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My Experience with Rietumu Bank please read!!!

Same here. All of my USD balances were transferred into EUR overnight with to prior authorization and then all funds frozen the next day by "compliance" (cannot make inbound nor outbound payments)

They sent a couple of hastily written messages in very bad English. Been them for 5+ years, it's very unlike them. Spoke to a them on the phone, they didn't really know what was going on, there was a lot of noise and shouting in the background, my account manager's phone line (previously very available when called), was allegedly always "engaged"

They allegedly need to perform "enhanced due diligence" on the account. Provided all required documents (within 24h) to get the funds out ASAP, no reply so far.

There is something going on with this bank, and it's NOT good things........
 
Do you still communicate with them or did you leave them and headed towards another bank?
 
I feel sorry for all of you guys that lost money with Rietumu Bank it seems they are on the way Down!

Can anyone of you confirm that they provide all requested documents to them exactly as per their request and they still don't pay out the money to you?
 
I have another bank account in Hong Kong. But due diligence take so long time. I don't know how many days they will keep our money.

Well, too many accounts are frozen. They clean up Latvian bank sector from so called shell companies. I guess it would take a couple of weeks, but truly hope they won't get broke and take our money with. I'd appreciate if other guys could share their experience, although this forum is public, so it would be better to share it in private but I do not see any PM solution.
 
ak2000, how is your Rietumu account?

We are in a similar situation, after providing all requested documentation. Our income is very traceable and clean.

I have a suspicion that they are deliberately holding accounts frozen as long as possible due to liquidity problems. It's a real "bank run" for them, if all shell-companies, as they call them now, would leave altogether.

However, after 2 months notice of account termination, they are contractually obliged to release funds.. By 21st of May we shall see whether they go bankrupt (and we'll have to claim from deposit protection fund up to 100k EUR) or we are able to withdraw full amounts..
 
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