contact them directly for more information.

The balance on your card remains available for you to withdraw at ATMs or spend. Your transactions can be viewed and tracked through your account and we will continue to provide you with full customer support.

We would like to take this opportunity to thank you for your business. We have greatly enjoyed serving many loyal customers and offer sincere apologies for any inconvenience this may cause.

For further information, please visit our FAQ page.

Thank you,
The Firstchoice Pay Team

danep
04-13-2018, 02:31 AM
Hi, I will provide additional updates as soon as I have them.
I will be here to assist to the very last moment, until we are sure all users have their remaining funds.
We are talking about many case scenarios, and perhaps even case by case exceptions, and this is exactly what I'm here for.

archaicgirl
04-13-2018, 04:08 AM
Just letting anyone know, if you're having trouble drawing from an ATM, try drawing from an ATM of a different bank! I couldn't get anything but a "transaction declined, insufficient funds" message (cue a lot of panicking), but I managed to get almost everything out when I tried another bank's ATM.

DeepThoughts
04-13-2018, 03:08 PM
French is my mother tongue and German is the language I speak the most. So kinda both. Why are you asking?

I could have translated for you from English to Italian or Spanish but My German is basic and I only understand French I cannot speak it. This was all.

KarinaGiselle
04-13-2018, 04:11 PM
I'm very concerned because the GBT we set up between BM and FCP made the first payment get stuck and apparently that money is now gone, nowhere to be found.

Support saya it'll be back to BM in 7 to 10 business days but I have my doubts.

Candy_Women
04-16-2018, 05:14 AM
will the card fee be refunded?

danep
04-16-2018, 05:54 AM
will the card fee be refunded?

Hi, I'm trying to follow your question. Are you asking about future payments?

Candy_Women
04-16-2018, 11:01 AM
Hi, I'm trying to follow your question. Are you asking about future payments?
Will we get a refund on our yearly card fee?

tropo
04-16-2018, 12:00 PM
will the card fee be refunded?

My cards were free. First the Payoneer cards and later the Firstchoice card. There was a $2 per month card fee as long as there was a positive balance. $24 per year including free postage was a good deal.

princess_casual
04-16-2018, 12:53 PM
Wait whaaaaaaaaaat?! I don't quite get it. WHY is this happening?? As a non native speaker I see too many words I don't know in here :( So when exactly will first choice pay be gone? Is there a reason for this sudden decision? And what are our alternatives? I'm so lost and scared :( Webcamming is the only way I am capable to make money and I wouldn't be thrilled to suddenly have to pay huge fees for loading my money into my bank account!! I already don't make a lot a month :/

Also huge thanks to danep for always answering our questions!! We all wish you good luck for your future! :) You were always friendly and helpful! Thanks for everything!!

Tout s’est passé très rapidement... un jour j’ai vu une notification que First Choice Bank était fermé. J’ai envoyé quelques messages à streamate mais ils s’en foutent de nous! Je me suis inscrite chez Paxum, mais mon compte n’est pas encore validé et un plus il semble que les frais sont chers donc pas top. Moi je suis Américaine mais j’habite en France et je n’ai plus de compte USA donc je suis vraiment dans la merde! Selon le service client chez SM ils vont trouver un autre moyen mais ils prennent leur temps hein....

KatyBoleyn
04-16-2018, 09:28 PM
I'm very concerned because the GBT we set up between BM and FCP made the first payment get stuck and apparently that money is now gone, nowhere to be found.

Support saya it'll be back to BM in 7 to 10 business days but I have my doubts.

Even if it does come back to us, we have no access to our business account funds, but for now we can still see balances. We will cover it out of our pocket when we can verify its returned and credit your account with us to be paid out another way.

misspandora
04-23-2018, 08:38 AM
Well, this is just great.

Youkandy owes me money, and now they have no way to give it to us. Shouldn't they have been prepared for this? All I get is a message that they're working on a new payout method and will try to have it ASAP.

So annoyed right now.

misspandora
04-23-2018, 08:59 AM
That's one thing I've learned, working in this industry for 8 years now. Always always get your money out ASAP, because you never know when a company is gonna go under, or get f'd over my MC/VISA etc

misspandora
05-04-2018, 09:49 AM
Jane, no matter how inconvenient the situation is, I'll do my best to help. Contact me at your earliest convenience please.

