SataBank Closed

[Martin Everson]

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.

Exactly, like allowing clients to trade in stolen Libyan oil . There is no way someone should have kept 100's of 1000's of euros in an account with ZERO DEPOSIT PROTECTION. The same bank that from day one lost its USD correspondence account shortly after launching . I know people were attracted to the Fintech aspect of the bank and the mobility it allowed them. However most were there as you say because other banks would not service them.

What you say will hurt some but its the truth .

 

[Tamarind]

Honestly we all weight the pros and cons of Banking with non traditional no-deposit protection digital Banks, no one comes searching for EMIs unless they know that their biz line will not be accepted by normal Bank, so its an unsecure alternative and we know it.

Now as the saying goes "easy money, easy gone", its this risk that we need to calculate when we lend our money to these serial thief's.

There will never be a all in one solution offered by Banks for all lines of possible business that people conduct, so there will always be new alternatives to risk and profit with our money and sure lose it too. Life's a gamble.

 

[nitehawk]

Looks like we are all getting our money back in a few weeks per a new public notice that just went out.

"
The Authority has directed the Competent Person to initiate a controlled process forof customer deposits over a period of time. The release of funds will be subject controls and checks following which, funds may be transferred. This process willSatabank customers to verify their identity and provide additional information and another account with a credit or payment institution in an EU/EEA jurisdiction in name as the existing account at Satabank to which monies can be transferred. If adoes not have an alternative account (with a credit or payment institution) in an jurisdiction, they are encouraged to set one up as soon as possible.
The relevant authorities are agreeing the process and further guidance will be provideCompetent Person on the bank’s website as soon as practical, although this is likeseveral weeks. The Bank continues to meet all capital and liquidity requirements. "

 

[Tamarind]

Good news, so the boss didn't pull the money in sacks at midnight and seems to have enough spare cash to pay all accounts.

 

[blizz]

Good news, so the boss didn't pull the money in sacks at midnight and seems to have enough spare cash to pay all accounts.

sometimes people are lucky, there are honest people around.

 

[Martin Everson]

Still no joy with satabank a week later. I pity anyone in Malta who had this bank as their main account. Some of these stories are sad .

Satabank Shambles Prompts IT Businessman To Quit Malta - Lovin Malta

WATCH: Satabank Client Couldn't Pay For His Wife's Cancer Treatment After Bank Accounts Frozen - Lovin Malta

 

[Milky Moon]

When I researched SATA Bank in the past their accounts specifically mentioned they were EMI accounts, and NOT covered by the depost guarantuee. So I would advice deposit holders to check their contracts (you did save them on your harddisk right?) and see if their funds are covered.

 

[Milky Moon]

When I researched SATA Bank in the past their accounts specifically mentioned they were EMI accounts, and NOT covered by the depost guarantuee. So I would advice deposit holders to check their contracts (you did save them on your harddisk right?) and see if their funds are covered.

Satabank Clients Concerned That Frozen Deposits Do Not Fall Under Compensation Scheme - Lovin Malta

I would sue Malta/MFSA, any institution that has 'bank' in it's name and takes deposits should be covered.

 

[Martin Everson]

MGA to take necessary steps to set up Satabank alternatives - The Malta Independent

I read the comment (see below) at bottom of the above post. It all sounds very worrying if this is really happening.

------------- quote
"There is another very important issue happening now in Malta: all the other banks are rejecting opening business accounts to entities coming from SATA Bank. Moreover, they are rejecting explicitally to authorize transfers from SATA Bank to their bank, when SATA will become available to do them. We, as customers, are now being treated like we got plague. I'm already planning to close my 5-years business, and leave Malta to go to a better place, where my legal online business is welcome and not rejected. In Malta, today, you can do business only if you sell fruits and vegetables or if you want to open a restaurant. If you start talking about "online" company, Malta is in the stone age and you are treated like a terrorist. This is the only truth. I really want to see who'll have the guts to publish this in an article."
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[lookingforward]

Yes, opening a bank account in Malta is a real nightmare, living here for two years and situation every year becoming worse and worse. And none of them want to be a part of SATA problem

Malta is in the stone age and you are treated like a terrorist. = fully agree on that statement, i tried to open Bank acc in BOV, HSBC, they were sending me for new docs every 3 months (appointments was 3 month from latest) so i wasted half a year, they asked me more docs (however i am an EU guy), so i opened account in Sata, which i ofc regret at this moment as i had there "ALL" my personal fund.

Only option is baniff bank = fast in malta, but i dont know how reliable they are. will write an review in month

 

[jackfrost]

Can only repeat myself - unless you have some hard requirement to absolutely use a Maltese bank do not use bank accounts on Malta especially if you are operating from / in Malta. This is not just about the absolutely horrible state of Maltese local banking but also tenant laws etc pp.

