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Bankruptcy proceedings against FlowBank

#41
I hope that anyone that had money on it receives it fast.

2. Secured deposits​

Client’s cash deposited with the Bank in Switzerland in an account opened in their name will be reimbursed in the short term up to a maximum amount of CHF 100,000 (one hundred thousand Swiss francs)
Click to expand...
Weird phrasing on the email they just sent me and of course anything above the 100,000 CHF is just lost/stolen.

I’m ultra happy that I never used my FlowBank account. I even forgot about it.

Run away from Swiss banks, no secrecy or stability.
Money is safer under the mattress or in crypto.
 
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#42
Martin Everson said:
Yes they forgot how unprofitable Swiss banking is without washing money or helping wealthy foreigners avoid taxes. Look at Credit Suisse when it had to only do clean business and enacted a white money policy it went straight out of business...lol.



My confidence was knocked a decade ago in Swiss banking. I have taken every opportunity to expose the illusion that is Swiss banking as it is not the conservative prudent banking it was 20 years ago and Finma is a joke.
Click to expand...
sure, but its not much better anywhere else really.

This era of -might makes right- is poison for having any kind of 3d party custody.

SirGRA said:
I hope that anyone that had money on it receives it fast.


Weird phrasing on the email they just sent me and of course anything above the 100,000 CHF is just lost/stolen.
Click to expand...
its not auto lost, but its part of the normal bankruptcy proceedings which can take years to resolve. So you can get a part or almost all of it back once the assets of the bank have been properly sold off.
SirGRA said:
I’m ultra happy that I never used my FlowBank account. I even forgot about it.

Run away from Swiss banks, no secrecy or stability.
Money is safer under the mattress or in crypto.
Click to expand...

Cash is trash as you deal with larger criminals than the banks.
Crypto is a worse insider circle-jerk than banking with the added benefits of being run by goofballs like here:

Only bitcoin is a serious alternative.
 
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#43
JackAlabama said:
sure, but its not much better anywhere else really.
Click to expand...
God! I hear you! stupi#21
JackAlabama said:
This era of -might makes right- is poison for having any kind of 3d party custody.
Click to expand...
It's like Satoshi had a crystal ball in 2008 when he wrote that white paper: No trusted third parties EVER. It blows my mind how right he was. I learned this from a few old guys who then made me watch George Carlin when I was in my teens:
JackAlabama said:
its not auto lost, but its part of the normal bankruptcy proceedings which can take years to resolve. So you can get a part or almost all of it back once the assets of the bank have been properly sold off.
Click to expand...
Here's where a nest egg somewhere else is essential. I'm terrified of this because, in the meantime, what do people eat? What about their life-saving meds? cry&¤
JackAlabama said:
Cash is trash as you deal with larger criminals than the banks.
Click to expand...
I'm always eager to learn, so I don't understand this, but I'll disclose what I know.
In my experience, the ONLY criminals more dangerous than banks are multinationals, especially Big Pharma, and the Attorney General of Minnesota, Mike Hatch, confirmed this in 2003.
Source: Follow the money : the pharmaceutical industry : the other drug cartel. Minnesota Edocs: State Government Publications - Minnesota Legislative Reference Library

1718533834707.webp


The source where this investigation report is found on the Minnesota Legislative Reference Library: https://www.lrl.mn.gov/docs/2004/other/040640.pdf

A few days prior to this, the Attorney General of the USA under Bush, John Ashcroft, traveled to Minnesota to try to persuade and intimidate Mike Hatch NOT to release the report. Mike stood his ground and personally & professionally suffered greatly! #508: 09-18-03 *******MEDIA ADVISORY******* ATTORNEY GENERAL ASHCROFT TO TRAVEL TO MINNESOTA, NEBRASKA AND MISSOURI

So, I have NEVER met a "street thug" worse than the above-mentioned criminals, so I would like to learn the (general) identity of the following group:
JackAlabama said:
as you deal with larger criminals than the banks.
Click to expand...
???? Which larger criminals are you referring to???? :rolleyes:

JackAlabama said:
Crypto is a worse insider circle-jerk than banking with the added benefits of being run by goofballs like here:
Click to expand...
:oops::oops:Holy Moly! Something about Vitalik's physiognomy and facial microexpressions has ALWAYS struck me as a wholly untrustworthy person! I don't know what it is, but Vitalik straight-up gives me the creeps. ca#"!
 
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#44
jafo said:
God! I hear you! stupi#21

It's like Satoshi had a crystal ball in 2008 when he wrote that white paper: No trusted third parties EVER. It blows my mind how right he was. I learned this from a few old guys who then made me watch George Carlin when I was in my teens:

Here's where a nest egg somewhere else is essential. I'm terrified of this because, in the meantime, what do people eat? What about their life-saving meds? cry&¤

I'm always eager to learn, so I don't understand this, but I'll disclose what I know.
In my experience, the ONLY criminals more dangerous than banks are multinationals, especially Big Pharma, and the Attorney General of Minnesota, Mike Hatch, confirmed this in 2003.
Source: Follow the money : the pharmaceutical industry : the other drug cartel. Minnesota Edocs: State Government Publications - Minnesota Legislative Reference Library
Click to expand...
i meant govs (more dangerous to me) but on the other hand its just an extension of multinationals.
Mentioned it from the angle some banana republics just cancel bills. e.g. I have some old philippine pesos which have apparently been declared worthless so now I can only use them to treat my diarrhea. ;) (other cash bills had the same issue).
jafo said:
View attachment 7104