Hey danep,

Do you have any idea what's going on with YouKandy???

They posted an announcement about FCP going down Apr 10. The announcement said they would come up with a new processor ASAP. Well, guess what, it's been almost a month now, and we've heard NOTHING..AND THEIR SITE IS DOWN.

They claimed in an update last week that FCP was holding everyone's money, so they said they couldn't pay out.

Do you know if this is true?

thx

claudiasmith
05-04-2018, 10:59 AM
I AM BROKEN AND I DON'T KNOW WHAT TO DO, fcp FROZEN THE FUNDS, THEY SENT ME THESE EMAILS AND ANSWERS:


On April 10, 2018 Choice Bank Limited froze all deposits and virtual balances at the bank while it works through its temporary liquidity situation.

As funds are held with Choice bank ,Choice Bank is handling all inquiries relating to this matter.

Please direct any queries to Rob Anderson, Executive VP at Choice Bank, at [email protected]

Sincerely,

Dan

Escalations Team

Customer Care

Reference Number: 180504-006569

Your Customer ID: 19221764



De: Ad Kees
Enviado: viernes, 04 de mayo de 2018 04:18 p.m.

Asunto: RE: Client Number 19221764. [Reference Number: 180504-006569]


As you have understood we are currently in a liquidity constrained position. This made us suspend loading prepaid cards and executing wire transfers. At this time we are gathering and analyzing the information we received from the card program managers.



Our aim is to return funds to card holders by wire transfer. I cannot give you a reliable timeframe for that at this point. Once I do I will inform you immediately.



Please also note that funds on cards will be available until 30th of June. I recommend to take these funds of the card as soon as possible.



I duly apologize for any inconvenience caused.



Best regards,





Ad Kees

Vice-President Banking and Investment Services

Spain: +34674874279 (including WhatsApp)

Skype: Adjcmk

Mail: [email protected]

Web: choicebankltd.com

Toll Free: 1-844-530-0996



Ad Kees
Vie 04/05/2018, 04:28


I am really sorry, but at this time none of our clients has access to their money. If we reopen services it will be for all of our clients at the same time.



Again, I duly apologize for this.



Best regards,



Ad Kees

Vice-President Banking and Investment Services

Spain: +34674874279 (including WhatsApp)

Skype: Adjcmk

Mail: [email protected]

Web: choicebankltd.com

Toll Free: 1-844-530-0996

danep
05-08-2018, 12:28 AM
Hey danep,

Do you have any idea what's going on with YouKandy???

They posted an announcement about FCP going down Apr 10. The announcement said they would come up with a new processor ASAP. Well, guess what, it's been almost a month now, and we've heard NOTHING..AND THEIR SITE IS DOWN.

They claimed in an update last week that FCP was holding everyone's money, so they said they couldn't pay out.

Do you know if this is true?

thx

Hi, I am caught in the crossfire no matter how we approach this.
At the moment I have no access to anyone in Choice Bank, and I am not on boarded in any discussion with Youkandy aka DMR Technologies.
My other responses on our sister communities got me into enough trouble already, and my tendency is not to be pulled into Guerrilla marketing stunts, that mostly serve people I don't work for, and most importantly, don't serve the models.
I've loyally served the people here and in other communities, 24/7 sometimes, on so many channels, jumped through hoops and turned tables, even taking the heat from all directions sometimes. I will gladly do it again by the way, only this time with an adult space company that will respect me as an asset, like many models did. At the moment however, I'm out leagued and out numbered.
There is a lot of audacity in me still, but when it comes to banks and their business decisions, that are made in discussions I'm not even a part of, I will do a bad service for everyone by giving educated guesses.

Feel free to PM me, if you'd like me to take a look at any specific details.

claudiasmith
05-09-2018, 12:09 PM
Dan , I contacted the Choice Bank and they don't know whe we can get our money, the funds are frozen there, I need it. They answer over and over again they don't know.

