Euro Pacific bank is a scam

[rey skywalker]

are we here to some kind of moral issue? i am here to not pay tax or minimise it , i not think is moral to pay taxes for govement who will waste it in corroption , arms , and prostitution.
Martin can you give us some facts?

 

[Martin Everson]

are we here to some kind of moral issue? i am here to not pay tax or minimise it , i not think is moral to pay taxes for govement who will waste it in corroption , arms , and prostitution.

Bizarre points to make. Can you just use google translate instead of guessing at English.

Martin can you give us some facts?

Yes I can.

1. EPB does not publish a financial statement.
2. No one knows much about the banks management and ownership.

Please prove those two facts wrong?

 

[uplana]

2. No one knows much about the banks management and ownership.

but it is Peter Shiff right?

how can they avoid to publish any financial statements, I thought it was mandatory.

 

[Martin Everson]

but it is Peter Shiff right?

According to NY Times Peter Schiff owns only a 45% stake in the bank. His not a majority stake holder. But a Mr Mark Anderson is .

"Euro Pacific is majority-owned by its chief executive, Mr. Anderson. Mr. Schiff holds a 45 percent stake, according to regulatory filings. Both declined repeated requests for interviews from The Times."

how can they avoid to publish any financial statements, I thought it was mandatory.

Private company status, but unlike other banks like CSB in Cook Islands that publishes theirs EPB refuses to do so...why?

 

[Martin Everson]

Out of interest here is some Euro Pacific Bank registration documents freely available from Puerto Rico company registry. But it does not show the annual filing of the bank .


Certificate of Incorporation

https://prcorpfiling.f1hst.com/Corr...-b390-4d55-90d7-52271916b68c&SEQ=7343546&IE=0
Corporate Resolution

https://prcorpfiling.f1hst.com/Corr...-1337-42de-a37a-f4dace0051cb&SEQ=7343548&IE=0
Certificate or Correction

https://prcorpfiling.f1hst.com/Corr...-0334-4bcf-8e8f-6a6d0b62acd1&SEQ=7396197&IE=0
Capital Stocks Amendment

https://prcorpfiling.f1hst.com/Corr...-f8bc-487b-af4a-75876434930c&SEQ=9470884&IE=0

 

[Edge]

According to NY Times ....

That's a good article .. Let's highlight some passages from that article shall we ? You don't even have to read between the lines ..

 

[Martin Everson]

Yup interesting points you highlighted. I wish EPB all the best. Most of their international banking partners, Perth Mint etc have all voted with their feet. Just note the US Federal government can spend years building a case even 7 years+ collecting info on transactions etc. Then when they come for you its game over. You can only plead guilty then either get shutdown, pay a fine or go to jail.

 

[Edge]

Most of their international banking partners, Perth Mint etc have all voted with their feet.

Of course Perth mint will walk away, after all this was a scandal in Australia .. They went to a Brink in NY and some vault in Singapore I think for storing precious metals ..

Just note the US Federal government can spend years building a case even 7 years+ collecting info on transactions etc. Then when they come for you its game over. You can only plead guilty then either get shutdown, pay a fine or go to jail.

Dude in 7 years I'll be drinking Martinis on mars with papa Elon what are you talking about

Look, I'm not saying this is a good bank that you should trust with all your money, hell I can tell you it actually sucks, their fees are crazy, you need to provide documentation every time you blink, their mutual funds are a joke (very conservative, makes 2% 3% if you are lucky, and they take that as fees lol) .. BUT, I'm simply saying it's not the demon you have been describing ..

I really think that they have been cleaning up their act for few years now, especially when card armageddon happened to everybody in 2017 .. They have applied since with Visa will see where that goes .. I think Schiff wants to create something like BitGold / Goldmoney that he was invested in, which basically you have a card linked with your gold deposit and you can spend it directly .. Guy likes gold leave him alone

 

[Martin Everson]

I think Schiff wants to create something like BitGold / Goldmoney that he was invested in, which basically you have a card linked with your gold deposit and you can spend it directly .. Guy likes gold leave him alone

......or something like Glintpay.

You don't need to be a bank to do any of that .

 

[Edge]

......or something like Glintpay.

You don't need to be a bank to do any of that .

I know he was already part owner of Goldmoney that's why I used the example ..

I'm not saying that's why he made the bank, I'm saying that's what he wants to do now ..

The bank was created to be an offshore bank like any other, and that party is somewhat over for now (at least for low net worth people), I really think they have been cleaning up for few years now ..

You say there is no reason to bank there, well the gold card thing might be one, peter has so many followers, also his bank is full reserve, if you think the sky is falling on you tomorrow, might be a good place to put some money .. And that's one of the reasons their fees are so high by the way ..

 

[Martin Everson]

I'm not saying that's why he made the bank, I'm saying that's what he wants to do now ..

I have no issue with a gold backed card over the long term. Strategy sounds good.

You say there is no reason to bank there, well the gold card thing might be one, peter has so many followers,

He has a fair few cult members that hang of his every word.

also his bank is full reserve,

How do you actually know this and can you prove this to me? Where is EPB audited financial accounts to show any of this?

if you think the sky is falling on you tomorrow, might be a good place to put some money .. And that's one of the reasons their fees are so high by the way

If I thought the system was going to collapse trust me I am not going to some opaque bank shell bank in bankrupt Puerto Rico to put any money or assets there .

