Paxum closes all US accounts with 48 hours notice!

Webmaster Discussion
#1

I wondered what happened. I guess it kind of makes sense EXCEPT the 48 hours notice.

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.

#2

Re: Paxum closes all US accounts with 48 hours notice!

The American administration is hungry. It’s strange that First Choice / Payoneer are not affected.

#3

Re: Paxum closes all US accounts with 48 hours notice!

Well that’s going to be interesting for Affiliate Payment Cashflow for some companies of they also offer paypal as a payout option, I can imagine many affiliates use paxum under a personal basis.

To be honest paxum have made a lot of drastic changes over the past year some of which go un-noticed to many, but they dropped support of GBP currency and give not even a days notice, in fact they never gave notice, I only realised myself that I had to start cashing out in Euros (which my bank just loves because they charge me a stupidly high conversion fee)…

Watch this space!

#4

Re: Paxum closes all US accounts with 48 hours notice!

Yes, I wonder how many people will be affected. Thats a hard one!

#5

Re: Paxum closes all US accounts with 48 hours notice!

I am not sure, I dont know how US law works but in UK an affilaite would need to register as a business with the government anyway (which is enough for a business paxum account) but surely its different in US or for people earning as an individual and declaring for tax at end of the year (and of course those who don’t declare at all).

#6

Re: Paxum closes all US accounts with 48 hours notice!

thanks for the heads-up, mark. i have never received notification from any type of business that was even close to as short as 2 days.

btw, it appears that personal accounts can already not receive payments - at least, our account can’t.

#7

Re: Paxum closes all US accounts with 48 hours notice!

[QUOTE=basschick;175027]thanks for the heads-up, mark. i have never received notification from any type of business that was even close to as short as 2 days.

btw, it appears that personal accounts can already not receive payments - at least, our account can’t.[/QUOTE]

I agree 100% on the notice.

Damn that is crazy!

#8

Re: Paxum closes all US accounts with 48 hours notice!

So how do we get our money using a Choice bank card that expired last month>??? It’s worthless to me to pay 50$ for wire when I only have 58$ or so in the account. Nice way for Paxum to grab what personal accounts may have available if you ask me.

It’s 2 am here and I have 8 hours to get to an ATM.
Which won’t be fun as I no longer drive and it’s fuckin FREEZING outside.

Well wait. My Mastercard can not be accessed to add the money in the checking account. I’m getting more upset by the minute.

Fuck it, this isn’t worth the high blood pressure.

#9

Re: Paxum closes all US accounts with 48 hours notice!

This is from RuthB, (a Paxum rep) on GFY

To clarify, only USA Personal Account-Holders are affected.

We have been listening to your feedback, and as a result we have decided to extend the deadline by 48 hours to Friday, January 12th at 10:01am ET. We hope this helps make the transition a little easier for you.

All USA Personal Account-Holders accounts will be closed effective January 12th, 2018 at 10:01 ET.

#10

Re: Paxum closes all US accounts with 48 hours notice!

wouldn’t you love to be a u.s. user with an active account with money in it who’s on a week-long vacation? when you come back, surprise! your account has been closed…

[QUOTE=Bec;175031]This is from RuthB, (a Paxum rep) on GFY

To clarify, only USA Personal Account-Holders are affected.

We have been listening to your feedback, and as a result we have decided to extend the deadline by 48 hours to Friday, January 12th at 10:01am ET. We hope this helps make the transition a little easier for you.

All USA Personal Account-Holders accounts will be closed effective January 12th, 2018 at 10:01 ET.[/QUOTE]

thanks for the update, Bec!

#11

Re: Paxum closes all US accounts with 48 hours notice!

Bec
From what I have read all withdrawals are free for any account that will be closed

#12

Re: Paxum closes all US accounts with 48 hours notice!

[QUOTE=basschick;175032]wouldn’t you love to be a u.s. user with an active account with money in it who’s on a week-long vacation? when you come back, surprise! your account has been closed…

thanks for the update, Bec![/QUOTE]

They have said that if you don’t do anything paxum will automatically withdraw your money to your usual withdraw method, but will charge the normal fee, they have said if you do yourself it will be free of change to withdraw. I am not sure if this is actually how this will work, but I read their BDM Ruth say it on another forum

#13

Re: Paxum closes all US accounts with 48 hours notice!

We expect regulatory compliance in the United States to become more complicated and burdensome in the future, particularly with regards to individual users.

That seems like an odd prediction considering how Trump has been rolling back all kinds of regulations. Wonder if Paxum knows something we don’t, like are they anticipating the Justice Dept going after pornsites?

#14

Re: Paxum closes all US accounts with 48 hours notice!

That’s quite a jump in conclusion. I dont think the sky is falling just yet.

They probably did a business decision to cut off something that made no sense, risk vs gain. If someone in the US wants to keep using Paxum they can apply for a business account which requires some more proofs… If anything in the US has up to now had quite slack rules on opening accounts and banking (thats the impression i have compared to EU), which might be the reason. Many people there don’t seem to have proper ID documents such as a passports etc.

In Europe there is more control, banks here have for a while now enforced much more strict rules. Maybe the US is only now catching up and implementing the same rules?

#15

Re: Paxum closes all US accounts with 48 hours notice!

[QUOTE=GayDemon;175052]

In Europe there is more control, banks here have for a while now enforced much more strict rules. Maybe the US is only now catching up and implementing the same rules?[/QUOTE]

We can’t even get the POTUS to provide his IRS/income documents.

#16

Re: Paxum closes all US accounts with 48 hours notice!

LMAO!!! Ain’t that the truth!