Do you know something?

danep
05-09-2018, 12:22 PM
I don't really have anything new to add here. The message was sent to you by their representative, and I believe that every word, and every coma in it were carefully checked by their teams. I am encouraged by the fact that they respond to people, it could be a good starting point.

claudiasmith
07-10-2018, 09:53 PM
Dan, now the Central Bank of Belize have the full control of the bank, do u know something about when will they send the money?

danep
07-10-2018, 10:35 PM
I’m getting my updates from the monstrous thread in the ACF, just like most people.
I’m no longer an industry rep here, or in other forums.
This debacle cost me a lot of professional ongoing damage as well, but that’s irrelevant here.
I hope to see an end to this soon.

cutest
07-11-2018, 06:07 AM
Dan, best of luck. I have gotten valuable help from you in the past, when FCP was created. Will not forget how helpful you were.

lala23
07-18-2018, 01:16 PM
Hello I have the same problem, all my money is there and they don’t answer the email, we are gonna loss the money???? What we should do? This Spanish number from how is?

claudiasmith
07-20-2018, 01:40 PM
The last update of the Central Bank of Belize says:

PRESS RELEASE
FOR IMMEDIATE RELEASE
Central Bank Update on Choice Bank Limited
Belize City, 17 July 2018: The Central Bank of Belize wishes to advise that pursuant to Sections 25 & 27
of the International Banking Act Chapter 267, Revised Edition 2011 of the Substantive Laws of Belize, a
bank’s licence is revoked by the Minister of Finance on the recommendation from the Central Bank. The
Prime Minister who currently holds the post of Minister of Finance has been involved from the onset and
continues to be apprised of the situation with Choice Bank Limited.
The Central Bank placed Choice Bank Limited under enhanced supervision in January 2018, after an
on-site examination raised concerns over the Choice Bank Limited’s governance and operations. The
Central Bank implemented time bound corrective actions but Choice Bank Limited remained noncompliant
in a number of instances. Choice Bank Limited’s prepaid card processor also reported that Choice Bank
Limited had failed to properly address AML/CFT compliance issues that dated back more than three years.
This resulted in the prepaid card processor’s suspension on 02 April 2018 (and eventual termination) of
services that supported Choice Bank Limited’s prepaid card business. The management of Choice Bank
Limited then claimed that this caused a run on the prepaid card balances of the bank and they reacted by
suspending customer withdrawal of deposits on 09 April 2018.
Even after the issuance of two sets of preventative measures by the Minister of Finance in May 2018 and
June 2018, both of which were aimed at preserving the assets of Choice Bank Limited and safeguarding the
interests of its customers and depositors, the Central Bank was dissatisfied with the level of compliance.
When Choice Bank Limited failed to comply with the preventative measures, the Central Bank conducted
an unannounced special on-site examination, which commenced on 25 June 2018. The results of the
examination confirmed that Choice Bank Limited was not acting in the best interest of depositors and
customers and Choice Bank Limited’s international banking license was revoked on 29 June 2018.
With the revocation of Choice Bank Limited’s international banking licence, the Central Bank appointed a
qualified liquidator in accordance with the laws of Belize. The current liquidator, Mr. Cedric Flowers and
his team have as a fundamental objective the marshalling of the bank’s assets and customers’ claims in
order to develop a schedule of payments in accordance with the law.
The matter is ongoing and sensitive. As the Central Bank continues with the implementation of actions in
accordance with the laws of Belize, former clients of Choice Bank Limited are asked to follow instructions
issued by the liquidator. The liquidator will oversee all Choice Bank Limited affairs moving forward and
any concerns should be directed to [email protected]
The Central Bank of Belize’s primary mandate is to promote monetary and financial systems’ stability. The
framework for achieving this is embedded in the Substantive Laws of Belize. The prudential approach to
supervision of the financial system consists of regular on-site examinations as well as consistent off-site
surveillance through information and report gathering from those institutions which fall under the Bank’s
supervisory framework. The actions of the Central Bank, before and during the liquidation process of the
said international bank have been in accordance with these laws.

https://www.centralbank.org.bz/news



On the other hand, Ad Kees sent me a document were Choice Bank explain what happened, so I understand Choice's version is different than Central's version.

