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


dinarii
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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....

NOW TRY GETTING A LITTLE BACK THEN CONVEY TO DINARII THEIR RESPONSE. PEACE! IN THE MIDDLE EAST. :mellow::rolleyes::P:lol::);)B):D

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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....

Yeah well that is good to hear because I'M GETTING TROLLED NON-STOP by the children of the world. Everyone seems to love to rub troll-salt into my wounds.

Finally, my auth letter was received and confirmed.

So maybe I'll receive a wire next week? Maybe not.

I have realized an issue. I believe Warka "files" emails that are sent overnight. This is not stated on their website, it only mentions weekend emails.

Anyways enjoy your weekend. I'm glad real Warka clients are not having issues, because I'm sick of hearing from trolls. DIAGF trolls.

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So investing in warka is not a sound idea? I dont think I would trust a bank that has camel ties outside it, armed militia around it and the odd car bomb near it. Ooo and also I wouldnt trust them with my money, too much corruption, well more than here anyway. Remember, pallets full of US dollars vanished into thin air. I would rather walk up the street here in safety (or as close to safety as I can get) even though the intrest is lower.

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If you have the online banking set up, couldn't you transfer it to your preferred account?

I am curious to hear how this plays out - I am on the fence if I should buy a few more physical Dinar or throw some into the Warka account.

I have had an account over 2 years now and it automatically has my interest put in. I have never had an issue with them and I check it weekly. I figure it's a good way to tell if anything happens. Good Luck, Blessings B) B) B)

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Not bashing but...

Personally with the real estate market the way it is today and the shape of our economy I would bend over backwards IF I was the seller to this guy.

Hay, give me a nice cash deposit now and I will hold the house for you.

I don't have a hundred twenty five grand sitting around but I could come up with 5 / 10 grand to cover a deposit on a house if I really wanted it.... JMO

See there is a solution after all !

Quad B)

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  • 2 months later...

Lately, Warka Bank’s SOP for USD wire transfer requests and/or ISX stock purchase requests from clients has been a complete stonewalling by Mohammad K Issa and his entire crew, including:

Rowaida Mohammed in Customer Services,

Nasser in the Wire Transfer Department,

Mr. Ashraf Amr in the E-banking Department,

Mr. Alaydi Fadi the Swift Department Manager, and the Swift Operations Team.

The most effective way for them to stonewall is to just ignore your email and the second most effective way is to respond to your email with nonsense and then just go back to ignoring you.

However, don’t blame them too much because they are currently under orders from the Central Bank Auditor not to allow outgoing transfers of USD; or even purchases of stocks on the ISX through Warka’s ISX Department while the CBI “Guardianship” audit process is ongoing.

This practice of takeover, conservatorship, and merging with a larger bank actually happens hundreds of times per year in this country as when the Federal Reserve Auditors close bank after bank with forced mergers after forced mergers.

One could only assume that Warka’s broad accounting goal would have to be to keep the bank’s overall balance in the plus column (including depositors’ saving balances) throughout the audit process.

If that is true, then the amount of the transfer in USD requested by a US client wouldn’t necessarily matter. Any amount would be looked upon by Warka as too much.

Warka Bank complies with The Central Bank of Iraq and also with Citibank, NY and its Federal Reserve Bank rules. Therefore, any wire transfer of USD from Warka would have to comply with the anti-everybody financial restrictions as enforced by the Department of Justice through any number of its armed enforcement gangs ~ all of which are linked to the Treasury Department and are tasked to follow the myriad of new martial law statutes as outlined in the Patriot Act. The CBI and Warka Bank have to dance to that tune also if they want to get along with the rest of the world.

I think there is a good reason for most people to attribute the sum of $10,000 to wire transfers and or cash transactions; however, it’s my opinion that the actual ruling as dictated under the Patriot Act is usually misunderstood.

It is my understanding that each individual in the US is allowed to wire transfer a maximum of $10,000 per calendar year before (any) Federal Reserve System Bank Branch (including yours) becomes obliged to record and keep track of exactly how much over the $10,000 per year limit each client went. The same goes for cash deposits to electronic accounts ~ $10,000 per year maximum and if you go over that then the bank is obliged to report it to the IRS.

That being the case, most banks aren’t taking any chances on being high flagged and held up by any of the Treasury Department thugs.

So, most banks just keep track of every single wire transfer made no matter what size it is or where it’s going; and the same is true for cash deposits ~ both are filed digitally and are easily traceable per client.

It certainly isn’t illegal in any way for an individual to either wire transfer or to deposit more than $10,000 per year; but, the US banks are under this presumed obligation to report totals of both cash deposits and wire transfers for each individual to the Treasury Department.

