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My Experience with Rietumu Bank please read!!!
- Thread starter cosmo
- Start date
I sent email to your address too, but i didn't received any answer. What documents are required? Rietumu literally refuse to close account and transfer existing balance to another bank account of same company. They asked again and again for same 'due diligence' documents, even if on 26 march i received a confirmation from them that documents had been received and if there are req. any futher docs. i will be notified.
Even if bank get bankrupt, there is no chance to recover money, because we talk about a russian bank. The 100k DGS is bluff.
Even if bank get bankrupt, there is no chance to recover money, because we talk about a russian bank. The 100k DGS is bluff.
Dear Adrian,
In Russia they did not do such things that I know off... This is an EU bank and in fact inside the Euro-Zone, and maybe this is the problem...... I have the same problem with Rietumu... For me they did not reply yet and my so called "bank-manager" answers the call from time to time only to say that there is no update and she will let me know... Stalling for sure... plus no real information flow as to what is happening and why! I offered to open a private account with them and transfer the funds there so they will not loose me as client, but still no resolution! This started not because of Rietumu, but because of their government who executes EU and ECB "wishes" to destroy their once free banking sector economy. Happened also in Cyprus - also Euro-Zone nation... this is worse than communism... seems the west become east and the east becomes west!
Not sure how this can end up and what it takes to avoid total loss, but so far does not look good.... Any ideas and/or coordination will be happy to discuss.
If somehow they would feel that there will be no real bank-run once they unfreeze the accounts maybe they will co-operate... who knows! But seems not easy to secure this... It seems the froze most accounts and probably have liquidity problems... The May 21st dead-line will show... My guess is that they will steal a big potion or even all.... Hope I am wrong
Hello Frank! Same situation for me... Any update in your status? What do you think? Please let me know if you have any update with them... Thanks
Hi Frank... I am in the same situation... Let me know if your status has changed, and if not, what kind of coordinated action you propose... I spoke almost 2 weeks ago to a guy from the Card Payments department, (first reasonable person I found there), and he said there are many thousands of accounts suddenly frozen.!! Obviously the bank was following government orders to close non-resident accounts, but the way they are handling it is bad, hostile and unprofessional... the "freezing" part I am sure it's their own decision trying to gain time ... maybe they will go under like other Latvian Banks did by government manipulation in recent months... Since they entered the Euro Zone .... well you know... Let me know please if any news at all. Many thanks!
Yesterday I got this email "Dear client,
In our letter from March 19, 2018 on the termination of the cooperation with the shell-companies, we requested You to undergo the procedure of the enhanced due diligence until May 21, 2018.
Taking into account that the specified deadline has passed and the information available to the Bank, the preventive risk assessment has been conducted.
The Bank accepts to bear the AML risk, that has arisen in relation to the cooperation with Your shell–company, and upon the payment of the compensation for the mentioned risk and completion of other specific requirements,
to carry out the transfer of the funds to the account of Your company in another bank or to the account, from which the funds were received earlier. The transfer can be only made to the bank that is registered in the country that simultaneously is a member state of the European Union and the Organization for Economic Co-operation and Development, besides the Republic of Latvia.
In order to obtain more details, please contact Your personal manager.
Yours sincerely,
JSC "Rietumu Banka"
But what surprised me most is that also the bank asked me to open a deposit account in my name for no less than 2 years with 20% of the balance of the business account, otherwise they will not let me transfer the money.
However the request to open the deposit account was not written in their email.
My question is: can Rietumu legally do that? It seems an unreasonable request. Also why they didn't write that in their email but simply requested over the phone? I think they did it not to leave sign of something they could not request.
Anyone has a professional/expert opinion?
Thank you
In our letter from March 19, 2018 on the termination of the cooperation with the shell-companies, we requested You to undergo the procedure of the enhanced due diligence until May 21, 2018.
Taking into account that the specified deadline has passed and the information available to the Bank, the preventive risk assessment has been conducted.
The Bank accepts to bear the AML risk, that has arisen in relation to the cooperation with Your shell–company, and upon the payment of the compensation for the mentioned risk and completion of other specific requirements,
to carry out the transfer of the funds to the account of Your company in another bank or to the account, from which the funds were received earlier. The transfer can be only made to the bank that is registered in the country that simultaneously is a member state of the European Union and the Organization for Economic Co-operation and Development, besides the Republic of Latvia.
In order to obtain more details, please contact Your personal manager.
Yours sincerely,
JSC "Rietumu Banka"
But what surprised me most is that also the bank asked me to open a deposit account in my name for no less than 2 years with 20% of the balance of the business account, otherwise they will not let me transfer the money.
However the request to open the deposit account was not written in their email.
My question is: can Rietumu legally do that? It seems an unreasonable request. Also why they didn't write that in their email but simply requested over the phone? I think they did it not to leave sign of something they could not request.
Anyone has a professional/expert opinion?
Thank you
I got your point, but what do you mean by "... not many people will fall in that trap" ? Do you mean that if you refuse and firmly ask not to open a personal account but just transfer your company money somewhere else they cannot refuse (after trying hard to open the personal account for you ?
Avoid this bank, I have had an account with them for 3 years and they have been nothing but trouble. Many fees and they make up policies as they go and just charge you account fees for processing their own work. I have paid over €3000 is fees that were never mentioned in any paperwork over the past 12 months. This bank is a total fraudulent business and needs to be shut down. Please read all the other threads on Rietumu bank on this forum, you will get the idea.
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