ePassporte Official Statment

[ecchi]

Sorry, just realised that the last sentence on my previous post sounded insulting, it was not meant that way.

[Charlie]

Originally Posted by ecchi

Sorry, just realised that the last sentence on my previous post sounded insulting, it was not meant that way.

No offense taken.

Being half sober now (with hangover), I still don't think epass is one of the victims. Maybe they are and that's why there are no legal actions against them. I do admit that I always found them to be pretty incompetent and thus always paid the 3 bucks to have even my minimum payments withdrawn from them immediately. I had so many problems with them in the past just simply withdrawing to my own US bank account that something major (even if it hadn't been this) seemed almost inevitable to me.

I don't even see how he can start back up without paying back that money whether it's his fault or not, or having it unfrozen if that is the actual case.

I love they way they always tell you, your money is safe. Great! But it's not in my hands. Why don't you let me have it so I can keep it safe myself LOL. Again not me personally. I don't think I even lost a dollar like I said, but I certainly won't use them to receive payments ever again. They are complete screw ups in my eyes.

[ecchi]

Originally Posted by Charlie

I don't even see how he can start back up without paying back that money whether it's his fault or not, or having it unfrozen if that is the actual case.

Well that is a given. Assuming this gets sorted out, eP will be dead in the water if their clients loose money.

Originally Posted by Charlie

I love they way they always tell you, your money is safe. Great! But it's not in my hands. Why don't you let me have it so I can keep it safe myself LOL.

Because there is no legal way he can do this. It would require monumental financial misdealing at eP's end, and if they even tried they are looking at 20+ years in prison. And worse, any US bank account that they do manage to get money into is going to get frozen by the government while they look into it, which will probably take years! You really want to be unable to withdraw any money from your own bank account for the next few years?

Originally Posted by Charlie

I do admit that I always found them to be pretty incompetent They are complete screw ups in my eyes.

Another given, but this time, there lack of a brain (or heart) is not the cause of the problem.

The problem is US federal banking law, which is a mess to put it mildly. There are corrupt African states run by incompetent military juntas who have better banking systems that the US. An when things go tits up, it takes them ages to sort things out.

It is costing the US a fortune, because no one likes to do business with American companies, not because they don't like the companies, but because it is such a pain to exchange money for services/goods. Part of the reason your economy has still not fully recovered from the crash is down to this.

As an example, the only US companies I currently use are sponsors (because there are very few non US ones), eBay/PayPal (because they have an European division which is separate from the American division, so I do not have to deal with US laws), and ePassporte (which has just confirmed my "never use US companies" rule). For things like hosting, payment processing, affiliate account management, distribution, advertising, etc - for which there are plenty of good US companies I can use - I always use European companies because of the shit problems of dealing with US banking laws.

This is also why ePassporte got so big so quickly. No country likes dealing with US banks, simply because the law on your side of the planet is so unfit for purpose that it makes life difficult for everyone. And when a non US bank does deal with a US bank they charge their clients high. For example to cash a non British cheque from any country other than the US costs me up to about the equivalent of a dollar and a half. To cash a US cheque costs me nearly the equivalent of 20 dollars, over ten times as much! And baring in mind that some sponsors send me a cheque when the amount goes over $50, that means I have to give nearly half my money to the bank (one sponsor even sends out cheques for $35). So going via ePassporte and using ATM to withdraw is the only sensible way to go if you do not live in the US. Since the US now only accounts for less than a third of English Language business on the 'net, any sponsor who does not offer ePassporte is throwing away two thirds of their business, no sane company would do that! So, assuming this matter does get cleared up, eP is here to stay, at least until someone starts a viable alternative.

[Charlie]

Originally Posted by ecchi

Well that is a given. Assuming this gets sorted out, eP will be dead in the water if their clients loose money.

Because there is no legal way he can do this. It would require monumental financial misdealing at eP's end, and if they even tried they are looking at 20+ years in prison. And worse, any US bank account that they do manage to get money into is going to get frozen by the government while they look into it, which will probably take years! You really want to be unable to withdraw any money from your own bank account for the next few years?

Another given, but this time, there lack of a brain (or heart) is not the cause of the problem.

The problem is US federal banking law, which is a mess to put it mildly. There are corrupt African states run by incompetent military juntas who have better banking systems that the US. An when things go tits up, it takes them ages to sort things out.

It is costing the US a fortune, because no one likes to do business with American companies, not because they don't like the companies, but because it is such a pain to exchange money for services/goods. Part of the reason your economy has still not fully recovered from the crash is down to this.

As an example, the only US companies I currently use are sponsors (because there are very few non US ones), eBay/PayPal (because they have an European division which is separate from the American division, so I do not have to deal with US laws), and ePassporte (which has just confirmed my "never use US companies" rule). For things like hosting, payment processing, affiliate account management, distribution, advertising, etc - for which there are plenty of good US companies I can use - I always use European companies because of the shit problems of dealing with US banking laws.

This is also why ePassporte got so big so quickly. No country likes dealing with US banks, simply because the law on your side of the planet is so unfit for purpose that it makes life difficult for everyone. And when a non US bank does deal with a US bank they charge their clients high. For example to cash a non British cheque from any country other than the US costs me up to about the equivalent of a dollar and a half. To cash a US cheque costs me nearly the equivalent of 20 dollars, over ten times as much! And baring in mind that some sponsors send me a cheque when the amount goes over $50, that means I have to give nearly half my money to the bank (one sponsor even sends out cheques for $35). So going via ePassporte and using ATM to withdraw is the only sensible way to go if you do not live in the US. Since the US now only accounts for less than a third of English Language business on the 'net, any sponsor who does not offer ePassporte is throwing away two thirds of their business, no sane company would do that! So, assuming this matter does get cleared up, eP is here to stay, at least until someone starts a viable alternative.

