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

[War Eagle]

Warka Bank has signed the Patriot Act,and this limits withdrawals to $10,000.This prevents the bad guys from funneling money out of country fsat.Having said this,I have had an account with Warka Bank for several years. I have never transferred out $10,000 but in the last year I have wired money out on two occasions,once $8,000 with NO problems.I simply converted Dinars to dollars,sent a scan to c-services,cc it Mr. I,asking them to wire to my beneficiary,and 4 days later it was posted in my account.If I had $125,000 in Warka,I would hop a plane,go to Iraq,and withdraw the money,

PS Iraq is 9 hours different from me;I'm in th CST;To talk with somebody with Warka,I have to stay up until at least 12:00 AM ,or get up early as 6 or 7AM.This is NOT too much a sacrifice for $125,000!!!!!

[one2one]

i would never put any money into Warka :

a lot of similar stories like this one :

and what happens if Iraq goes nuts again---Warka or any bank there is gone--raided---nothing left

[smee2]

It would only take 12 days to get your money out at 10K a day. I think I would have had the cash in hand before I started looking for a house.

Seems the poster doesn't like to hear a hard truth. We all know how the Iraqis are about responding to a request, especially from the west, for any kind of action. Even for their own people they say but don't do. Knowing for your many years of investment that you cannot, repeat can not, count on Iraqis to do anything in a timely manner, it is obvious that doing anything that requires your money from Iraq, is going to go past any deadline and yes, you should have had the cash in hand before making the offer on the house or whatever contract you set up.

That being said, and having wasted time you could have been taking the ten grand a day, try going to the lawyer handling the house sale, or the realtor even, and lay the situation in front of them. Try to work out a solution together. It isn't just a situation that will affect you and your family and the house you want. This will also be impacting on the person selling the house to you. They don't want the deal to fall through any more than you do. Say it to them in those words. It has worked for me in the past. When you and the seller recognize that you both want the same thing, the transfer of ownership of the house, it is fairly easy to come up with some creative solution to the problem.

But don't blame the Iraqis for being the procrastinators we know them to be. Accept it and work around it. And excuse making, like they must be lying about law ... and so forth and so on ... does not get you any further on your quest for your home.

Hope you can work this out. Remember, buying a house should not be an adversarial process. You and the seller both want the same thing. Work on it together ... fess up and let the seller know what is happening. Nothing in totally non-negotiable.

smee2

[few24u]

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?

Just go consult an attorney and then you can relay to us what you learn. Your bank is certainly rich enough. Otherwise, go fly a kite.

[HopefulTxn]

Dinarbot thank you for your support.

Lets not talking about loses just yet. LOL. The bank is still open and they still do business. I just need some help from the community.

Best Regards Mr. Bot.

There is a Facebook page for people having problems with Warka, maybe there is something there that can lend you assistance or a different course of action.

This Page "Warka Bank Victims" is for those people and entities who have lost assets in Warka Bank of Iraq. The banks insolvency have resulted in locking the assets of many people in Iraq and worldwide. This Group, through it's page here, hopes to put its voices and energies together to exert pressure on the Bank, the Iraqi Central Bank and the Iraqi government to make whole assets lost at the bank fulfilling responsibilities under the law of the country of Iraqk. This issue is a stain on the reputation of the banking system of Iraq at a time that it can not afford it. The group hopes to bring this case of bank failure to interested financial and legal concerns both in Iraq and outside of Iraq.

This page is by no mean any-ones page but every one's page. We want and need your contributions. If you have any interest in this issue direct or indirect consider this to be your chamber to report from. Visit this page to write what you think, alert others to what you know and learn to help.

LINK

Like others, I am curious why anyone would risk putting $85K-$90K into a bank like Warka, especially only now looking to remove funds considering all the articles referencing their possible collapse and/or under capitalization along with their removal from trading on the ISX - but it's just that, a curiosity...

[Nuki]

Wow, lots of logic fail up in here.

First, Is it really that difficult for you to stay up late to call the Bank during business hours? I mean, when offered that suggestion you make it sound like the idea totally escapes you. I just bought a house also, and we're waiting to close. I'm in Afghanistan and I work 6-12's. However, I've spent several late nighters here calling back to the States to my Lender, Property Owner/Realtor, Credit assist agency, etc.. Thats just for the relatively small amount I've put down on a house I've yet to commit real money to. For 120k I'd go out and buy a case of five hour energy and a bottle Oxy Elite and stay up as many nights as needed to get this squared away.

Second, it would seem you've been given a suggestion that could work in your situation. It almost seems as though you don't want advice.

Having been here in Afghanistan for nearly seven years, I understand what you're saying about boots on ground in Iraq. It was probably safer at one point, since there was so many service members and contractors there. Still, I agree with the others. I'd never ever put that much into a bank in a war torn country. I've been over here long enough to know that things can change at the drop of a hat. It seems you made a foolish decision. It makes me wonder if you were here as a contractor, or military. Or were you ever here at all?

Good luck.

[pureau79]

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.

