Terabank Georgia

[avalanche]

Simple: they want to keep the money. Or they don’t have it.

The level of naive they'd display hoping that the client doesnt come after his money. Weird.

 

[backpacker]

georgia is looking good but at the end in a contry of gipsy, what is unbelieveble the central bank said is not their own business is loook like uk FSA, THEY ALWAYS REPLY IS NOT THEIR BUSINESS

If you do not live in Georgia and do not have any personal ties to the country, forget about local banks.
Georgian banks are expensive, pay very low interest (on FX deposit) and every transfer goes through SWIFT (extremely high fees). If you have a problem with a Georgian bank, you are on your own and will have to take the matter to court. There is no consumer protection.
So, better avoid putting any money in a Georgian bank.

 

[JohnnyDoe]

The level of naive they'd display hoping that the client doesnt come after his money. Weird.

It’s mid 6 figures USD, not exactly change I can leave on the table.
Fortunately good lawyers in Georgia are reasonably priced, so far I spent only about $30k in legal fees for 1 years work.

Update on the case: I agreed in principle on a settlement before the appeal hearing. But the bank wanted to sign the agreement before sending the money
So we went to court and the judge advised the bank to agree to my terms. The hearing is adjourned, and the bank’s management is now “considering” my offer.

 

[backpacker]

Today the Court issued its ruling: it ordered the bank to transfer money on my company’s account with another bank outside Georgia. On top of that, the Court charged the bank with penalties of 0,5% of the claimed amount per day, from 04 September 2022 till transferring of the full amount.

Update on the case: I agreed in principle on a settlement before the appeal hearing. But the bank wanted to sign the agreement before sending the money
So we went to court and the judge advised the bank to agree to my terms. The hearing is adjourned, and the bank’s management is now “considering” my offer.

Are these two different cases?

 

[JohnnyDoe]

Are these two different cases?

Same case, the bank appealed the decision of the court.

 

[jafo]

The level of naive they'd display hoping that the client doesnt come after his money. Weird.

I went to a banker's conference a long time ago (I had a crazy idea about a business - glad I wisened up - it was a really stupid idea and I'm glad I "woke" up ) and basically I walked away from that trade show with one understanding "the bank monkeys don't care". It's NOT their money and they won't be held accountable. These are really bad/broken/greedy/evil people and they are only scared if they are personally going to be "attacked", which almost never happens because they hide their identity. When was the last time any of us had a copy of a banker's ID, passport, utility bills, etc.?

 

[backpacker]

Same case, the bank appealed the decision of the court.

Sounds horrible, considering the legal fees you already spent.

 

[EliasIT]

I have another corporate account with TeraBank, and I had to start a legal action against the bank as they refused to let me withdraw the money.

how is this going ?

 

[JohnnyDoe]

how is this going ?

I settled on favorable terms before the appeal, and received the balance on an account in the US the same day it was sent (TeraBank claimed in court they were unable to wire funds to the US).

 

[EliasIT]

Congrats with the result, you may have been lucky for such a smooth transition.

 

[JohnnyDoe]

Congrats with the result, you may have been lucky for such a smooth transition.

Thanks, but I wouldn’t call a 2+ years nonsense litigation smooth. A 6 figures amount remained frozen all this time just because of plain lies from the bank, which suffered no consequences apart from some extra interests paid.

 

[EliasIT]

OH OH the story didn't tell anything about that