You think any of these companies being temporarily offered have a shot? Like payoneer or Web Money etc?

Does security have anything to do with US Banking problems? I mean I like the idea my money is insured for up to a quarter million or do all countries do that (or at least in Europe)?

[ArtWilliams]

Originally Posted by Charlie

You think any of these companies being temporarily offered have a shot? Like payoneer or Web Money etc?

Does security have anything to do with US Banking problems? I mean I like the idea my money is insured for up to a quarter million or do all countries do that (or at least in Europe)?

I am certain the the ePassporte VISA was suspended due to their inability to satisfy American anti-money laundering laws. Can these other companies satisfy those requirements? It is highly unlikely.

[ecchi]

Originally Posted by Charlie

You think any of these companies being temporarily offered have a shot? Like payoneer or Web Money etc?

I have no idea about Web Money, but Payoneer has no hope unless they change their policies - see my comments in a earlier post in this thread.

Originally Posted by Charlie

Does security have anything to do with US Banking problems? I mean I like the idea my money is insured for up to a quarter million or do all countries do that (or at least in Europe)?

Originally the problem was simply the American government's fear of foreigners, they put up all sorts of barriers to foreign money to stop non-American companies getting a toe-hold in US trade. Unfortunately no one realised that it worked both ways, and you were keeping foreign money out, screwing up the US balance of payments.

I have also been told (by a bank manager) that the US banking system itself is very backward compared with most European countries, so that the problems are compounded by the fact that American banks simply do not have as high a level of technology as Europe.

I would guess that the current security fears have made things even worse, and the eP problems may (as artwilliams assumes) be wholly or partly triggered by this. But all countries have the same problem, so the US government has no excuse for being worse than elsewhere.

It is also possible that the crash scared more useless regulations into being (but...ditto).

However the shit state of US banking laws is not a new thing, it predates the twin towers attack, I have been having problems for about 20 years, and when I started working internationally it was already very much an old story.

Worryingly, since so many major banking transactions are beginning to rely on Broadband, and America lags far behind Europe in broadband availability, things are probably going to get worse.

In short, George W. had already mortgaged the US's ass to Asia before the crash, now things are even worse. And if the banking system does not pull itself out of the past and get with the program, America will never be able to get enough money in to pay off it's foreign debts. The result will be galloping inflation, low wages, and mass unemployment. So if Mr Ob does not do something pretty drastic pretty quick, the Mexican border will soon be patrolled by Mexican soldiers, desperately trying to stop US citizens sneaking into Mexico looking for work!

|skyfall|

[Charlie]

Originally Posted by ecchi

I have no idea about Web Money, but Payoneer has no hope unless they change their policies - see my comments in a earlier post in this thread.



Originally the problem was simply the American government's fear of foreigners, they put up all sorts of barriers to foreign money to stop non-American companies getting a toe-hold in US trade. Unfortunately no one realised that it worked both ways, and you were keeping foreign money out, screwing up the US balance of payments.

I have also been told (by a bank manager) that the US banking system itself is very backward compared with most European countries, so that the problems are compounded by the fact that American banks simply do not have as high a level of technology as Europe.

I would guess that the current security fears have made things even worse, and the eP problems may (as artwilliams assumes) be wholly or partly triggered by this. But all countries have the same problem, so the US government has no excuse for being worse than elsewhere.

It is also possible that the crash scared more useless regulations into being (but...ditto).

However the shit state of US banking laws is not a new thing, it predates the twin towers attack, I have been having problems for about 20 years, and when I started working internationally it was already very much an old story.

Worryingly, since so many major banking transactions are beginning to rely on Broadband, and America lags far behind Europe in broadband availability, things are probably going to get worse.

In short, George W. had already mortgaged the US's ass to Asia before the crash, now things are even worse. And if the banking system does not pull itself out of the past and get with the program, America will never be able to get enough money in to pay off it's foreign debts. The result will be galloping inflation, low wages, and mass unemployment. So if Mr Ob does not do something pretty drastic pretty quick, the Mexican border will soon be patrolled by Mexican soldiers, desperately trying to stop US citizens sneaking into Mexico looking for work!

|skyfall|

I'm sort of curious why the US banking is such a problem unless they are also that valuable? Can't we just be ignored and outcasted or are our finances that valuable?

Personally I think our entire country is a whorehouse that everyone wants to invade and rape and give nothing back to

P.S. I also feel this way about the successful famous people here who actually owe this country something due to their success. They seem to be more concerned with PR and doing things for banana republics than helping out and fixing our own problems here.

[ecchi]

Originally Posted by Charlie

I'm sort of curious why the US banking is such a problem unless they are also that valuable?

If you mean to other countries: Because we do business with some US companies, and they usually have American bank accounts!

If you mean to the US: Because you buy foreign goods, go on foreign holidays, and send money abroad through other means (eg, American soldiers fighting abroad). You have to have as much money coming in as going out (preferably more coming in than going out) or you end up in serious financial shit, the Government has to "create" more money which leads to inflation, unemployment, etc.... You also need money coming in to pay off that huge national debt the idiot W. ran up while in office. Fail to do that, and America ends up like a bankrupt third world country!

Oh, US banking is very important indeed.