Being Stonewalled By Warka they refuse to wire me 125k USD

[carlablum]

Also are you signed up for internet banking with Warka. Can't you transfer funds to another account?

This is there heading for transfers.. Hope all goes well for you.

Carla

Warka Bank for Investment and Finance implements the S.W.I.F.T system that guarantees advanced, rapid, secure and accurate money transfers through the international banking network. Whether you’re sending money abroad or receiving money, Warka Bank for Investment and Finance ensures your money transfer is conducted successfully using its worldwide correspondent bank network.

[dinarii]

I sounds to me like you have one of the scam accounts (held by a individual not the bank itself ) contact the embassy in iraq and let them know what there telling you ......10k per day is only for cash ....so that tells me this guy has to get it to transfer it ....There are a lot of scam accounts at warka .......sorry for your luck ....but you need more than a Lawyer ..........MORE LIKE INTERPOL......this is not a joke ......before you push the issue(with the guy,and he disappears ) contact some one who can tract the guy internationally .....YOU ARE NOT THE ONLY ONE THIS HAS HAPPEN TO .........

I have already contacted the embassy in Iraq. They do not deal with banks. They are very serious about not dealing with banks. They have given me some lawyers contact info. Unfortunately I believe this is correct because the law is for 10k IQD not to be removed from the country. I have never seen a law that restricts more than 10k USD from being wired.

I am wondering why Warka is not helping me?

Carla no, I havent set up internet banking simply because I just invested in CD's and just sent a request to C.Services. I didn't need the internet banking because I didn't do ISX.

Also yeah BOT its funny when I send a request to do something that costs money like a paper statement, I get a response within 1 day, but when I send a request to withdraw money, I get stonewalled.

Unreal,.

[DinarBot]

125K. You can't stay up a few extra Hours and call them. As a DinarBot I question your Behaviour as a Human. Not logical. DinarBot Team has called previously and been welcomed with open Human arms. All the Best. Over & out.

[kenshin7]

Why should it matter? If Warka is going to call themselves an "investment bank" Why can't they wire out more than 10k.

It didn't start as 125k it grew to that over the years.

I FIND IT HILARIOUS THAT NONE OF YOU ARE POINTING THE FINGER AT THE BANK THAT IS STONEWALLING ME.

The investment was different 4 years ago, the soldiers were still there and everyone was using Warka it wasn't a problem. It isn't sketchy, the bank has grown tremendously in that time, I know they have the money, they are just stonewalling me. And it sucks.

They may have different laws for banking remember you have put money into a foreign country and the laws of our banking system do not apply to them.

it would probably be best to write them and set a time to call them on the phone. and ask that way.

[dinarii]

Response from Warka. How can anything get done if wires cannot exceed 10k? This is a joke.

Dear Sir

Please proceed with contacting the CBI where in accordance with the law any

transfer exceeding USD $10000 must be reported to the local anti money

laundering authority the local and your state tax authority where this is

the firm law set by the CBI where any transfer exceeding the said amount

will be blocked...

Many thanks and best regards,

Customer Services

International Foreign Relations Dept.

[njuztis]

***Note to self: Do not put 125K into Warka bank account.******

[jeepguy]

***Note to self: Do not put 125K into Warka bank account.******

but in one account that is easy too get too by automobile or i am at that location often

[Darry]

getting a little worried - I just tried e-mailing Warka to see what their withdrawal policy is. 3 different e-mail addresses (including Mr. Issa) - 3 all came back saying 'fatal error'...does anyone know what's going on?

[coorslite21]

Good luck handling your problem.......people have tried to supply you with some good advice......but your glass seems to be half full......you don't seem interested enough to stay awake for one evening to call during business hours?......you won't try to go thru another allied foreign bank......all you have are thoughts on why it can't be resolved......and with that attitude you will probably never get it resolved!!!.........again.......good luck to you.....you seem to be your own worst enemy....

[coorslite21]

Good luck handling your problem.......people have tried to supply you with some good advice......but your glass seems to be half full......you don't seem interested enough to stay awake for one evening to call during business hours?......you won't try to go thru another allied foreign bank......all you have are thoughts on why it can't be resolved......and with that attitude you will probably never get it resolved!!!.........again.......good luck to you.....you seem to be your own worst enemy....

sorry.......meant to say the glass was "half empty"...

