SataBank Closed

[SATAvictim]

<<snipped - not allowed>>

We have several business accounts with SATA that are now all locked. This is really unacceptable for us as a legitimate business to have all access to our funds blocked without any prior notice. We have expenses and staff to pay and are now not in a position to cover all these. Thanks SATA and Malta for letting this s**t stir for so long, a great example of the fintech hub you're trying to be.

 

[nitehawk]

To rephrase that - in my personal opinion - as living on Malta - you should not make decisions based on needing that money in the near future and be happy if through some very lucky circumstances you see that money again in the future.

You are too far to state we need to very lucky, we need to be unlucky to not get the money. Its good to plan for worst case scenario but its not like the bank went bankrupt. There will be significant cash on hand.

 

[Martin Everson]

I created a public group for SATA bank victims: Bei Facebook anmelden | Facebook

We have several business accounts with SATA that are now all locked. This is really unacceptable for us as a legitimate business to have all access to our funds blocked without any prior notice. We have expenses and staff to pay and are now not in a position to cover all these. Thanks SATA and Malta for letting this s**t stir for so long, a great example of the fintech hub you're trying to be.

Great idea . Crypto exchanges need to be aware. Malta has only 6 core banks i.e APS, HSBC, BNF, Lombard, MeDirect, and BOV. I know all of them well. The rest are international banks like Sata, Ferratum, Fimbank etc etc and are not considered of any importance to Malta economy so its unfortunate for Sata customers.

Did you read the below section from last link? Get a head start and email them in case they are just communicating to Maltese clients .

"Customers have been asked to provide their customer details to the Bank through their customer support email – in particular time-sensitive payments which need to go out and income which should be received."

Satabank branch closed – 'internal staff meeting' says bank - The Malta Independent


P.S Anyone gonna start one early for Euro Pacific Bank?

 

[Spinat]

That's sad I was in process of opening an account with them. At least it explain why it took so long for them to reply to anything!

 

[Dubsize]

Another one ending belly button up... seems like 2018 was a great vintage

 

[Martin Everson]

It is sad.

It kind of knocks your whole confidence in small banks . The way you are simply shut out and no communication is sent out. Till today I have received no communication from the bank on the subject other than what was posted on their website. The same rubbish happened with Nemea Bank in Malta if people remember.

 

[Dubsize]

P.S Anyone gonna start one early for Euro Pacific Bank?

ahahah - what's your bet ? before the end of 2018 or the first one in 2019?

 

[Martin Everson]

ahahah - what's your bet ? before the end of 2018 or the first one in 2019?

We should start a poll on this.....lol. I think it will be first one in 2019 and as follows.

1. The bank is officially questioned for its activity
2. Correspondence banks terminate business with bank
3. Card providers terminate business with bank
4. Bank can no longer reasonably continue operation and inform regulators
5. Regulator steps in to revoke its license to protect depositors
6. Bank puts up notice on website and stops responding to emails and calls
7. Someone starts a "EPB Bank Closed" thread.
8. Everyone starts discussing how to complete Spanish language claims forms

Book mark this thread....lol. It will come back to haunt some.

 

[Dubsize]

We should start a poll on this.....lol. I think it will be first one in 2019 and as follows.

1. The bank is officially questioned for its activity
2. Correspondence banks terminate business with bank
3. Card providers terminate business with bank
4. Bank can no longer reasonably continue operation and inform regulators
5. Regulator steps in to revoke its license to protect depositors
6. Bank puts up notice on website and stops responding to emails and calls
7. Someone starts a "EPB Bank Closed" thread.
8. Everyone starts discussing how to complete Spanish language claims forms

Book mark this thread....lol. It will come back to haunt some.

Bookmarked ! This "K.O" timeline makes sense.
Just for the sake of clarity, I do not wish anyone to lose money ! but seeing all those "banks" going down this year we can only think that this will continue and intensify...

 

[Martin Everson]

I agree I don't wish lose of money on anyone. But sorry if after reading this, after Choice bank, Satabank, LoyalBank etc etc and you don't take any action then I cannot pretend I have any pity for your loss. I am just being honest .

 

[Tamarind]

Crypto kids ruined the Banks for us normal people.

