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Apr 10, 2018

Choice Bank Suspends Withdrawals From Deposit Accounts

Choice Bank Suspends Withdrawals From Deposit Accounts BELIZE CITY, Belize — Choice Bank Ltd. told accountholders today that it has been forced into a “liquidity-constrained position” and has suspended all withdrawals from deposit accounts, as…

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Choice Bank Suspends Withdrawals From Deposit Accounts

BELIZE CITY, Belize — Choice Bank Ltd. told accountholders today that it has been forced into a “liquidity-constrained position” and has suspended all withdrawals from deposit accounts, as well as other outbound payment activities.

Choice Bank, the card issuer for several adult payment solutions, said that as it progresses through its current position, “the bank is confident that all its depositors, cardholders and creditors will be kept whole.”

“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,” Choice Bank said.

Choice Bank said the Belize City financial institution maintains a strong balance sheet with total equity including paid-up capital and accumulated retained earnings in excess of $26 million, a most recent reported regulatory capital ratio of 26.92 percent and statutory liquidity ratio of 74.59 percent.

Those ratios significantly exceed all statutory capital adequacy and liquid asset requirements, Choice Bank said.

“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,” Choice Bank said.

Source : Choice Bank

Regarding Paxum

They have a post on Facebook saying that :

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 the 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.

At 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.

Quick Note About PayPal

We know some models have concerns about using PayPal for a payout because they don’t allow billing for adult services. But, that’s not what we use PayPal for, and we’re perfectly compliant with their Terms & Conditions.

We’re paying you a commission on sales. That’s it. You’re not selling porn via PayPal, and we’re not paying you for porn via PayPal. Our PayPal account has been in good standing for over 3 years and there’s never been an issue.

Important: if you decide to use PayPal, make sure your email address doesn’t imply payment for sexual services. It makes PayPal nervous if they see things like :

[email protected]
[email protected]
[email protected]
…etc. While they won’t withhold payments from us, they may flag your account for review.”