I'm watching this thread since longer time and i'd like to add few words from myself.
I was quite happy customer of advcash and withdrawn around 10k using their service, but this is quite unproffesional.
1) How can service be distrupted for almost 10 days (now?)? This is not how you make business.
If you rely on one banking partner, and you can be shut down in 2 min then have other options. You have no alternatives ready in case of situations like this.
I'm sure that cards can be transfered to other banks too. Of course it's not quick process, but you have to be prepared in case of crisis.
2) The reason of the "situation".
As someone have noticed, the other service providers like e-coin and coinsbank also use "Wave Crest Holdings" to issue their cards. Their service is fine and customers can use their cards.
IMO: The situation is caused by one of the following points which advcash does not want to tell:
1) Frozen funds on their accounts in "Wave Crest" bank.
2) Anti money laundering investigation which resulted in point 1)
Now since users are able to withdraw 100USD/day, means they made some deal with bank to release some part of funds stored on accounts.
This is my theory based on what is happening.
As much as I appreciate yet another bit of speculation, Wave Crest is not a bank in any possible way. It's a payment solution provider and a card vendor, yes, but not a bank. There are no frozen funds there and I can hardly imagine a situation when there can be frozen funds there. It's not a Wave Crest issue and we never said it is. Once again, the news offer enough information to understand what's going on.
Ok, i haven't digged to see if Wave Crest is bank or not, but it does not matter.
The news does not explain anything.
According to the information we recently received, there are certain bank issues that prevented the transfers to our card partners from going through.
For reasons outside of our control, there have been unexpected complications with receiving the bank transfers we sent several days ago from our bank account to the accounts of our partners, the card vendor and the Visa/MC card withdrawal processor
If this takes almost 10 days, then no "Bank issue" is causing this. Banks never do things like this. It's either some
1) TAXES
2) Some sort of investigation AML/Criminal or other
When a bank forbids external transfers this is in 99% cases of some taxes or investigation issues.
You say that you are not able to transfer funds?
Why aren't you able to transfer funds and fund cards? Clearly there's a reason why this is happening and you don't want to reveal it.