 

[John Spectre]

Crypto kids ruined the Banks for us normal people.

this is BS.
Crypto didn't ruin any banks for all it history.
Don't need to create rumors unless you operate any facts.
By the way, Sata was totally unfriendly to crypto, so don't need to mix it here.

 

[SATAvictim]

No idea why my FB group link was deleted, so posting again: Bei Facebook anmelden | Facebook

We've had over 100 people joining and we're trying to keep track of all of it and help out other victims..
The more unravels, the worse it gets. MFSA is hostaging hundres of individuals and business by this act and should come with a statement very soon. Since its known now SATA is under investigation for months it should be easy to pinpoint the exact accounts affected and have them blocked but not at the cost of jeopardising legitimate business, especially that all eMoney accounts are not even covered by the Depositor Scheme this is straight out hostaging us.

 

[Tamarind]

this is BS.
Crypto didn't ruin any banks for all it history.
Don't need to create rumors unless you operate any facts.
By the way, Sata was totally unfriendly to crypto, so don't need to mix it here.

It ruined the way we used to Bank, i.e Banks got greedy and laundered loads, then rules came in to avoid crypto, then every kid tried to circumvent rules and Banks got into panic catching up to them.

If you need facts you either are blind or lost your bike. Not talking about SATA, but in general how EMI market got screwed up in less that 2 years by crypto crap.

 

[John Spectre]

It ruined the way we used to Bank, i.e Banks got greedy and laundered loads, then rules came in to avoid crypto, then every kid tried to circumvent rules and Banks got into panic catching up to them.

If you need facts you either are blind or lost your bike. Not talking about SATA, but in general how EMI market got screwed up in less that 2 years by crypto crap.

Again,
1. What you said is not related to topic.
2. EMI have shorttime live period, no matter they work or not work with crypto.
3. If you have any objections to the crypto world, it's actually your problem, but still not related to the bank problem or crypto world.
4. BTW, all 'native crypto' EMI worked well (just without cards): xapo, wirex, epayments, spectrocoin, shift, etc. No one was closed in manner of Sata and not dropped clients like leupay. So, without facts, stop to flame here.

 

[Tamarind]

Guess you are a crypto kid, since it's hurting you and making you not see the real issue I'm stating.

 

[clemens]

So they closed and we have a two page thread about it.. hmmm wonder what's the problem? Some people lost money but they may know if they don't use a real bank it's going to hurt one day!

 

[Martin Everson]

'I have not slept for three days' - Satabank client

Seems some unnamed source has ruled out liquidity being the issue for MFSA takeover. Feel sorry for the pensioner who put 300k euro in life savings in satabank with no deposit protection and when HSBC exists in Malta . This is the second bank this year to go under in Malta after Pilatus Bank, and again due to U.S DOJ charges of money laundering. The banking sector in Malta for non-residents is toast. But people act upset when Cyprus is taking immediate actions to clean their books .

MFSA

-------------- Extracts below. See full article above-----

“My business is only surviving because I have explained the situation to my clients and they have been understanding. I can’t even pay for food at the moment.”

E-money accounts, one of the products offered by Satabank, were not covered by the depositor compensation scheme, the spokesman said.


“It has become impossible for foreigners to open a bank account in Malta, even if they run a clean and legitimate business”, he said.


For the Italian businessman, his ordeal with Satabank would probably lead him to relocate his start-up to another country.


An Israeli entrepreneur, who claimed to have over €1 million in a corporate account for a company he runs in the gaming industry, said this experience with Satabank had likely killed his business.

The source said the MFSA’s actions at Satabank were not down to liquidity concerns. This was confirmed by the MFSA spokesman, who said the bank continued to meet its capital and liquidity requirements.

One British pensioner, who told the Times of Malta he had over €300,000 in life savings deposited at the bank, said it was bizarre how the regulator made ordinary depositors suffer for the bank’s problems.

--------------------

 

[Martin Everson]

Got read only access to my account now.

Question of the day. What do these two below Malta banks have in common?

Satabank
MFSA

 

[Tamarind]

Well no one uses these shady banks for proper clean biz, meaning into millions $ of transactions, smaller amounts that you are ok to lose are fine, but 300k pension, millions in Gaming biz, is just desperate crap. Proper payroll and company stuff? Come on!!! Get a proper Bank for normal big biz, which I;m sure it has re fussed all these clients who then went to Sata.