Paxum US Personal Account Closure

[Greenguy]

Paxum Inc. <support@paxum.com>

48 Hour Notice – Paxum Personal Account Closure
We regret to inform you that Paxum will be changing the way we work with USA Customers. USA Business Account-Holders will not be affected by this change, but unfortunately Paxum will no longer be providing services to USA Personal Account-Holders.

Please be advised that your Paxum Personal Account will be closed on Wednesday, January 10th 2018 at 10:01 ET (Eastern Time). Paxum Business Accounts will remain open and available after this date.

We understand this will not be welcome news to USA Personal account-holders, and we'd like to take a moment to explain the rationale behind this policy change. There are several factors involved in this decision, including:

Verified USA Personal Account-Holders represent a notably small percentage of our business and revenues, while an incomparable amount of company resources is consumed by the needs of USA Personal Account-Holders through support services, legal requirements and regulatory compliance.

We expect regulatory compliance in the United States to become more complicated and burdensome in the future, particularly with regards to individual users. From a business standpoint we cannot justify the continually growing expense of an even greater percentage of company resources for a small percentage of clients.

We would like to thank every single one of our loyal USA Personal account customers for their continued support and use of our services over the years. We weighed this decision for a long time, but regrettably we have a duty to allocate our resources in a way that best supports the growth and improvement of our company and service for the majority of clients.

We invite you to withdraw your funds without any fees before Wednesday, January 10 th 2018 at 10:01 ET. All fees will be automatically waived for your withdrawal prior to the stated deadline.

Important Recommended Next Steps For You

Log-in to your Paxum personal account and make sure the bank account information is accurate and up-to-date inside your account. You can find this in the section My Account >> Profile Settings >> Bank Accounts

Withdraw your funds without paying the fee by either ACH or WIRE to your bank account.

Transfer your funds without paying the fee to your active Paxum branded card issued by Choice Bank.

To avoid future payment delays, promptly update your payment method with companies that previously paid you via Paxum.

Export your full Paxum personal account statement for your historical financial records. You can do this by visiting the Statements section of your account. Export is available in CSV or PDF formats. Once your account is closed you will no longer be able to access statement information.

*Important Note: Paxum branded cards issued by Choice Bank will remain active after USA Personal account closures. Any remaining funds can be accessed and emptied by the card-holder. However, there will be no way to add new funds after Paxum personal account closure.

Steps We Will Take at January 10th 2018

Any Non-USD current account funds in your Paxum personal account will be automatically transferred to your Paxum USD current account.

All Non-USD current accounts for USA Personal Account-Holders will be automatically closed.

All active card-holders of a Paxum branded card issued by Choice Bank will automatically receive a pro-rated refund of the most recently paid annual fee. This pro-rated amount will be calculated based on the number of days that have passed since the date the annual fee was last charged.

If the funds have not been cleared by the personal account-holder themselves by January 10th 2018 at 10:01 ET, then all USD Funds will be automatically cleared from your Paxum USD current account and either sent to your listed US bank account via ACH or WIRE, or to your active Paxum branded card issued by Choice Bank. Normal account fees ($5 USD for ACH, or $50 USD for WIRE) will be charged for automated funds clearing after the stated deadline.

All USA Personal Account-Holders accounts will be closed effective January 10th, 2018 at 10:01 ET.

Please note: if you are a Paxum USA Personal Account-Holder with an active verified Paxum USA Business Account, your Paxum Business Account will remain open and available for use after the stated deadline, however your Paxum Personal account will be closed, no exceptions.


Paxum Inc.

3484 Des Sources Blvd., suite 205, Dollard-des-Ormeaux, Quebec, H9B 1Z9, Canada

Even though I only use Paxum for business transactions, I somehow signed up for a "personal" account way back when I just msg'd them asking how I can change to or set up a Business account. Will keep you posted

[Greenguy]

That's kinda hard to read/follow & I'm way too lazy to edit/clean it up, so here's some screencaps

[Toby]

I bailed on Paxum over a year ago, way too many issues. I logged in to check if I even had a balance left to transfer. They can keep my $0.78.

[Fonz]

My email adress expired, tried to change it, had to do a bunch of paperwork. Didn't do that...

[Greenguy]

They replied:

Since your account is already verified, the account type can no longer be changed, however after the account is closed you will be able to open a Business account.

Please keep in mind that for the verification of a business account you need to submit the following documentation:

1. International passport. If you don't have a passport, then you must upload a Photo ID such as:

a) A primary Photo Id:
- Driver's License;
- National Id;

b) A secondary Photo Id:
- Voter Card;
- Military ID;
- State ID;
- Other photo id issued by a government agency in your country.

Upload this in Profile Settings >> Identity Confirmation.

2. Proof of address issued in the last 6 months (with your name on it), such as:
- bank statement;
- card statement;
- utility bill (cable bill; phone bill; Internet bill; electricity bill; running water bill; gas bill);
- ID document with address;
- Public Authority issued document.

Upload this in Profile Settings >> Street Address Confirmation.

3. Business/Corporation Registration / Articles of Incorporation of your company. If the list of shareholders isn't present on the Business Registration please submit this document separately, along with the identity documents of all the persons that have more than 10% of the shares.

You can upload this in Profile Settings >> Business Identity Confirmation.

Best regards.

Sincerely,
Paxum Inc.

[Greenguy]

Well, this is kinda shitty

I got my Business account at Paxum approved, so I went to request a bank card (I like to grab my cash quickly lol) but it showed there was already a card on my account - my old Personal one. So I asked if that was still a valid card & was told:

The card associated to your closed account will still be active for a short period, however, note that you will not be able to to load it with the funds you receive in your new business account.

Also note that you will not be able to apply for a new card from your business account, as we can no longer provide the Paxum MasterCard for USA residents.

Sincerely,
Paxum Inc.

That info might have been helpful before I jumped thru all the hoops to get the Business account

[Cleo]

Good thing I always took my money right out of there.