Euro Pacific bank is a scam
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The good news I promised was that the Portugese government removed its freeze on the bank's accounts at Novo Bank. That happened. The problem now is that Novo bank is dragging its feet on sending out the wires. Euro Pacific bank did its part in that it has submitted all the wire requests. Supposedly all the money is there. But customers can't get it until Novo decides to sends it to them.
Hi Peter, I was of the impression following EPB message on 20/04 published on the website this had been resolved?
So what does this mean for opt-out clients if the liquidation officially commence before the end of April and we dont have our moeny returned to us by NOVO BANK?
Is liquidation only completed once all funds have been returned?
https://europacbank.com/support/migration-liquidation-update_20230421/
Yes, it's resolved, accept the bank is still waiting on Novo to send the money. For the past nine month's Novo was legally prohibited from sending out the money. Now that the legal barrier had been removed Novo has no excuse, but so far Novo has failed to comply with any of the bank's requests. Novo clearly has an incentive to hold onto the deposits for as long as it can, and it appears that is what Novo is doing. Hopefully Novo will finally send out the money before the end of the month.
So there's no legal, compliance or any other impediment now from Novo not to send out the wires ?
So now there's no legal, compliance or any other excuse from Novo Bank but they are still not sending out the wires?
This story just never seems to have an ending .
Well, that's really confusing! EPB basically said we will receive our money before the end of this month and Peter says it depends on Novo bank...
Well, I sent my complains via fin-net to the Portuguese members.
https://finance.ec.europa.eu/consum...s-fin-net-country/fin-net-members-portugal_enEverybody should do this.
https://finance.ec.europa.eu/consum...s-fin-net-country/fin-net-members-portugal_enEverybody should do this.
OCIF says clients are getting their money,
https://www.elnuevodia.com/negocios...Id=7&cx_testVariant=cx_1&cx_artPos=1#cxrecs_s
https://www.elnuevodia.com/negocios...Id=7&cx_testVariant=cx_1&cx_artPos=1#cxrecs_s
I've just wrote this to EPB. We all need some more clarifications at this point.
Last edited: Apr 25, 2023
Thanks for sharing this. Then let's be patient for 60 more days max... in the meantime, many other things/updates can happen...
Last edited: Apr 25, 2023
That's good news, but who can trust them anyway?
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Let's say we start to see the end of the tunnel. The updates are a little bit clearer than before where they just said we had to wait 3 more months without any reasons. But yeah, this can last few more months 🙁
"Euro Pacific Bank's customers MAY finally regain access to their deposits with the next two months.." OCIF Commissioner has nothing to boast about - shameful conduct on her part. So we are supposed to be eternally grateful because of her proposed immense generosity? Give me a freaking break!
They really don't give a s**t what people have to go through. There will be necessary permission for permission and later permission for permission for permission. This is the roller coaster without wheels but with money aboard.
Each day brings passive income. The perfect moment to shout out loud: Stay, moment, you are amazing! - Johann Wolfgang von Goethe.
Last edited: Apr 25, 2023
Each day brings passive income. The perfect moment to shout out loud: Stay, moment, you are amazing! - Johann Wolfgang von Goethe.
Last edited: Apr 25, 2023
Hi Peter,
Any likelihood of getting this emergency injunction in place if funds are not recieved/processed by this Friday (28/04)? Seems like Novo Bank is just going to continue to drag this matter out...
I got the following answer from EPB: "At this time, we await a further update and would have more information for you in the coming days. "
Well, still better than a month ago. Keep faith 🙂
Well, still better than a month ago. Keep faith 🙂
Im not overly confident with EPB, emailed them the pending authorization number and amount on the wire out executed on 30/08 for an update ( sent screenshot of the transaction) and got a response "If you are an opt-in client, meaning that you will be participating in the migration to Qenta, your assets will be safely brought into the Qenta ecosystem, and you will receive detailed onboarding and registration instructions in the coming days.
had to reply and tell them I chose to opt out and the previous message I sent was clear stating that...
response I then got was "Please be advised that your transfer is still pending the banks approval, the team would proceed with processing transfers shortly."
Last week they said it would be over by end April.
So clearly something has gone wrong in the last few days or they didn't know what they were talking about last week.
I just called Novo Bank. The service assistant repeated like a robot: ”žWe don”˜t have access to that kind of information. You have to speak with your bank.“ She did not reply to any of my arguments.
We need to try to get access to higher up the command chain..I have tried calling too. Mark Bourke is the CEO at Novo Bank.
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