Paxum Statement Regarding Choice Bank
On April 10th, Paxum issued a statement regarding Choice Bank Ltd's recent problems:
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 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.
In 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.
Today, Paxum released a new statement:
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Paxum has finalized a backup card and new cards are currently being printed. There will be no additional cost to existing card-holders for the replacement card, and everything should be completed within 4 weeks.
In the meantime, after a non-stop effort to secure a faster solution and in response to the overwhelming influx of recent new Paxum account-holders switching their business to us, Paxum has secured temporary replacement cards that will be issued to customers as early as next week! These cards will be automatically provided to existing card-holders at no additional cost as well. Card status updates will be visible in accounts beginning next week.
The limits for the temporary card will be $2,000 USD loading per day and $20,000 USD maximum loading per month. The highest balance allowed on the card is $5,000 USD which is fully available for POS purchases at any time. Clients can also use the card for ATM withdrawals up to $1,000 USD per day. Those will be temporary limits and will be increased later.
Paxum will focus on verifying all new clients as swiftly as possible. Then, in a few weeks, we will issue our regular logo branded Paxum card again at no extra cost for existing card-holders. The regular Paxum card will have higher limits than the previous Paxum card. Please log-in to your account from time to time to check for new announcements as we will update clients of our progress.
Paxum offers multiple withdrawal options (Swift Wire, EFT/ACH, External Credit/Debit Card, and Transfer to Other Accounts), instant payments worldwide, and we still offer instant withdrawal so clients can continue to access their funds while awaiting a card replacement.
Paxum payment solution has always been more than just a card. We treasure the relationships we have made with our many valuable customers, and we sincerely appreciate the continued support you provide.
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posted by Webmaster | 7:49 AM
