Question about sternbank - received spam mail from them!

Admin

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Staff member
Today I was the lucky person that got a spam mail from sternbank.com !

Since there is a high demand on this forum for offshore bank accounts I thought I would give it a try and check them out.

The first thing I see is an SSL error the site does not work, if I google them only spammed hits.

Has anyone anything good to say about this bank if it is a bank?
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
Today I was the lucky person that got a spam mail from sternbank.com !

Since there is a high demand on this forum for offshore bank accounts I thought I would give it a try and check them out.

The first thing I see is an SSL error the site does not work, if I google them only spammed hits.

Has anyone anything good to say about this bank if it is a bank?
received it as well
I have made short due diligence on them few months ago
they hold financial license in Puerto (similar to Europacific) and in the same time they name themselves "US Bank", it looks suspicious, when bankers tell nonsense face-to-face

also, fees are too high and you need to pay in advance

I don't think that it is SCAM, but also does not cause confidence
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
The website Stern Bank is also down for me. Fuck'em it's not worth to spend a single minute at!
 

Dubsize

Building Trust
Entrepreneur
Hey,

I never heard of this bank before. But i just ran a small check on them and they actually have a connected SWIFT code and and a ABA routing number.
Having an ABA routing number is dedicated to USA F.I, so I am not 100% sure but I'd say that they can name themselves asU.S bank.
here is the link : ABA Routing Numbers

they name themselves "US Bank"
Anyone opened an account with them? @Samuel Newman can you share tariff ?

if serious that could be a alternative to EPB.
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
Hey,

Anyone opened an account with them? @Samuel Newman can you share tariff ?

if serious that could be a alternative to EPB.
Payoneer also has ABA routing, but they do not pretend to be US bank:)

3000-7500$ account opening fee (no refunds if denied)
0.5-3% for incoming wires
40-70$ for outgoing wires

can't find any fee schedule on the web, so it's info, that I've found in my emails with stern bank
 

Dubsize

Building Trust
Entrepreneur
Well, as far as I know Payoneer does not have its own ABA - they use their bank’s ABA. So it’s not exactly the same.
“Payoneer maintains a bulk of sub-accounts under its main account, which is held in an American bank”

Fees are pretty high... not very suitable to my biz
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
Time has past and I wonder if anyone opened an account with them?
 

ovetum

New Member
Hi everyone,

I got a very recent direct experience (days ago) with Stern Bank of Puerto Rico (a U.S. colony in the Caribbean Sea, since 1898).

To begin with, this bank is NOT fully insured with the U.S. FDIC, which is pretty disturbing, because it has NO supervision by the U.S. FED (the supervising watchdog).

Second of all, it's not a commercial bank (street bank).

Third of all, the fact that it seems to have an American Bankers Association (ABA) routing number doesn't make this bank a reliable one.

Therefore, my suggestion folks is RUN AWAY from Stern Bank.
 

Mark Rucken

Building Trust
Entrepreneur
I was approached by a person who works for Stern Bank. For some odd reason, I have a feeling this thing is not a scam, but their fees are crazy. They have lots of high-risk activities and for those, they charge additional fees. Also, like half of the world is on their red list and for those clients they also have higher fees. I counted that I would need like 10k to set up an account and make a few payments ... It is a skip for me.
 

Martin Everson

Offshore Consultant
Business Angel
Interesting so who is the banks target customer? ca#"!

Sounds to me like they are focused on high risk clients who can't bank anywhere else or clients that are desperate to avoid CRS at all costs and hence they are willing to pay. Same target audience as EMI erbanq I think.
 

Bmw850

Trusted Member
Business Angel
Mentor Group
Interesting so who is the banks target customer? ca#"!

Sounds to me like they are focused on high risk clients who can't bank anywhere else or clients that are desperate to avoid CRS at all costs and hence they are willing to pay. Same target audience as EMI erbanq I think.
It's where is the profit
 

Martin Everson

Offshore Consultant
Business Angel
It's where is the profit
lol..I suppose so to be honest. However once Puerto Rico starts exchanging account information eventually what are these expensive banks in Puerto Rico gonna do? They will all collapse just like the country has. There is simply no future in that business model of CRS avoidance and high risk banking.
 

Mr Magoo

Building Trust
Entrepreneur
Let alone the exchange of information. I think their correspondent banks will drop them before that, under US or EU pressure.
 

Bmw850

Trusted Member
Business Angel
Mentor Group
lol..I suppose so to be honest. However once Puerto Rico starts exchanging account information eventually what are these expensive banks in Puerto Rico gonna do? They will all collapse just like the country has. There is simply no future in that business model of CRS avoidance and high risk banking.
Then they will keep taking high risk customers, there is a big and juicy market for this kind of customers ( I m a bit one of them too)
 
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