Private - look at bunq (real bank) or emis like monese, transferwise, revolut etc
Business - harder and depends on industry etc but anything like revolut business, transferwise etc is better than a Maltese EMI

 

[Martin Everson]

Only option is baniff bank = fast in malta, but i dont know how reliable they are. will write an review in month

Humm...you should have just opened an account with myney.com. They are part of Fxserv group. You can open the account on the mobile app and just need to pop into any branch of Fxserv and show your original Malta ID. Takes 5 minutes .

Avoid BNF....lol i have an account with them ALSO MeDirect (investment only) and BOV. All these banks in Malta are a complete joke. Malta banking system is worse than any bank I have used in Africa....LITERALLY.

 

[Martin Everson]

Can only repeat myself - unless you have some hard requirement to absolutely use a Maltese bank do not use bank accounts on Malta especially if you are operating from / in Malta. This is not just about the absolutely horrible state of Maltese local banking but also tenant laws etc pp.

Malta's financial system falling apart like its limestone buildings are eroding by weathering .

Private - look at bunq (real bank) or emis like monese, transferwise, revolut etc
Business - harder and depends on industry etc but anything like revolut business, transferwise etc is better than a Maltese EMI

I used all of those apart from Monese. Be careful of Bunq it is the best Fintech bank I use but made like a 7m euro loss or something an is very unprofitable. There business model needs to grow but they offer deposit protection and fast payments. .

 

[lookingforward]

Humm...you should have just opened an account with myney.com. They are part of Fxserv group. You can open the account on the mobile app and just need to pop into any branch of Fxserv and show your original Malta ID. Takes 5 minutes .

Avoid BNF....lol i have an account with them ALSO MeDirect (investment only) and BOV. All these banks in Malta are a complete joke. Malta banking system is worse than any bank I have used in Africa....LITERALLY.

Thank you very much, will give it a shot!

 

[Martin Everson]

Thank you very much, will give it a shot!

Your welcome.

 

[jackfrost]

Malta's financial system falling apart like its limestone buildings are eroding by weathering .



I used all of those apart from Monese. Be careful of Bunq it is the best Fintech bank I use but made like a 7m euro loss or something an is very unprofitable. There business model needs to grow but they offer deposit protection and fast payments. .

Yeah all those fintechs will need to proof their business model over time first but bunq is probably the one i would absolutely trust the most so far. The jurisdiction is fine, its a real bank with real deposit protection etc pp so if they go under so be it (always talking about keeping your funds within the protection limits of course). Also the only one with a very good customer support (monese is quite good too there) as well as 50k card limits etc (have tested lower 5 digit card payments so far without an issue). I very much like their 25 accounts package, not cheap but its all very polished and working excellently.

Monese well an EMI but probably the EMI that i would trust the most as they seem to be pretty reliable in terms of not simply shutting things down for no reason like rev.... etc tend to do. Haven't heard nearly as many bad things about them as for e.g. about Rev... & co but still an EMI. Also better card limits than most but like Rev... no option to set daily / per transaction limits - only activate / deactivate card which is always a bit crap with Debit cards.

Malta buildings... banks... oh well... i think we agree that its a pointless topic that needs no discussion really

 

[extremedox101]

transferwise etc is better than a Maltese EMI

surprisingly the only Maltese EMI i opened account with is entropay , i was very satisfied with them . but probably this not their average EMI in Malta .

 

[fanban]

Entropay is not working any longer as before! Useless!

 

[Martin Everson]

Looks like a meeting where affected businesses are invited to attend is taking place at 5pm CET time Malta according to lovinmalta. Seems like Malta only trying to gauge the knock on effect on their economy . Pensioners and normal savers it seems can go to hell as they want to protect the fruit and veg sellers who ride around in lorries .

Enterprises affected by the Satabank issue urged to get in touch with GRTU - The Malta Independent

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"Besides being alarmed due to the plight of its members, GRTU is also concerned about the effect this is having on retail sales. The fact that Satabank users cannot use the funds in their account means that on the consumer side they are unable to receive moneys and spend and on the business side they are unable to utilise such accounts to trade and sell. The problem is being felt most prominently in the Msida, Gzira, Sliema and St Julian's areas."

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[KJK]

Pensioners and normal savers it seems can go to hell as they want to protect the fruit and veg sellers who ride around in lorries .

Malta is a strange place, kinda like if Sicily became an independent state with a 'f**k everyone' attitude. The reality is that the country is a small place smaller than many cities in other countries.
Everyone knows "someone" - that is, someone connected to some shady practice, like operating semi-legal casino, broker, real estate company, bank.

Not that long ago in history the elite of Maltese population emigrated and left the island (for Australia, UK, America). What remained was a dull island with no resources, no beaches, half of its population gone and nothing special to offer. So I'm not surprised that they decided to offer something special to the world. Like these very 'special' banks

It's possible that the mentioned pensioner's son or daugther knew in advance and got some warning. So most affected people are foreigners and expats who thought Malta operates like a normal country.