Bankruptcy proceedings against FlowBank

[Sean Restling]

Flowbank is ready to reimburse funds in CHF to current holders, do you know how long I can keep the funds there before indicating an IBAN to send the funds onto? Also, it's a personal account, would I be doable to indicate an IBAN of a company (sole proprietorship)?

 

[Sols]

I'm not talking about cash but stocks
The bank should allow me to transfer stocks to another bank/broker immediately.

Flowbank is no longer a bank since the June 13th when FINMA took away the license. Right now, FlowBank SA is just a normal company with a lot of legal problems and money and assets it shouldn't have.

I think you'll have to wait it out, until or unless FINMA says otherwise.

 

[uranium]

Flowbank is no longer a bank since the June 13th when FINMA took away the license. Right now, FlowBank SA is just a normal company with a lot of legal problems and money and assets it shouldn't have.

I think you'll have to wait it out, until or unless FINMA says otherwise.

But flowbank assigned a liquidator to give customers their assets back
So I'm asking if someone tried to get stocks back from liquidator (Walder Wyss Ltd)

 

[jafo]

But flowbank assigned a liquidator to give customers their assets back
So I'm asking if someone tried to get stocks back from liquidator (Walder Wyss Ltd)

I've been thinking about how I can explain this to you, but I am not well-versed and financially articulate enough to do so.
I went hunting for the answer to a friend in Zug who does this "work" and he sent me this: Swiss Equities Certificate

This is the best I can do considering my cranial limitations

Tschüs

 

[uranium]

I've been thinking about how I can explain this to you, but I am not well-versed and financially articulate enough to do so.
I went hunting for the answer to a friend in Zug who does this "work" and he sent me this: Swiss Equities Certificate

This is the best I can do considering my cranial limitations

Tschüs

"Depending on the company, you may be able to claim dividends directly without a custodian bank, but you would have to clear that up with the company directly"
I have a new question;
if a bank goes bankrupt, can I go to the company of which I own stocks, let's suppose tesla and try to claim ownership of tsla stock with them directly?

 

[jafo]

if a bank goes bankrupt, can I go to the company of which I own stocks, let's suppose tesla and try to claim ownership of tsla stock with them directly?

Yes! 100%! This has happened to me. No problem
Whenever I can, I engage in this particular practice: Direct Stock Purchase Plan (DSPP): Definition and How DSPPs Work.

PS. It should come as NO surprise to anyone here that I despise dealing with the "non-producing" middleman (aka the pimp)!

PSS. Every quarter, I download a complete history log from my brokers.

 

[Martin Everson]

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 ?

The story sounds all too familiar to EPB indeed,


---- quote start

Finma justified the forced closure of Flowbank mainly due to the lack of capital. In various media, Charles-Henri Sabet, founder and CEO of the digital bank, criticized that the authorities had failed to disclose that he had deposited the required capital on time with a Swiss bank.

«L'Agéfi» now quotes a Finma spokesperson who noted that this emergency injection had raised so many substantial doubts that approval was out of the question. It was also not the first time the bank's capital had fallen below the capital requirements.

---- quote end

 

[nobel]

Application form for repayment received! You too?

 

[jafo]

Application form for repayment received! You too?

Let's see if we get the money. If we do, CH has redeemed herself

 

[chermo]

Flowbank = CredisSuisse ? who is next

The new radicalization of the Swiss political to the left has caused an outflow of capital from Switzerland. What will be left after the outflow might just be chocolate and watches. If they do not change, it could all go away. Switzerland currently has 250 banks and a population of 8 million people. Swiss banks claim to be conservative when it comes to onboarding non-residents. It is almost impossible to get a residence permit unless you have at least 20 million or are self-employed.

 

[nobel]

The money arrived yesterday! Unfortunately in CHF, I hate it because I have to exchange it back into EUR with fees. Now the securities are still missing, then never again a new small bank. No point in some exotic bank far away where you have to tremble every day. This is my fourth bankruptcy with a bank; I've had enough now!

 

[jafo]

This is my fourth bankruptcy with a bank;

 

[Sols]

The money arrived yesterday!

That's great! Glad to hear it was quick.

This is my fourth bankruptcy with a bank; I've had enough now!

There's still plenty of time for a fifth, sixth...

 

[uranium]

The money arrived yesterday! Unfortunately in CHF, I hate it because I have to exchange it back into EUR with fees. Now the securities are still missing, then never again a new small bank. No point in some exotic bank far away where you have to tremble every day. This is my fourth bankruptcy with a bank; I've had enough now!

Fourth time with swiss bank ?

 

[nobel]

Fourth time with swiss bank ?

No, Switzerland, Malta, Spain, Puerto Rico

 

[JackAlabama]

The money arrived yesterday! Unfortunately in CHF, I hate it because I have to exchange it back into EUR with fees. Now the securities are still missing, then never again a new small bank. No point in some exotic bank far away where you have to tremble every day. This is my fourth bankruptcy with a bank; I've had enough now!

there is a simple trick old Jack uses day in and day out. So far it worked.

Bank where a large percentage of the local voting plebs do banking too, be it a popular broker, and do their to day banking. (talk to those people which at the end of their salary, still have some month left).

Be extra careful, if institution is popular with non-resident foreigners but not locals.
Be careful with specialized / niche-branded banks, like crypto-banks, startup banks, hookas banks .
Id also be careful with only private banks, but they can be ok if run ideally by the founding partners ideally in the form of a partnership.
Id prefer the private banking branch of a pleb bank.

Flowbank was not popular at all for example, but credit suisse is/was (thats why credit suisse the plebs didnt even notice it went down, while flowbank is rekt).

 

[jafo]

hookas banks

What is this?

 

[JackAlabama]

What is this?

i made it up, should have called it OF bank

 

[zonqor]

No update yet regarding securities.
It`s much easier to send money, just an IBAN and the name, like in Nobel`s case.
It`s been a while , 12/13 years since i moved securities from one jurisdiction to another ( that`s what I`m gonna do here), didn`t take long if I recall, 4/5 days.
But this time is different and depends on the volume , so assume it may take awhile.
Maybe a small fee to my receiving broker may speed up things but I doubt it, all depends on liquidator or whoever will handle the transactions I guess.

 

[nobel]

I still have the problem that I received dividends while the bank was bankrupt and the money did not arrive because no transaction was possible. But I'm entitled to it, but where is it? There was no answer to my email request either.