Choice Bank press release:

Press Release
For Immediate Release
Choice Bank Limited
(A licensee under the International Banking Act, Chapter 267, Laws of Belize)
June 27th, 2018
The Bank is a Belize international business company duly licensed under the International Banking
Act (“IBA”) to conduct international banking business in Belize and is regulated directly thereunder
by the Central Bank of Belize (“Central Bank”) and ultimately by the Minister responsible for
banks and banking (Minister of Finance).
The Bank has recently experienced a liquidity event which has caused it to restrict client payments
for a period of time. Subject to Central Bank of Belize and Minister of Finance approval for certain
actions, which has not been forthcoming, the Bank intends to re-commence customer payment
operations on about Junes 30th, 2018.
As of the end of December, 2017, as indicated in the Bank’s audited financial statements and further
evidenced in the quarterly financial statements published by the Central Bank of Belize, the Bank
held total deposit liabilities of US$203mn with cash due from banks in the sum of US$136mn.
Further, as of the end of December 2017, the Bank held total equity of US$26mn, exceeding the
minimum statutory required capital of US$3mn by US$23mn and maintained a risk weighted capital
adequacy ratio of 12.4%, in excess of the legal requirement of 10%.
In compliance with Central Bank of Belize requirements that the Bank shall maintain a minimum
aggregate holding of statutory approved liquid assets with a maturity of no more than one year,
which shall be at least twenty four percent (24%) of its total deposit liabilities, the Bank met and
exceeded its statutory approved liquid asset requirement of US$48mn by US$91mn as indicated in
the December 2017 Quarterly Financials, with an overall approved liquid asset ratio of
approximately 68%.
One of the primary areas of the Bank’s international banking business, is the operation and
management of an international payment system through the issuance and management of branded
pre-paid (pre-funded) payment cards, which system is used internationally (primarily in Europe and
North America) to effect payment of salaries and remuneration for employees and self-employed
contractors, including employees/contractors in the adult entertainment sector.
In connection therewith, on June 3, 2008, the Bank entered into a license agreement with
Mastercard International Inc. which permitted the Bank to issue Mastercard branded pre-paid
payment cards internationally.
As of the end of December 2017, the Bank had over 305,000 active Mastercard branded pre-paid
card holders with accumulated balances of approximately US$91.9M
At the beginning of this year approximately 71% of the Bank’s deposits were comprised of deposits
relating to the Mastercard prepaid card business, of which 41% of its deposits consisted of deposits
from clients engaged in the Adult Business.
Towards the end of 2017 and in the early part of 2018, Mastercard indicated to the Bank that it may
restrict the Bank from issuing Mastercard branded pre-paid payment cards (“Cards”) in jurisdictions
that the Bank had hitherto been permitted to issue to, including North America and Europe
(collectively “the Restricted Jurisdictions”). Funds deposited with the Bank to fund/load the
Bank’s prepaid cards business issued in the Restricted Jurisdictions represented more than 90% of
the Bank’s total prepaid card deposits and corresponding assets.
On January 17, 2018, the Central Bank issued a directive to the Bank requiring it to take steps to exit
from the “adult” space in the prepaid card business by the end of 2018. The Bank’s Adult business
had operated without any compliance or related issues since inception, the rationale for the Central
Bank directive is unknown by the Bank. As the Bank shares no correspondent Banks with any other
Belizean Banks the Adult business was not a threat to any other Bank within the jurisdiction.
In February 2018, Mastercard conducted a review of the Bank’s Mastercard-branded activities and in
pursuance of the Adult Space Directive, the Bank communicated such directive to Mastercard as
well as other relevant parties. In furtherance of this review, by letter dated March 15, 2018, despite
the Bank’s efforts to negotiate extensions of deadlines, Mastercard determined that the Bank would
no longer be permitted to issue or maintain Cards in the Restricted Jurisdictions, that it must not
newly issue or reissue any Cards and that as of the end of June, 2018, it must cease reloads of Cards.
MasterCard change of rules applying to Restricted Jurisdictions is not specific to Choice Bank.
During the period of the first quarter of 2018, particularly in the months of February and March,
2018, notwithstanding that there had been no public disclosure of Mastercard’s contemplations, the
Bank experienced abnormally large cumulative withdrawals of deposits from customers primarily in
the pre-paid card section of the Bank’s business signaling in the view of the Bank the onset of a
developing run on the Bank. In February, 2018, deposits fell by over 8% or US$17mn while in

