Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

Euro Pacific bank is a scam

#503
Pschiff said:
Early Nov. 2022. So about 4 months ago. We hired the lawyer as soon as I figured out why Novo would not process the wire requests.
Click to expand...

Getting a bit nervous now with all the banking closures happening and our money been stuck in this useless NOVO BANK. Credit Suisse is on the verge of collapse and with that probably the entire EU banking systems which presumably would include NOVO BANK.
I had my money in GLD which I had to liquidate to facilitate this transfer and wanted it back to reinvest into GLD. So this situation with NOVO BANK unlawfully witholding the transfers is not helping at all.

If this is related to local tax office in the UK instructing NOVO BANK to withold transfers and the root cause of the problem, I would like to know as I have sent all my documentation off to local tax office proving my account was nothing more than GLD backed account and was a dormant investment and provided evidence of source of funds. This was some months back and not heard back from them. So if my money is at risk as a result of HMRC actions, I would like to know as I will take this to court here in the UK for negligence. Had the transfer been executed on time last year, I could have bought back my GLD holdings in same oz value I had to liquidate, now for me to buy back I will be at a loss.

What happens in this cirucmstance then if EU banking system collapses? We lose our money in EPB correspodant Novo Bank if this thing goes down?
 
Last edited:
#504
spartan7510 said:
Getting a bit nervous now with all the banking closures happening and our money been stuck in this useless NOVO BANK. Credit Suisse is on the verge of collapse and with that probably the entire EU banking systems which presumably woudl include NOVO BANK.
I had my money in GLD which I had to liquidate to facilitate this transfer and wanted it back to reinvest into GLD.

What happens in this cirucmstance then? We lose our deposits if this thing goes down?
Click to expand...

I don't know in what kind of financial situation Novo Bank is but I can check.
Credit Suisse has been facing problems for quite sometime, the news are making the story bigger than what it is imo.
But maybe Peter can answer that question, what would happen to EPB's deposits if Novo failed?
 
#505
Radko said:
I don't know in what kind of financial situation Novo Bank is but I can check.
Credit Suisse has been facing problems for quite sometime, the news are making the story bigger than what it is imo.
But maybe Peter can answer that question, what would happen to EPB's deposits if Novo failed?
Click to expand...
I always suspected, but have no actual proof, that Novo had a hand in this as an excuse to hold onto the bank's funds due to its weak financial position. I hope that I'm wrong.
 
  • Like
Reactions: Radko
#506
I've just glanced at Novo's Annual Report 2022, the bank was profitable last year, it had more assets than liabilities, but that was last year, we will know more at the end of this quarter.

Screenshot_20230315_190442.webp

Screenshot_20230315_190659.webp

Screenshot_20230315_190559.webp
 
  • Like
Reactions: Kruger and ATNTESTING
#507
Pschiff said:
I always suspected, but have no actual proof, that Novo had a hand in this as an excuse to hold onto the bank's funds due to its weak financial position. I hope that I'm wrong.
Click to expand...

The ECB deposit rate is 3% as of today, why is EPB still charging a negative rate of -0.60% on Euro deposits?
I guarantee you EPB is the only bank in the world charging negative rates on Euro deposits, this is adding insult to injury.
 
  • Like
Reactions: Martin Everson and orion7352
#508
Radko said:
The ECB deposit rate is 3% as of today, why is EPB still charging a negative rate of -0.60% on Euro deposits?
I guarantee you EPB is the only bank in the world charging negative rates on Euro deposits, this is adding insult to injury.
Click to expand...

It will be 3% from 22nd March and its currently 2.5% but I get your point. This is easy free money for Novo Banco. Only Peter will know if any of this rate hike is being passed on to EPB and whether EPB will pass it on to customers. Time cost of money blocked here is brutal.

https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html
 
  • Like
Reactions: orion7352
#509
Martin Everson said:
It will be 3% from 22nd March and its currently 2.5% but I get your point. This is easy free money for Novo Banco. Only Peter will know if any of this rate hike is being passed on to EPB and whether EPB will pass it on to customers. Time cost of money blocked here is brutal.

https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html
Click to expand...
Just for the record, Novo isn't charging negative rates on deposits from its customers, it hasn't been charging negative rates since last year when the ECB started hiking rates (I visited a Novo branch last year and I asked, I will be in Portugal next week, I don't think I need to ask them again, I'm sure they'll give me the same answer.)
If anything we should get positive rates on Euro deposits at EPB.
 
  • Like
Reactions: Martin Everson
#511
Pschiff said:
I doubt Novo Bank is paying EPB any interest at all. Its likely keeping all of the interest for itself. That may be one reason the account is frozen. But I am no longer involved. The Receiver is running the bank.
Click to expand...
How can they keep freezing the account in perpetuity to make money out of us? In what way can that be legal or part of a correspondent bank agreement?
If that is the case this is going to go on forever.
 
