Secret documents reveal potential dark side of prepaid debit cards

The company's relationship with Choice Bank appears to stem from the 2010 ownership stake taken in the bank by Payoneer's founder, Yuval Tal, an Israeli entrepreneur. Tal declined to comment through a spokesman.

Wells Fargo cited almost $33 million in suspicious wire transfers between Choice Bank and Payoneer from October 2016 to March 2017, noting"the inexplicable nature of the outgoing wires, for which the original sources of funding were not known." From April 2014 to February 2015, Citibank flagged $20.6 million in payments Payoneer received from an"online adult video streaming site linked in news reports to human trafficking."None of the reports are evidence of wrongdoing. But they raise questions about potential missed flags regarding risks at Choice Bank.

With Payoneer now solely a service provider to those companies and their customers, Choice Bank took on the fiduciary responsibility to them. When the bank failed, the former Payoneer customers had to deal with the Choice Bank liquidator to get their money.An email provided by one indicated that by continuing to do business under the new arrangement, the user was agreeing to its updated terms, which could be viewed by clicking on a link.

A December 2016 email from Payoneer to a corporate client reviewed by NBC News announced that"Payoneer has teamed up with Choice Bank Limited to bring you FirstChoice Pay" and included a request for written consent for the assignment of the agreement from Payoneer to Choice Bank. The email described Choice Bank as"the issuing bank behind our product for many years" and the"largest corporate issuer of prepaid Mastercards.

Under Mattress is safest.

Many Choice Bank customers came to it by way of a startup called Payoneer—a company that allows customers to send and receive money internationally. Payoneer was a program manager for prepaid Mastercards issued by the bank that allowed customers access to ATMs worldwide. (2/7)

They didn't read the fine print and that's on them. Only bank with a FDIC insured institution. Period.

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