This situation is imposed by an increasingly challenging regulatory environment in the EU. Banks apologize to customers around the world for the inconveniences this cause for businesses and private citizens while they claim to be working towards alternative solutions.

Due to these pure evil EU regulatory restrictions imposed on businesses and the people working in them through payment providers such as MasterCard, VISA, Cirrus and others, All of these types of cards with addresses registered outside of the Single Euro Payments Area (SEPA region) will be closed on October 31st, 2018.

Example: You are from Germany, work and live in Canada, your European bank services will decrease.
Example: You are a Senior Citizen from Denmark living in the Bahamas, your bank cards will soon stop working.
Example: You are a Student from Netherland living in the USA, Say goodbye to your Debit or Credit cards from home.
Example: You Come from Prague, travelling the world for 3 years - You need to go back home because your access to liquidity will be taken away from you.

From tens to hundreds of million international cardholders have from today until October 31st 2018 to deplete any remaining balance on their cards via ATM withdrawal, online purchase, or in-store purchase (POS).

People who are unable to clear your balance by October 31st 2018, the banks will move your funds back to your bank account during 7-14 business days, due to expected much higher than normal transaction volume.

Banks are of course looking for new card programs to activate, as they too are losing on this, which they have anticipated will be happening within a 60-90 day period - Imagine 90 days without access to liquidity?

What do I think?

I believe a more and more desperate EU trying everything they can to prevent a mass exodus of capital escaping the failed union.

Businesses, as well as upstanding European citizens, want security and decency and started flagging out of EU/SEPA when the immigration crisis became a reality.

Last year the EU Regulations took down pure payment processors from normal operations in the same way (see AdvCash), and this year they have come for the customers of the Banks.

The European Union has been falling apart for a while with one state after another leaving the union - but it is only the last two years and especially this year we are witnessing the pure desperation of trying to control the ebb and flow of capital. What will be next? Curfew at 6 pm? Travel limits? Military protection of bank buildings? Make emigration illegal?