Okay. Maybe I'll be first. I POINT THE FINGER! There. I've done it. Now, as I understand it, the possible reason you put this information out here is... A. You want for us all to be warned of unscrupulous banking practices at WARKA, or B. You want us to join you in the mass pointing of fingers. Hopefully option A. is the correct choice...

I don't wish to be insulting, or condescending, but how was it productive for you to publicly imply that your family's welfare is at stake because of WARKA? It seems that you may have been a bit reckless if you tied the lion's share of your liquidity up in a foreign account that we have all viewed to be as speculative as the possibility of a huge return on the IQD. Maybe you need to look at what the other three fingers on the pointing hand are doing. Just sayin'... It seems obvious to me.

[VIZIOIRAQI]

My first question is if you really have a Warka Account U would know that they pay 7% not 10% I've had my warka account for the same amount of time U have , and second they past a new law last year that allows 50K at a time per day!

[AkinNAUY]

My first question is if you really have a Warka Account U would know that they pay 7% not 10% I've had my warka account for the same amount of time U have , and second they past a new law last year that allows 50K at a time per day!

Get him viz... I think he's full of it! hehehe...

[Goldiegirl]

My first question is if you really have a Warka Account U would know that they pay 7% not 10% I've had my warka account for the same amount of time U have , and second they past a new law last year that allows 50K at a time per day!

I think he's gone now....

[keepmwlknfny]

First let me say thanks to the great guys in the chat room, jon29 and flash101, they are helpful and really provided some moral support and understanding, flash also had some great suggestions.

I started out on this investment about 4 years ago, back then, rumors of a bill reprint etc made it iffy to hold cash dinar, Warka was the only real solution and they paid about 10%

I have had this bank account for about 3-4 years and time has come to cash out. Unfortunately Warka is now stonewalling me. They almost never respond when I ask questions about withdrawals. Finally after 2 weeks without a response C.Services eventually responded and I immediately sent my authorization letter. After waiting another week-and-a-half C.Services responded and told me that they can only wire 10k per day. They said this is a law but I do not believe it. In the past people have had no problem wiring out more than 10k as reported on other forums. Also on the Warka Authorization form it asks for a reason if wiring more than 10k. Why would the Warka Authorization form ask for a reason if they don't wire out 10k+?

Warka is stonewalling me and because of the delay I will lose the contract on my house. You see I am closing my account after 4 years because I require the money to purchase a house for my family. If I don't receive the money I will lose the house, simple as that.

Let this be a lesson to all of you who think this is a safe place to do business. I no longer believe that it is.

Any suggestions are appreciated, I will be trying to contact a lawyer.

If they said you can only pull 10k out a day then thats probly correct....I have heard that before when it comes to Warka.....if anyone else tells you they pulled out more then that at one time then I would have a really hard time believing anything they say....

You arent being stonewalled....they just told you that you could only take out a certain amount each day.....wont take you long to get it all out. With Iraq being a smaller country, I wouldnt doubt they had some regulation in place like that so that people cant make a huge run on the banks all at one time and bankrupt the place....

Dont stress it....just start taking out 10k a day....problem solved!!

[MANNY99]

I have a warka bank for over 5 years and no problem.

your 125000 is about 130,000,000 dinars. do you realy think that they will send you all the money at once and the iqd is about to rv?

[zantac]

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 incremets

OMG you could not work that out for your self

Stunning how daft some are when it comes to a simple option

Edited February 10, 2012 by zantac

[dinarii]

Once again Warka is not responding.

I have sent in a redrafted authorization letter and I haven't heard back since last Wednesday.

We are going on six weeks and still no solution.

This is basically a joke.

[TimS]

I have a warka bank for over 5 years and no problem.

your 125000 is about 130,000,000 dinars. do you realy think that they will send you all the money at once and the iqd is about to rv?

You make no sense????? if it is going to RV soon, they would give you all your money asap....BEFORE it RV's. Why would they want to be on hook for more money?????

[hbrill61]

OK Dinarbot, I am here sharing my VERY REAL story, I am a Chicago, IL native and I have banked at Warka for the last 4 years.

Once again, I have contacted Mr. I several times over the last two weeks and I have not received a response. This is why I feel like I am being stonewalled. C.Services rarely responds and the latest response was yet another stonewall.

125k is not a lot of money for an "investment bank"

When could I call Warka, When I wake up at 8am the bank is closed, when I go to sleep it is not yet opened.

This should be trivial for an "investment bank"

I do feel for you...but if it was me the first thing I would try to do is a- stay up later or b- wake up earlier...

Edited February 13, 2012 by hbrill61

[Kimberlye]

Dinari,

I am so sorry to hear you are going through this. I wish I had a solution for you, but I don't. I have my money in Warka as well and this does concern me now. It seems that others have not had problems so far because they were depositing money rather than closing out an account. I feel stuck right now because if I close my account then I have to re-buy my dinar at the going rate and I'm not willing to do that. I'm going to be watching your thread to see if you get any resolution to this problem. Would you please keep us updated. I would think others that have their money in Warka would be concerned as well.

