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Euro Pacific bank is a Scam!
- Thread starter Dorothy Atwater
- Start date
they are under big presure by authorities I don't believe what Peter Shiff say or what people think. It is risky banking if you use them for anything.Couldn't agree more. It's a bank that claims to be a 100% reserve bank and maintain a "100% Deposit Ratio" but does not produce a single iota of evidence to back this claim...I wonder why?.
They approved my darks without issues today. I was opening my mail client this morning and surprised to see their response when logged in to the account.
If they don't running with my money now I will be fairly good with them.
If they don't running with my money now I will be fairly good with them.
I'm simultaneously happy for you, and disappointed in EPB.
BTW, they probably don't approve a lot of accounts per day so hopefully they don't see this post and, in a panic, do a deep re-KYC of all new accounts verified recently. Now or in the future.
They review your documents every five years. Which will last longest EPB or your access to darks?
EPB has staff in Israel? Maybe tribal affiliations are what keeps EPB alive. Oy vey!
Everyone I dealt with at the bank was either an islander (St Vincent) or an American. He kept the islander support team after moving the bank to Puerto Rico. The head of customer services, Amanda Dioum, is amazin'! She black. Also their brokerage guy, Vincent Le, is very good. Most of the rest are pretty shaky.
They have people working from home all over, including Israel and Europe. The only maintain a bare minimum crew actually located in Puerto Rico or, prior to that, SVG.
Vincent Le is an american right? His name rings a bell I can't remember what for I think something to do with crypto in Vietnam.
Yes they do have staff everywhere. I think there are a few Americans living in Israel. Crazy thing is I was told by a staff member is that none of the americans working at EPB are allowed to hold accounts at EPB. I just find that weird that you have a lot of EPB staff and management who DON'T use the bank....lol.
I did file for an account this summer, but did not follow through in any way after a VERY inept and not so bright "representative" called me haha...
She kept calling me for weeks, I did end up with a tiny loss as the initial attempt at getting onboarded + all the left messages burnt through 20-30 bucks worth on my prepaid card from Norway - well, not too bad I guess!
But I do appreciate a LOT that that stubborn ******** Peter Schiff is still fighting in his corner, just hope his son gets him onto Bitcoin as well as gold only in time...
She kept calling me for weeks, I did end up with a tiny loss as the initial attempt at getting onboarded + all the left messages burnt through 20-30 bucks worth on my prepaid card from Norway - well, not too bad I guess!
But I do appreciate a LOT that that stubborn ******** Peter Schiff is still fighting in his corner, just hope his son gets him onto Bitcoin as well as gold only in time...
...eeeeexactly
Still got some fiat left here, but that will be converted into more gold & Bitcoin the next weeks - I'm getting ready for the BIG one in 2021...
Banks & cards will become on/off-ramps ONLY very soon, for anyone who wants to both control their own money & also avoid inflation or downright theft from desperate governments!
Still got some fiat left here, but that will be converted into more gold & Bitcoin the next weeks - I'm getting ready for the BIG one in 2021...
Banks & cards will become on/off-ramps ONLY very soon, for anyone who wants to both control their own money & also avoid inflation or downright theft from desperate governments!
Great post. Here's a question for you. I use EPB mostly to trade on Interactive Brokers with my corporate account. Most of my money is at IB (transferred through EPB). Does that mean that *if* EPB were ever to go bankrupt, my money would still be safe at IB and in the equities (stocks) I own. I believe so but your post has me raising doubts...The bank is highly likely to be a Ponzi scheme as it refuses to prove otherwise by refusing to publish its financial records and creating elaborate excuses and hurdles to restrict outbound payments. Perhaps they wait until they get in more money to fund those outbound payments. A 100% reserve bank should not need to act like this - just ask yourself why it does? All indications of not being transparent are red flags. We are not talking about a bank regulated in the EU but one in a bankrupt banana republic that moved from a previous banana republic. People need to know if their money is actually in the bank or used by the snake oil salesman Peter Schiff to fund his Puerto Rico a lifestyle
. The truth will come out one day.
I don't know about 100% reserve banking claim, however 100% of EPB clients don't care about financials or reality as they are either avoiding CRS or cannot open their Caribbean shell company account at any other bank. The #1 and #2 responses by EPB clients tend to be I don't keep much money there or I have used them for years. Well so did clients of Bernard Madoff use him for years with no complaints until....
Well your portfolio held with IB I guess would be in EPB's name within a white label omnibus account. So IB would have no knowledge of you maybe. They would be legal owners for the benefit of you. You need to check what the rules are in Puerto Rico for handling of custody accounts and whether they are segregated from the banks own assets in case of bankruptcy. In EU for example it is the case that custody accounts for all EU banks do not form part of the banks assets and cannot be part of bankruptcy proceedings etc.
You will also want to know what sort of record keeping they have to clearly prove that stocks in a large pool of stocks they hold with IB are clearly identified as being owned by you. So at least be sure to print out statements of your portfolio holdings with them on a weekly basis and keep in safe place.
Lastly you will want to get them to refer to Puerto Rico law saying the assets held in custody are segregated from the banks assets. Don't accept them saying just "yes they are segregated". Demand thirdparty proof (normally audited financially statement) or move your portfolio away if in doubt.
We had just recently a client that used EPB together with the IBKR white label they provide.
After he opened the company here in Dubai and we helped him to open an IBKR account under the company name he had huge issues transfering his assets held with IBKR white label by EPB to his new IBKR under the UAE company name.
Everything was with IBKR under the name of EPB so we had to wait for weeks till EPB responded and approved the transfer of assets. We were really shocked because we thought everything is under the clients name and within IBKR.
After he opened the company here in Dubai and we helped him to open an IBKR account under the company name he had huge issues transfering his assets held with IBKR white label by EPB to his new IBKR under the UAE company name.
Everything was with IBKR under the name of EPB so we had to wait for weeks till EPB responded and approved the transfer of assets. We were really shocked because we thought everything is under the clients name and within IBKR.
Well if bank ignores your request then walk away from that bank. Them ignoring you tells you all you need to know about that bank then
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