claudiasmith
07-20-2018, 01:41 PM
In February, 2018, deposits fell by over 8% or US$17mn while in March, 2018 deposits fell a further US$19mn or over 10% of total deposit liabilities.
The Required Action and the Bank’s compliance with its obligation to notify customers thereunder
further exacerbated the cash outflow.
While the Bank continued to maintain its prudential ratios, including meeting and exceeding
minimum statutory capital adequacy ratios, capital requirements and approved liquid asset
requirements, in early April, 2018, based on internal financial projections, the Bank held the view
that without intervention of the Central Bank of Belize as a statutory administrator, the Bank would
shortly run out of available cash to meet the withdrawal demands of its depositors given its
mismatch between very short-term liquidity demands of less than 30 days due to the run on the
Bank and its statutory approved liquid assets (among other assets) with varying maturities, many of
which ranged between three and six months.
By letter dated and delivered on Sunday, April 8, 2018, upon a resolution of its directors, the Bank
voluntarily requested the Central Bank to appoint a Statutory Administrator and to seek relief from
the Central Bank in the form an emergency infusion of funds with a view to enable an orderly
liquidation process to protect and conserve assets of the Bank, and to manage cashflows in an
orderly fashion in the best interest of depositors, cardholders and other creditors of the Bank so that
depositors and creditors of the Bank could be kept whole while working through the short-term
liquidity challenges the Bank faced.
From conversations held with members of the Central Bank, it became clear that the Central Bank
would not be making an immediate appointment as requested or responding to our letter with the
urgency that the situation demanded. Consequently, the Bank had to resort to self-help and on April
10, 2018, pursuant to an expansion of the Bank’s Funds Availability Policy which is referenced in its
Depository Agreement General Terms and Conditions, the Bank gave notice to account holders that
it had taken a decision to temporarily suspend withdrawals from deposit accounts so that it could
better manage its liquidity position.
On April 12, 2018, representatives of the Bank attended a meeting with members of the Central
Bank where the Central Bank gave no indication that it would appoint a Statutory Administrator but
did indicate that it would place the Bank under enhanced supervision and require additional
reporting on a timely basis. As a result the Bank, with a view to engage specialty assistance,
appointed Quadrant Management, Inc. (“Quadrant”) to act as its restructuring advisor. Quadrant is
a US based investment management firm with extensive experience in restructuring various types of
companies.
The Bank has kept the Central Bank fully informed of all measures it has taken and intends to take
to manage its short-term liquidity position and repay depositors.
As at April 9, 2018 the Bank still maintained more than 305,000 prepaid cards outstanding which
made up approximately US$65 million of the Bank’s total outstanding liabilities of US$163 million.
On the 8th of April, 2018, the Bank made a decision, that until a statutory administrator was
appointed, it would not suspend withdrawals by prepaid cardholders since these accounts consist of
very small deposits which cardholders require for their basic needs such as food and housing. In
pursuance of the Required Action, cardholders have been notified that the card accounts will be
closed on June 30, 2018 and that funds must be withdrawn by then. The Bank expects that the
Prepaid Card Liabilities will have been fully repaid by end of June 2018 from the proceeds of
monetized assets held by the Bank and through the release of collateral held by Mastercard.
In addition to the prepaid cards, the Bank had more than US$16 million outstanding to depositors in
respect of funds which had not yet been loaded to prepaid cards on April 10, 2018 (“the Unloaded
Card Deposits”) when the Bank ceased the loading of such payments. These Unloaded Card
Deposits are largely comprised of salaries deposited by employers to be uploaded to the prepaid
cards of their employees. For that reason, the Bank also decided that these deposits should be given
priority.
After communicating with various potential sources of liquidity, the Bank was able to monetize
some of its illiquid assets through a surety insurance policy with United Insurance Company, a
Cayman company (“United”). Under the policy United assumed US$22 million of the Bank’s
deposit liabilities (“the First Tranche”) including the US$16 million of Unloaded Card Deposits.
The remaining US$6 million are allocated to a few corporate clients including Orion Corporate &
Trust Services Ltd. as Trustee of clients who have made claims against the Bank. If the Court so
orders, Choice will request United to bring in funds to Belize by converting US dollars to Belize
Dollars to put the amount in escrow with the Court.
The assets assigned to United consist of investments in two investment funds which were appraised
at a book value of US$23 million but appraised fair market value of $18.6 million.
United has already expressed its willingness to enter into a second tranche under a second surety
insurance policy with the Bank through the assignment of additional illiquid assets of the Bank. The
Bank is in the process of seeking the recommendation by the CBB and approval of the Minister of
Finance to enter into a second tranche with United (“the Second Tranche”) for the assumption of
US$41 million of the Bank’s deposit and other liabilities in exchange for the assignment of
approximately US$49 million (in book value and roughly $38 million appraised fair market value) of
the Bank’s illiquid assets. Liabilities to the remaining Applicants will be assumed by United under
the second tranche if approved. The Applicants can, therefore, expect to be repaid in full. This
second tranche is critical to ensure the Bank can re-open for business effective about June 30th,
2018.
The Bank is making efforts to repay all remaining depositors not included in the second tranche
(whose balances are approximately US$35 million) by the end of September 2018.
Assuming the Central Bank and the Minister of Finance quickly approve the Second Tranche, the
Bank plans to reopen on or about June 30, 2018.
