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Euro Pacific bank is a scam

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I don't know⁢ in what kind of financial situation Novo Bank is but I can check.
Credit Suisse︀ has been facing problems for quite sometime, the news are making the story bigger than︁ what it is imo.
But maybe Peter can answer that question, what would happen to︂ EPB's deposits if Novo failed?
 
I always⁤ suspected, but have no actual proof, that Novo had a hand in this as an⁣ excuse to hold onto the bank's funds due to its weak financial position. I hope⁢ that I'm wrong.
 
I've just glanced at Novo's Annual Report 2022, the bank was profitable last year, it‌ had more assets than liabilities, but that was last year, we will know more at‍ the end of this quarter.
 
The ECB deposit rate is⁠ 3% as of today, why is EPB still charging a negative rate of -0.60% on⁤ Euro deposits?
I guarantee you EPB is the only bank in the world charging negative⁣ rates on Euro deposits, this is adding insult to injury.
 
Just for the record, Novo isn't charging negative rates on deposits⁣ from its customers, it hasn't been charging negative rates since last year when the ECB⁢ started hiking rates (I visited a Novo branch last year and I asked, I will︀ be in Portugal next week, I don't think I need to ask them again, I'm︁ sure they'll give me the same answer.)
If anything we should get positive rates on︂ Euro deposits at EPB.
 
I doubt Novo Bank is paying EPB any interest at all. Its likely keeping all‌ of the interest for itself. That may be one reason the account is frozen. But‍ I am no longer involved. The Receiver is running the bank.
 
How can they keep freezing the account in perpetuity to make money out of⁤ us? In what way can that be legal or part of a correspondent bank agreement?⁣
If that is the case this is going to go on forever.
 
I thought Peter Schiff/EPB already hired a lawyer in Portugal to deal with unfreezing the‌ accounts.

I don't know if our speculation here as to what is going on is‍ helping our cause. Sometimes it's difficult to know what helps or hinders our case.
 
You make a very good point, but the lack of information⁤ on the part of EPB/Qenta/Receiver is fueling the uncertainty, so it's normal that at some⁣ point customers are going to try to get involved, all that customers have been told⁢ is "keep on waiting" that's it, but I think we can all agree on that︀ charging negative rates on Euro deposits, specially when the Euro deposit rate is positive, as︁ well as account fees is inexcusable, and I'm sure it's not Novo bank, it's EPB/Qenta/Receiver,︂ they don't let customers transfer their funds to another bank but they keep deducting money︃ every single day from your account, day after day nonstop, what a way to milk︄ the customers, very dishonest imo.
 
Yes you are right, communication has been poor from︂ EPB/Qenta and Receiver. I wrote to the Receiver on many occasions - EPB customer services︃ said he would reply to customers - but no replies at all.

Yes customers have︄ waited long enough and charges on frozen accounts are outrageous.

We don't know if the︅ lawyer hired by Peter Schiff/EPB has made any progress in unfreezing the accounts. But customers︆ can't keep passively waiting.
 
7 more days to March 23, if they delay this whole thing⁢ another 2 months then I don't know what legal options are left for customers at︀ this point.
It seems crazy that a correspondent bank can legally hold on to funds︁ indefinitely, but so far that's what they've done; just like it seems crazy that EPB/Qenta︂ would carry on charging fees, but so far that's what they've done, so it wouldn't︃ surprise me if things continue as they are, everybody is making money at the expense︄ of the customers.
 
That would be great if we could at least have the contact of the lawyer‌ in charge of our case... it looks like we don't deserve any clear updates. Who‍ we are to deserve updates? 🙁
 
It is hard for anyone to communicate with customers when we are legally barred from‌ doing so. Any communication as to why the return of funds as been delayed is‍ against the law, and may result in even further delays. That said I think we⁠ will get some clarity either at the end of this week, or by next week.⁤ I really can't speak freely about what happened and why until after everyone gets their⁣ money back. I really can't wait to publicly tell the story.
 
It might harm our chances of ever receiving our funds if you threaten to︀ tell all at a later date.
 
Which is why Peter said‍ "I really cant speak freely about what happened and why until after everyone gets thier⁠ money back".....
 
Peter, Im concerned about bank runs, banking‌ crisis and our money been stuck in this useless NOVO BANK and risk exposure here,‍ particularly in Europe. Realisitically when can we expect to get our money back? As I⁠ understand you hired a lawyer in Portugal to deal with NOVO BANK, is there nothing⁤ to disclose on this? Has the lwayers action concluded or is it still ongoing? Im⁣ considering requesting a freedom of information request from HMRC to see if they are involved⁢ in this NOVO BANK debacle holding up the funds, as in that case I will︀ hold them accountable for losses incurred as a result of thier interference.
 
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