[Darin]

Response from Warka. How can anything get done if wires cannot exceed 10k? This is a joke.

Dear Sir

Please proceed with contacting the CBI where in accordance with the law any

transfer exceeding USD $10000 must be reported to the local anti money

laundering authority the local and your state tax authority where this is

the firm law set by the CBI where any transfer exceeding the said amount

will be blocked...

Many thanks and best regards,

Customer Services

International Foreign Relations Dept.

Are they really stonewalling you? Or are you feeling the effects of increase CBI regulation to prevent money laundering with the heightened demand for the USD in the black market.

You're excessive desire to withdraw USD may have come at a really bad time. Just something to think about & take into consideration that if any other Warka account holder were to attempt to wire $10K + they would likely be feeling the same squeeze & delays. I think it is new restrictions the CBI has put force in regards to wiring USD.

[poorman]

HES FULL OF BS. JUST JOINED YESTERDAY.

[Goldiegirl]

http://en.wikipedia.org/wiki/Currency_transaction_report

Currency Transaction Report.

I have experienced this withdrawing $10K from a US bank. Passport or drivers licence along with all your personal information such as DOB, address etc all goes to the UST on the online form the bank completes while you stand there. If you decide to change your mind another flag is raised and they can't stop the transaction. They are obligated to complete it with comments as to why you are withdrawing this amount.

In the future I made sure any withdrawals were under $10K

I will also tell you that a plan to withdraw $9K once a week for a number of weeks will red flag the bank. I read an article a while back where someone tried to withdraw $5K twice in one week and they flagged with the CTR.

Personally if it was me, I would be trying to wire it to the German bank or I would stay up to 12:30 am EST and give Mr. Issa a call like one poster suggested.

Best of luck and and hope it all works out.

[MrDinarman]

Try a mortgage.

[dinarii]

Are they really stonewalling you? Or are you feeling the effects of increase CBI regulation to prevent money laundering with the heightened demand for the USD in the black market.

You're excessive desire to withdraw USD may have come at a really bad time. Just something to think about & take into consideration that if any other Warka account holder were to attempt to wire $10K + they would likely be feeling the same squeeze & delays. I think it is new restrictions the CBI has put force in regards to wiring USD.

This is possible Darin. I just never remember anyone having these issues years ago when I opened the account. Also it seems that most of those people have now closed the account and no longer participate on the other forum. It might just be the new restrictions put in place by the CBI.

It's just ridiculous. When Warka writes me they don't even offer a solution they just tell me what they can't do. It's basically another lousy customer service experience that makes me feel like I am being stonewalled. If you had to wait a week between correspondences wouldn't you feel that way?

I am not yet at the point where I am willing to stay up all night to make a phone call, I would also need to get international calling set-up. I will be doing that if this problem isn't resolved in a timely manner.

Fortunately Warka has now been writing me back quickly, AMAZING, I don't believe this is coincidence. Hopefully this gets worked out.

Edited February 8, 2012 by dinarii

[tampa1000]

Because its Iraq I'm not surprise at all!!! I know people who have business in Central America who have the same problem when they try to get US Dollars to bring to the states to do purchases. The banks will auction off the USD$$$ but will only allow so much per day for each client.....This all started after 9/11...So its not only Iraq but also in Central America...

[dinarii]

Because its Iraq I'm not surprise at all!!! I know people who have business in Central America who have the same problem when they try to get US Dollars to bring to the states to do purchases. The banks will auction off the USD$$$ but will only allow so much per day for each client.....This all started after 9/11...So its not only Iraq but also in Central America...

Well that is encouraging. Hopefully the issue gets resolved quickly.

For those of you that believe this is a B.S. post feel free to message me. I will give you my phone number and you can call me and ask any questions you wish. I live outside of Chicago, IL near my place of employment, I am available until 10pm.

Edited February 8, 2012 by dinarii

[speculator2]

If it were me with 125K at risk, I would be flying to the new WARKA bank in Djibouti, Ethiopia. There you can work out the wire transfer details outside of Iraq. Just a thought.

[Polecat85]

Curious. Why would any Human send that amount. To a war torn country with no Banking Laws or Deposit Insurance. 1-5K sounds reasonable with the Risk factor. Which we did collectively. 125K. Sounds like life savings if House on the Block. DinarBot is not capable of Judging. Just asking for Logic. Happy Ending. Please.