Furthermore, the Bank currently holds deposits of approximately US$14 million with a Puerto Rican
International Bank (“PR Banc”). PR Banc terminated its correspondent banking relationship with
the Bank however immediately after being contacted by the Central Bank of Belize, inexplicably has
chosen to withhold payment of the said US$14million to the Bank. The Bank has initiated legal
process against PR Banc with a view to recover the said sum forthwith and has also reached out to
the regulatory authorities in Puerto Rico and the Central Bank (which thus far has not be received)
for assistance in recovery of the said funds.
If funds from PR Banc are returned, all depositors will have funds available up to US$100,000. This
will result in all except 125 accounts having access to 100% of their funds. Thus, within the next
several weeks the Bank will place in escrow Belize dollars to satisfy all the remaining claims if so
ordered.
On May 8, 2018 the Prime Minister and Minister of Finance wrote a letter to the Bank issuing
certain directives pursuant to Section 27(1)(e) of the International Banking Act (“the Preventative
Measures”) which require, among other matters, that the Bank provide to the CBB:
 proof of its long-term investments including daily changes in their value;
 daily statements and supporting documentation of all accounts held at
financial institutions;
 details and proof of all other assets and liabilities;
 accelerate the raising of funds necessary to meet its existing obligations to all
depositors;
 cease all related party transactions with the exception of Quadrant which the
Bank does not agree is a relat4ed party under the International Bank Act;
 cease entering into any new contractual arrangements.
Essentially these requirements make it impossible for the Bank to conduct any business without
Central Bank or Minister of Finance approval, which has not been forthcoming to accelerate
repayment of depositors.
Furthermore, on June 7, 2018 the Central Bank issued a press release confirming that the Bank is
under enhanced supervision and that certain preventative measures were implemented on May 8,
2018.
Apart therefrom, it should be noted that one of the Preventative Measures requires the Bank to
accelerate the raising of funds. In order to raise funds to pay out depositors the Bank must liquidate
its assets. The grant of an injunction restricting the Bank from liquidating its assets would be
contrary to the directives issued by the Bank’s regulators and contrary to the interests of depositors.
As the Bank has sought to liquidate its assets with a view to fully satisfying its depositor and other
creditor liabilities, the Bank has at all times liquidated assets for valuable consideration at the best
price reasonably obtainable in the circumstances in the best interest of depositors, creditors and
stakeholders as a whole.
Over the five month period from December 31, 2017 ended May 31, 2018, the Bank has reduced its
total deposit and other liabilities by US$119 million from US$214mn to US$95mn, while its total
assets have reduced by US$123 million corresponding to a total loss of a little under $4 million.
On June 14, 2018 representatives of the Bank met with representatives of the Central Bank and
thereafter with the Prime Minister and made proposals for the settlement and payment of the Bank’s
obligations to depositors and to seek approval from the Central Bank for the entry by the Bank into
the Second Tranche. Such approval has not yet been granted and the Bank has no indication that it
may be.
Furthermore, on June 20, 2018 the Prime Minister and Minister of Finance wrote a letter to the
Bank issuing certain directives pursuant to Section 27(1)(e) of the International Banking Act (“the
New Preventative Measures”) which are to replace the Preventative Measures issued in his letter
of May 8, 2018. The New Preventative Measures require, among other matters, that the Bank:
a) Cease directly or indirectly disposing, assigning, charging, pledging, transferring,
distribution or dissipating any asset or liability of Choice Bank or any subsidiary of Choice Bank,
whether such asset or liability is located or held within or outside of Belize, without the prior written
approval of the Central Bank of Belize;
b) cease directly or indirectly entering into, continuing or acting in furtherance of any
contract or arrangement or taking any other action related to the disposal, assignment, charging,
pledging, dissipation, distribution or transfer of any asset or liability of Choice Bank, whether such
asset or liability is located or held within or outside of Belize, without the prior written approval of
the Central Bank;
c) cease accepting new deposits and entering into any new contractual arrangements.
Thus, despite the Bank not having been put in statutory administration, the Central Bank and the
Minister of Finance have in effect through the New Preventative Measures sought to take control of
the Bank and the representatives of the Central Bank are acting as de facto directors of the Bank.
The Bank has been advised by the Bank’s Attorneys-at-law and verily believe that the New Preventative
Measures restrict the Bank from even negotiating possible settlements of these Claims without the
approval of the Central Bank.
The Bank further been advised by the Bank’s Attorneys-at-law and verily believe that the New
Preventative Measures which have purportedly been issued by the Minister of Finance under Section
27(1)(e) of the International Banking Act and the conduct of the Central Bank in seeking to take control
of the Bank without actually putting it into statutory administration are ultra vires their authority and
unlawful.
As such, it is desirable that the Central Bank and the Minister of Finance be added as Interested Parties
to all Claims the Bank faces to enable the Bank to be able to properly defend these Claims.
At the same time, the Bank has continued to maintain and comply with the Central Bank’s
prudential standards including approved liquid assets of US$25.4 million or 28% of total deposit
liabilities in excess of the legally required 24% as aforesaid..
Further the Bank denies claims that the Bank is attempting to ‘de-nude itself in the jurisdiction of
Belize by the movement of its assets or deposits to another jurisdiction. This has not occurred.
The Bank remains committed to its business in Belize and subject to Central Bank and Minister of
Finance approvals intends to reopen for business about June 30th.