  • Like
Reactions: Tulliola92 and Radko
#512
  • Like
  • Love
Reactions: ATNTESTING, Kruger, Tulliola92 and 1 other person
#513
I thought Peter Schiff/EPB already hired a lawyer in Portugal to deal with unfreezing the accounts.

I don't know if our speculation here as to what is going on is helping our cause. Sometimes it's difficult to know what helps or hinders our case.
 
  • Like
Reactions: Radko
#514
orion7352 said:
I thought Peter Schiff/EPB already hired a lawyer in Portugal to deal with unfreezing the accounts.

I don't know if our speculation here as to what is going on is helping our cause. Sometimes it's difficult to know what helps or hinders our case.
Click to expand...
You make a very good point, but the lack of information on the part of EPB/Qenta/Receiver is fueling the uncertainty, so it's normal that at some point customers are going to try to get involved, all that customers have been told is "keep on waiting" that's it, but I think we can all agree on that charging negative rates on Euro deposits, specially when the Euro deposit rate is positive, as well as account fees is inexcusable, and I'm sure it's not Novo bank, it's EPB/Qenta/Receiver, they don't let customers transfer their funds to another bank but they keep deducting money every single day from your account, day after day nonstop, what a way to milk the customers, very dishonest imo.
 
  • Like
Reactions: ATNTESTING, Tulliola92 and orion7352
#515
Radko said:
You make a very good point, but the lack of information on the part of EPB/Qenta/Receiver is fueling the uncertainty, so it's normal that at some point customers are going to try to get involved, all that customers have been told is "keep on waiting" that's it, but I think we can all agree on that charging negative rates on Euro deposits, specially when the Euro deposit rate is positive, as well as account fees is inexcusable, and I'm sure it's not Novo bank, it's EPB/Qenta/Receiver, they don't let customers transfer their funds to another bank but they keep deducting money every single day from your account, day after day nonstop, what a way to milk the customers, very dishonest imo.
Click to expand...
Where I grew up it is called theft
 
  • Like
Reactions: Tulliola92, Radko and orion7352
#516
Radko said:
You make a very good point, but the lack of information on the part of EPB/Qenta/Receiver is fueling the uncertainty, so it's normal that at some point customers are going to try to get involved, all that customers have been told is "keep on waiting" that's it, but I think we can all agree on that charging negative rates on Euro deposits, specially when the Euro deposit rate is positive, as well as account fees is inexcusable, and I'm sure it's not Novo bank, it's EPB/Qenta/Receiver, they don't let customers transfer their funds to another bank but they keep deducting money every single day from your account, day after day nonstop, what a way to milk the customers, very dishonest imo.
Click to expand...
Yes you are right, communication has been poor from EPB/Qenta and Receiver. I wrote to the Receiver on many occasions - EPB customer services said he would reply to customers - but no replies at all.

Yes customers have waited long enough and charges on frozen accounts are outrageous.

We don't know if the lawyer hired by Peter Schiff/EPB has made any progress in unfreezing the accounts. But customers can't keep passively waiting.
 
  • Like
Reactions: Tulliola92 and Radko
#517
orion7352 said:
Yes you are right, communication has been poor from EPB/Qenta and Receiver. I wrote to the Receiver on many occasions - EPB customer services said he would reply to customers - but no replies at all.

Yes customers have waited long enough and charges on frozen accounts are outrageous.

We don't know if the lawyer hired by Peter Schiff/EPB has made any progress in unfreezing the accounts. But customers can't keep passively waiting.
Click to expand...

7 more days to March 23, if they delay this whole thing another 2 months then I don't know what legal options are left for customers at this point.
It seems crazy that a correspondent bank can legally hold on to funds indefinitely, but so far that's what they've done; just like it seems crazy that EPB/Qenta would carry on charging fees, but so far that's what they've done, so it wouldn't surprise me if things continue as they are, everybody is making money at the expense of the customers.
 
  • Like
  • Sad
Reactions: Marie Manila, ATNTESTING, Martin Everson and 2 others
#519
It is hard for anyone to communicate with customers when we are legally barred from doing so. Any communication as to why the return of funds as been delayed is against the law, and may result in even further delays. That said I think we will get some clarity either at the end of this week, or by next week. I really can't speak freely about what happened and why until after everyone gets their money back. I really can't wait to publicly tell the story.
 
  • Like
Reactions: jryan54, Kruger, Marie Manila and 3 others
#520
Pschiff said:
It is hard for anyone to communicate with customers when we are legally barred from doing so. Any communication as to why the return of funds as been delayed is against the law, and may result in even further delays. That said I think we will get some clarity either at the end of this week, or by next week. I really can't speak freely about what happened and why until after everyone gets their money back. I really can't wait to publicly tell the story.
Click to expand...
It might harm our chances of ever receiving our funds if you threaten to tell all at a later date.
 
You must log in or register to reply here.
Offshore Bank Accounts

Forum Announcement

Latest Threads

Offshore Bank Accounts
The Kingdom Bank
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back