Yeah, a fool and their money...

Edited February 8, 2012 by Polecat85

[terrigray]

I do not know if anyone mentioned this but when I opened a Warka account I was always under the impression that you can only withdraw $10,000 a day. My understanding is this has to do with the Patriot Act.

So this is the US stopping the funds from coming here not Iraq. Maybe someone knows more about this or you can research the Patriot Act and see what they say about withdrawing moneys from foreign banks.

[dinarii]

First off, Why would any of you invest if you don't believe in the integrity of the bank? Even if you only have 5k invested, if the currency were to gain value as you imagine, you'd then have the same problem I do.

Personally I believe in the integrity of the bank. I don't believe in their customer service reps. I think they give terrible service.

So quite frankly I don't understand why any of you are posting on a Dinar forum if you are going to make childish/immature comments. Please try to grow up.

Also I don't see how going to Ethiopia would help. Do any of you actually bank with Warka or are you just offering useless commentary?

[TexasGranny]

Okay, I tend to problem solve differently from most. My husband always said to look at the simplest solution first before you go for worst case scenario.

I don't have an account with Warka, but did run into this problem of wire transferring from Europe to the US a few years ago. My brother-in-law wanted

to transfer a relatively large sum of money into an account in the US but didn't want to hit the allowed limit. So, he went to the bank (he was in country)

wired an amount just under the limit to an account here in the US. When I notified him that the transfer had been received and deposited, he went

back to the bank and made another transfer. He continued until he was able to transfer the full amount. Yes, it took longer, but there were no questions and no red flags.

So, if 10k is the limit, why don't you request a transfer of slightly less than that and when it is received request another one. You can tell the

Title company and your Real Estate Agent your situation and they will most likely be able to convince the seller to give you time.

Just my

[dinarii]

Okay, I tend to problem solve differently from most. My husband always said to look at the simplest solution first before you go for worst case scenario.

I don't have an account with Warka, but did run into this problem of wire transferring from Europe to the US a few years ago. My brother-in-law wanted

to transfer a relatively large sum of money into an account in the US but didn't want to hit the allowed limit. So, he went to the bank (he was in country)

wired an amount just under the limit to an account here in the US. When I notified him that the transfer had been received and deposited, he went

back to the bank and made another transfer. He continued until he was able to transfer the full amount. Yes, it took longer, but there were no questions and no red flags.

So, if 10k is the limit, why don't you request a transfer of slightly less than that and when it is received request another one. You can tell the

Title company and your Real Estate Agent your situation and they will most likely be able to convince the seller to give you time.

Just my

Granny, bless you. I appreciate your intelligent response.

Fortunately, since posting on the forum, Warka customer service has been amazing. LOL. Unfortunately it takes time to go back and forth via email. In their latest response they have finally, after a couple weeks, suggested that the solution is to wire the money out in 10k increments. I have written them back and authorized them to do so. Hopefully this occurs and works out correctly. I will be posting my progress on the forum. All-in-all it has taken nearly 4 weeks to get to this point. Nearly 2 weeks to get instructions and nearly another 2 weeks to get to this point.

So yes, I feel like they are stonewalling me. Sorry if you don't feel that way. But any bank that I've worked with that calls itself an "investment" bank would have solved this TRIVIAL issue within days.

[tj3659]

***Note to self: Do not put 125K into Warka bank account.******

He did not put 125k in..it has grown to this amount over a 4 year span.

[lomeygoat]

Why should it matter? If Warka is going to call themselves an "investment bank" Why can't they wire out more than 10k.

It didn't start as 125k it grew to that over the years.

I FIND IT HILARIOUS THAT NONE OF YOU ARE POINTING THE FINGER AT THE BANK THAT IS STONEWALLING ME.

The investment was different 4 years ago, the soldiers were still there and everyone was using Warka it wasn't a problem. It isn't sketchy, the bank has grown tremendously in that time, I know they have the money, they are just stonewalling me. And it sucks.

When the troops were there they didn't dare screw them because they didn't want an abrams up their butts.

Now they are not there, they are turning back to there Iraqi ways, sticking it to the infadel.

Sorry, but this is probally whats happening. They know you will not be standing infront of the service counter bitching at them.

I wouldnt trust a camel smelling, dust covered and sweating local with my hard earned. But you did

Edited February 8, 2012 by lomeygoat