claudiasmith
07-28-2018, 12:22 PM
Please, if somebody wants to join a group we have we many cammers who has your funds frozen there, contact me or Jesse (Livecammodelshows owner) who is helping us so much and managing this group for get our funds. She is in contact with the Liquidator, the Central Bank all the time to get information. We were going to hire a lawyer but we all agreed that all together don't need a lawyer, we can do it by ourselves.

We will get our money, and we will not be OK with a %, we will fight to get the 100%

misspandora
07-29-2018, 08:25 AM
What group? Can you give us a link to it?

misspandora
07-29-2018, 08:26 AM
What is the ACF?

Can someone pls provide a link, so we can get up to date on what's going on?

Bananabunny
08-02-2018, 06:12 PM
Hello girls this is VERY important, the e-mail of customer care for firstchoicepay is NOT working anymore and I need to re-open my account to provide informations for my tax provider, I'm one year behind in my taxes and I got already two warnings by them so I need to reach out to firstchoicepay to get my account re-opened as soo as possible :( Can someone give me an active e-mail address of them?

claudiasmith
08-06-2018, 07:22 PM
Please everyone who has their funds there, Jesse made a new thread for help each other and be updated everybody, we have there the steps to get our money back!

https://www.stripperweb.com/forum/showthread.php?222220-First-Choice-Getting-Our-Money-Bank