 

[extremedox101]

When you see reviews and posts popup regularly about paypal, transferwise etc closing accounts "for no reason" .. and this bank / emi etc is a scam, then you read the post and there is nothing there, that means those companies are actually doing due diligence and closing up accounts that look shady ..
The reports that EPB is a "scam", always come from people with accounts closed... for no reason of course ..

it's weird you say EPB is not scam after all scam accusations .

 

[Edge]

it's weird you say EPB is not scam after all scam accusations .

Can you explain what "scam" mean in your mind please ?

 

[Marie Manila]

One question regarding outgoing money transfers:
Sometimes I read, that outgoing transfers get blocked and some documents from their compliance department were requested.

Do they also need any documentation, if the money is sent to an account under the same name?
For example, if I have 10 000 $ or € in EPB and want to transfer it to my account at HSBC bank.

Has anybody had problems with these kind of transfers? Were they executed properly or did the money got stuck at EPB?

 

[mvstreet123]

Strange topic if EPB is scam
Sure EPB isn't scam but sure some - or many customers of them are scammers (or they use them for tax fraud, money laundry or ....).
I'm happy customer of EPB for years and never had problems with them. All transfers was accomplished after two or three working days (in and out) and zero questions from compliance department.

Yeah, they have problems with financial authorities, but the reasons mostly are criminal activities of some (or many) customers and the weak KYC checks and prevention of clear criminal activities. I have feeling (only my feeling), that EPB will become much more strict - only to survive. Sure now some customers are pissed off (who use and used EPB for criminal activities) that they now get problems with compliance department.

Guys, read the stories about blocked accounts at Revolut other EMI's - they block accounts for weeks or months and you can reach nobody or nobody cares about. It's more risky to hold or transfer 10k with Revolut than EPB.

 

[extremedox101]

Can you explain what "scam" mean in your mind please ?

to use a plan or trick to get someone money without offering service or exchange .

 

[Martin Everson]

EPB will have to change its entire business model from banking shell companies, scammers and tax evaders as core business activities to trying to compete on service quality, innovation, cost, security and transparency.

It's more risky to hold or transfer 10k with Revolut than EPB.

You would choose an opaque shell Puerto Rico bank over Revolut Bank UAB with 100k deposit protection? You think Revolut Bank is more risky than EPB why?

 

[mvstreet123]

EPB will have to change its entire business model from banking shell companies, scammers and tax evaders as core business activities to trying to compete on service quality, innovation, cost, security and transparency.



You would choose an opaque shell Puerto Rico bank over Revolut Bank UAB with 100k deposit protection? You think Revolut Bank is more risky than EPB why?

You read what I wrote? - I said nothing about deposit protection.
It's fact that Revolut block/freeze accounts for weeks and months for unknown reasons. An deposit protection is great on paper but when Revolut block your company account for months and you can't pay for employees, taxes... you can use paper of deposit protection as toilet paper.

An last fact:
Revolut has as "special" bank licence (and not full licence) in LT - BUT ALL accounts are NOT normal bank accounts - all accounts ONLY e-money accounts from Revolut Payments UAB

Personal terms

e-money means ZERO deposit protection of 100k - please spead no fake news that Revolut has a deposit protection

 

[Edge]

You would choose an opaque shell Puerto Rico bank over Revolut Bank UAB with 100k deposit protection? You think Revolut Bank is more risky than EPB why?

You trust revolut ? seriously ?
Some banks and brokers are rejecting payments from revolut as we speak lol

I feel like we are having a discussion of "which one is worse"
They both suck in my opinion, go for alternatives if you can ..

BUT, EPB is NOT a scam (whatever that means to you), is it a "good bank" ? No. Is it "good enough" especially if you are not finding other options? Yes.

 

[Martin Everson]

An deposit protection is great on paper but when Revolut block your company account for months and you can't pay for employees, taxes... you can use paper of deposit protection as toilet paper.

Banks do not block accounts for no reason. You should be saying that you don't know the reason they blocked your account and not spread misinformation.

An last fact:
Revolut has as "special" bank licence (and not full licence) in LT - BUT ALL accounts are NOT normal bank accounts - all accounts ONLY e-money accounts from Revolut Payments UAB

Personal terms

e-money means ZERO deposit protection of 100k - please spead no fake news that Revolut has a deposit protection

Have you even bothered to read the supplement to Revolut personal terms below or has your account not been migrated yet to the bank?

https://www.revolut.com/en-LT/legal/bank
https://www.revolut.com/en-LT/help/profile-plan/security-personal-data/is-my-money-safe
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If you are registered to the Revolut Bank UAB and Revolut Payments UAB entity:

Almost all deposits with Revolut Bank UAB are insured by the Lithuanian State Company “Deposit and Investment Insurance” (VĮ “Indėlių ir investicijų draudimas”). This means that if an insured deposit is not returned as a result of an inability of Revolut Bank UAB to fulfil its financial obligations, the Lithuanian State Company “Deposit and Investment Insurance” shall pay the deposit insurance compensation for deposits to the depositors. The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is EUR 100,000. The amount of deposit insurance compensation is determined by aggregating all the deposits held with Revolut Bank UAB. Please note that certain deposits are not insured. More details regarding deposit insurance are available here.

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