Bankruptcy proceedings against FlowBank

[Elve]

As I have never transferred a title before, I must admit that I am not‌ sure I fully understand how to proceed.

I would like to transfer my securities to‍ my IBK account, but with IBK there is no IBAN, only the possibility of generating⁠ a transfer (FOP) instruction letter which must be provided to the liquidator?

The problem is⁤ that the liquidator does not respond to emails, so does anyone know what is the⁣ best way to transfer the securities from flowbank to IBK? Thanks.

 

[zonqor]

As I have never transferred a title before, I must admit that I am not‌ sure I fully understand how to proceed.

I would like to transfer my securities to‍ my IBK account, but with IBK there is no IBAN, only the possibility of generating⁠ a transfer (FOP) instruction letter which must be provided to the liquidator?

Elve​

That is why I asked Noble, if you see my previous post you`d see that I⁤ did transfer from one jurisdiction to another in no time years ago , only thing⁣ I needed at the time was brokers name and contact number...including my acc number on⁢ both ends. There was no need to any IBAN, because they wern`t relevant.
Broker needs︀ if I recall share/security ID number, and that is about it./
Late Saturday afternoon, will︁ relax now and come back before the next week.
ENJOY!

 

[nobel]

IBK has an IBAN, where did you transfer money to IBK? With IBK you⁢ also have to announce the securities you want to receive.

 

[zonqor]

Elive​

Still bit of Whiskey left, so after a few and bit of digging I‌ got here:

International Securities Identification Number (ISIN) is a 12-digit alphanumeric code that uniquely identifies‍ a specific security:
https://www.investopedia.com/terms/i/isin.asp
I assume that your broker would need number of shares and⁠ the name of securities including ISIN number held with Flow Bank , name of the⁤ Bank /Broker (Flow Bank / Liquditaor in this case,) your name and acc number with⁣ them to proceed.
It should`t take long , ...I hope.
Hopefully no hick ups.

 

[nobel]

The Whisky has worked 😉 No, the IBAN is required here. ISIN⁢ is something else and not necessary.

 

[zonqor]

Nobel.

the IBAN is required here. ISIN is something else and not necessary.

WHY !???‌

 

[nobel]

IBAN= to allocate⁠ the customer exactly.

 

[zonqor]

IBAN= to allocate the customer exactly.

Ok ....I got it...finally.....
Good evening to you.

 

[Elve]

IBK of course has an IBAN so that customers can credit funds to their account.

But if you have already used IBK, you should know that the IBAN is not in‍ the name of the customer and that it is the same for all customers and⁠ that the funds are credited thanks to the reference.

So no at IBK, we do⁤ not have an IBAN in our name in order to be identified as in a⁣ bank, only an account number.

I suppose that in the flowbank IBAN field, it will⁢ be enough to enter the IBK account number, but I will wait for confirmation next︀ week.

 

[zonqor]

Elve,

Thanks for that.
I`m in the same boat but with different broker.

One more‌ thing, VALUE of all shares are consolidated in CHF., would that have any impact ?‍

 

[Elve]

No, any impact, all your shares will remain the same⁠ after the transfer. The only thing you have to do is make sure that the⁤ new broker supports the assets you want to transfer.

The consolidation in CHF is just⁣ a viewing configuration of your flowbank account.

 

[zonqor]

Latest :

Announcement to the clients of FlowBank Ltd. in liquidation dated 12 July 2024‌

The liquidators would like to inform you that as of Friday, July 12th, you can‍ request the transfer out of your securities in the FlowBank e-banking platform. Please note that⁠ the team will proceed with these transfer requests starting Monday, July 15th. Should you have⁤ any question regarding this process, please don’t hesitate to contact Customer Support by phone at⁣ +41 22 888 66 00.

 

[nobel]

We've all known that since⁢ Friday. 🙄

 

[zonqor]

Are you trying to be a smart a*s?
Some may not know...

 

[nobel]

Well, but every customer received the same email saying exactly that.

 

[zonqor]

Yes indeed, this the platform for everybody, not everyone looks at their emails 24/7 like‌ yourself.
It was the latest update on their website...that`s all.

 

[zonqor]

I’ll let my broker deal with it.

They advised me to give them all details‌ so they can proceed.

I have about 100k sitting there, ( silly me), it may‍ take couple of months, but I`m not in a rush.

I don`t see the point⁠ emailing them as johnsmith at yahoo dot com, they`ll take a notice if reputable broker⁤ email them
( I hope )/

All details here:
https://www.finma.ch/en/enforcement...resolution-authority/proceedings/flowbank-sa/
This is not advice ,⁣ just my particular situation and
the route I’ll take.

 

[nobel]

I don't understand. What are you up to, what have you done?

 

[zonqor]

I`ve done nothing, no point emailing them, no answer, no point phoning them , in‌ the loop even telephone rings and goes to Flow Bank greetings again and again.
I was gonna ask liquidators about the form I should fill.
My broker told me just‍ to fill transfer form which I did
and they`ll deal with it and if they⁠ need something they`ll contact me.
I was thinking just now to make a claim on⁤ the shares through email provided so I have a proof that I put a claim⁣ till my broker contacts them.
Is there a cut-off date or something ?
Nolan you⁢ had experience before if I recall, so you may chip in, Im not in rush︀ but how long this can go on...I reckon another couple of months....?
Email in question:︁
[email protected]

 

[celizo]

A "normal" tranfer of securities can take several‍ weeks. In the case of Flowbank liquidation, with x clients and transfers to do, it⁠ can be longer I presume.