The source where this investigation report is found on the Minnesota Legislative Reference Library: https://www.lrl.mn.gov/docs/2004/other/040640.pdf

A few days prior to this, the Attorney General of the USA under Bush, John Ashcroft, traveled to Minnesota to try to persuade and intimidate Mike Hatch NOT to release the report. Mike stood his ground and personally & professionally suffered greatly! #508: 09-18-03 *******MEDIA ADVISORY******* ATTORNEY GENERAL ASHCROFT TO TRAVEL TO MINNESOTA, NEBRASKA AND MISSOURI

So, I have NEVER met a "street thug" worse than the above-mentioned criminals, so I would like to learn the (general) identity of the following group:

???? Which larger criminals are you referring to???? :rolleyes:


:oops::oops:Holy Moly! Something about Vitalik's physiognomy and facial microexpressions has ALWAYS struck me as a wholly untrustworthy person! I don't know what it is, but Vitalik straight-up gives me the creeps. ca#"!
Click to expand...
yup. Its an issue.
 
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#46
koohl said:
This situation could undermine confidence in the Switzerland bank's stability and affect customer trust for all banks.
Click to expand...

I think they lost my confidence when they allowed this broker app to be called "bank".
Though I was still a Flowbank user but after that I looked at the Swiss banking system in a different perspective.
I only kept a basic minimum cash and some stocks there to make sure they won't suddenly close my account, and I enjoyed their IBAN smi(&%
I consider it as a fee I paid to them to use their payment system, actually I deposited a big amount when they opened my account and I got a free stock from them, so maybe I'm still in + smi(&%

Martin Everson said:
My confidence was knocked a decade ago in Swiss banking. I have taken every opportunity to expose the illusion that is Swiss banking as it is not the conservative prudent banking it was 20 years ago and Finma is a joke.
Click to expand...
That and this is actually good for crypto.
 
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#47
There is news. Oh no, I don't want that because I only have EUR:

- conversion of deposits in foreign currencies into Swiss francs (CHF) at the rates applicable at the Opening of the Bankruptcy. damn_(

It's a mess to simply change the currency without permission. Lots of exchange fees plus exchange rate fluctuations. Later I have to change back to EUR and again fees. Just trouble.
 
Last edited:
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#48
Does anyone have any news? I received an email on Tuesday (25.06.) stating that I would receive information on Wednesday (26.06.) how to receive the money, but nothing has come yet. Is it the same for you?
 
#49

FlowBank shareholders considering legal action to oppose forced bankruptcy​


https://fxnewsgroup.com/forex-news/...ring-legal-action-to-oppose-forced-bankruptcy
-- quote start

FlowBank’s controlling shareholders, led by founder and CEO Charles-Henri Sabet, have apparently engaged the services of Thomas Borer, a former Ambassador of Switzerland to Germany, who now runs strategic consulting firm Dr. Borer Consulting. (Crypto investment firm CoinShares is also a major backer of FlowBank, and has already indicated it will take an impairment charge of more than £21 million to write off its FlowBank investment). The group plans to look at “all necessary legal avenues to challenge FINMA’s decision,” in order to protect shareholders’ rights.

The group apparently claims that FINMA’s decision was erroneous and that FlowBank indeed had the required levels of capital to operate and maintain its Swiss bank license.

-- quote end


Could get interesting :p.
 
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#50
This is the next euro pacific bank case. Will taking years to get any money out of the bank with million of dollars to disappear in the lawyers and owners pockets ?
 
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#52
EliasIT said:
This is the next euro pacific bank case. Will taking years to get any money out of the bank with million of dollars to disappear in the lawyers and owners pockets
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100%! You didn't even need the question mark! You are right on the money!

PS. I'm NOT even counting on that money anymore (as it wasn't much anyway).
 
#55
jafo said:
These are 100% fine! (I hope...I have some too).
The funds up to CHF100K should also be fine, but I wouldn't be surprised if they devised some BS to circumvent this. :rolleyes:

I don't even know what to say or think ...
Click to expand...
The fact that the lawyer did not get in touch on Wednesday (26.06.) as announced because of the repayment of the money is something fishy and there could actually be something going on. nai¤%
 
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#58
The only question in my head is none of this is my fault. if I'm a customer who has shares, I deserve to transfer it to any other other bank immediately. Maybe some customers of this bank can try reaching out to the liquidator which the bank assigned and ask him to transfer assets out ?
I mean as a customer you have the right to do so. You don't need to wait for the bank to solve its problems.
 
#59
uranium said:
The only question in my head is none of this is my fault. if I'm a customer who has shares, I deserve to transfer it to any other other bank immediately. Maybe some customers of this bank can try reaching out to the liquidator which the bank assigned and ask him to transfer assets out ?
I mean as a customer you have the right to do so. You don't need to wait for the bank to solve its problems.
Click to expand...
It's a bank, not an EMI. We don't know how much of your funds are actually safe/available. Worst case, Flowbank is completely insolvent and can't pay back a single Swiss franc. You then have to wait for deposit insurance to be paid out.
 
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#60
Sols said:
It's a bank, not an EMI. We don't know how much of your funds are actually safe/available. Worst case, Flowbank is completely insolvent and can't pay back a single Swiss franc. You then have to wait for deposit insurance to be paid out.
Click to expand...
I'm not talking about cash but stocks
The bank should allow me to transfer stocks to another bank/broker immediately.
 
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