Again, I'm sorry and I truly hope you get this handled to your satisfaction, Have you tried calling them yet? I would think that would be your next stop, right?

Good evening,

Kimberlye

[dinarii]

UPDATE

What a total joke. I sent an updated authorization form to Warka a week ago. Then they went to radio silence. LMFAO.

Today I get a letter and C.Services claims that they never received it. My authorization was sent to C.Services as well as Issa.

Once again Warka continues to stonewall me, they continue to stall and have not wired any money.

WHAT A JOKE!

Edited February 14, 2012 by dinarii

[gramms9]

Hi Dinarii, I know this problem is driving you up the wall. I had a similar situation a few weeks ago. Finally realizing getting ticked was not working, I sent a letter to Mr Issa completley begging his forgivness in "me confusing the issues" and "causing such inconvenience"...etc....(kiss,kiss,kiss) Believe it or not I immediately got a letter from him advising me his wonderful bank was so very pleased to provide their excellent customer service to his esteemed client... whatever works.

[Shick]

First let me say thanks to the great guys in the chat room, jon29 and flash101, they are helpful and really provided some moral support and understanding, flash also had some great suggestions.

I started out on this investment about 4 years ago, back then, rumors of a bill reprint etc made it iffy to hold cash dinar, Warka was the only real solution and they paid about 10%

I have had this bank account for about 3-4 years and time has come to cash out. Unfortunately Warka is now stonewalling me. They almost never respond when I ask questions about withdrawals. Finally after 2 weeks without a response C.Services eventually responded and I immediately sent my authorization letter. After waiting another week-and-a-half C.Services responded and told me that they can only wire 10k per day. They said this is a law but I do not believe it. In the past people have had no problem wiring out more than 10k as reported on other forums. Also on the Warka Authorization form it asks for a reason if wiring more than 10k. Why would the Warka Authorization form ask for a reason if they don't wire out 10k+?

Warka is stonewalling me and because of the delay I will lose the contract on my house. You see I am closing my account after 4 years because I require the money to purchase a house for my family. If I don't receive the money I will lose the house, simple as that.

Let this be a lesson to all of you who think this is a safe place to do business. I no longer believe that it is.

Any suggestions are appreciated, I will be trying to contact a lawyer.

I asked Adam on the last Wednesday chat if Warka would be on the up and up when the dinar does RV, meaning would we get money out when we desires it. His response was to not invest no more than you can afford to lose, Adam has money in the Warka bank but he put his there through associates whom may just help when he wants his money out. Sir I see that you have lost dearly, I've been scammed before and let me tell you it's no picnic, the sleepless nights still come to my bed side to haunt me. I feel for you my friend, personally, I just don't trust sending any money anywhere because they don't have to send it back and who can you tell? I pray that you get it back before the deadline. Peace in the Middle East.

[dinarii]

Excuse me.

I was very polite to Mr.Issa. As I always am. I still have not received any money.

The more I read and read the more I realize that others (spammers or not) have been scammed.

If I receive my money I will report that to the forum.

At this point Warka continues to stonewall me.

[fishing]

If they can be call during the day, why not stay up and call them?

[dinarii]

Because I can't stay up all night to make a call, I have to work in the morning. Besides, I would still need to send in an auth letter. Which I have been doing. I still don't understand the problem.

Also when I opened the account the service was snappy and helpful. When I ask for a statement the response is quick and cheerful.

I AM POLITE. However, if it requires 5 weeks, stalling, stonewalling, when I request a withdrawal, I CAN ONLY WONDER. WOULDN'T YOU????? In Iraq it might take 5 weeks. BUT WARKA NEEDS TO UNDERSTAND that when a bank takes 5 weeks in America that usually means it is insolvent.

Look, I will report the status of this withdrawal to the forum.

As of right now I am not any closer to getting a withdrawal then I was 5 weeks ago. This is basically just abusive.

Edited February 15, 2012 by dinarii

[Goldiegirl]

Because I can't stay up all night to make a call, I have to work in the morning. Besides, I would still need to send in an auth letter. Which I have been doing. I still don't understand the problem.

Also when I opened the account the service was snappy and helpful. When I ask for a statement the response is quick and cheerful.

I AM POLITE. However, if it requires 5 weeks, stalling, stonewalling, when I request a withdrawal, I CAN ONLY WONDER. WOULDN'T YOU????? In Iraq it might take 5 weeks. BUT WARKA NEEDS TO UNDERSTAND that when a bank takes 5 weeks in America that usually means it is insolvent.

Look, I will report the status of this withdrawal to the forum.

As of right now I am not any closer to getting a withdrawal then I was 5 weeks ago. This is basically just abusive.

You don't have to stay up all night. Stay up to 12:30 am EST....if that is not worth your $125,000 then nobody can help you.

BTW we all work in the morning...

[mike032588]

If warka goes down i promise i will lead the charge in making sure we get something out of it.... bbut right now i still have faith and i never had trouble wiring money....