Once the total is more than $10,000 in any calendar year, then the Treasury Department can feel free to question you about it at any time ~ according to the Patriot Act.

That’s what your local bank wants also ~ the Treasury Department to investigate you ~ not them.

Therefore, your local Fed System banks are going to stay way ahead of micro managing each client’s transactions and are going to be ready to report every detail (along with plenty of gossip) to the first dude in a suit who flashes a badge at them ~ even if it’s only a threat through the mail.

Close down the account, freeze the assets??!!! Immediately, Effendi??!!

Oh, yes sir, right away your Highness!!!

It will be done before end of business, your Excellency!!!

Remember me, your Worship; I’m loyal to the system!! Please don’t audit me!!!

Local Federal System Banks and their employees are notably vulnerable to pressure by any one of the Treasury Department gangs; but most especially by the IRS.

It appears that Warka Bank may have chosen to interpret the $10,000 Federal Reserve Bank ruling by limiting every individual foreign client to an outgoing USD wire transfer maximum of $10,000 per day to be transferred back to Citibank, NY.

It could be that the restriction is true for Warka USD wire transfers back to the Federal Reserve System but not for other wire transfers to other Central Bank Systems.

From Warka to Belize, for example, may not be affected by totals limits.

I don’t know that for sure ~ just guessing.

Then again, the Belize dollar is pegged to the USD at 2 to 1 and the Belize Central Bank wants to get along with the FED just like everybody else on this continent.

As determined by the authority of our own Central Bank (which controls every banking transaction within the continental USA and beyond), Warka Bank’s single access to the entire Federal Reserve System of banking on this continent has only been allowed exclusively through Citibank, NY and without even another branch of Citibank being allowed to participate. No Canadian bank and no Mexican bank either.

This restriction is no doubt due (in no small part) to the fact that UN Chapter 7 Sanctions are still in effect (as of the end of May 2012) and therefore the US and every other UN nation cannot quite get along fully with Iraq until they are fully lifted.

This restriction put on Warka (and therefore Iraq) has now grown bigger to become a temporarily closed portal for any outgoing USD sent to Warka via the Citibank, NY connection.

I’m fairly certain that the official party line from the Federal Reserve Board will be something to the effect that “we can’t do business with a (known to be insolvent) bank in order to protect Amrikans……from financial ruin, etc...”

Meanwhile, Mohammad K Issa has finally started to answer at least (9) months of email nagging (from me and everybody else) regarding a client’s ability to wire transfer USD back to the USA ~ no matter what the amount of the transfer requested happens to be.

I recently sent in a request for my fourth outgoing wire transfer of USD within the last (9) months. The first three were completed, but each one took an increasing longer time to finish even though all were for under $10,000. In September of 2011 it took me 14 days, In November of 2011 ~ 17 days and in February 2012 ~ 24 days including a fee of .008 instead of the usual .003 to SWIFT.

I finally received my last funds on March 21st 2012.

Prior to that, my friend received her requested $3600 in about 9 days on February 27th.

Since then, another friend finally quit trying after starting on March 10th and sending his last email to the CBI on April 15th.

On this 4th request of mine, I waited about five days after sending the 1st email with attachments, before I sent a 2nd reminder email telling Mr. Issa (specifically) to take the first email and request very seriously indeed.

He then tasked Rowaida in Customer Services fairly promptly to send me this email:

Dear Warka Client:

We have received your fine request and as the bank is currently under CBI Guardianship your wire transfer will be processed and executed after the CBI guardianship finalizes their internal procedures with our bank where the goal of the CBI is to strengthen the financial position of the bank in coordination with the Ministry of Finance restoring its liquidity in accordance with the official press statements made by the CBI.

A notice will be posted on our website http:// www.warka-bank.com once the CBI issues its instructions

Best regards,

Warka Bank for Investment and Finance

This e-mail is confidential and the information contained in it may be privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person.

From: Mohammad K. Issa [mailto:ifrd@warka-bank-iq.com]

Sent: Sunday, May 20, 2012 9:52 AM

To: Customer Services

Subject: FW: 8XXXXX Wire Transfer Request 19 May 2012

It appears that putting a hold on the return of deposits “for a maximum of 3 months” is provided for in Iraq’s banking law. The law is available on the CBI website.

Article 65 of the law states:

“If required to protect the financial condition of a bank for which a conservator has been appointed, the CBI may at any time declare deposits and investments by the public in the bank, other than deposits and investments in segregated fiduciary accounts, to be totally or partially blocked for a maximum period of three months, provided that measures are taken which, in the opinion of the CBI, will preserve the approximate value of these deposits and investments together with interest accrued before and during the moratorium. In extraordinary cases, the conservator, with the approval of the CBI, may at any time permit the withdrawal of some or all of the deposits held in the name of a natural person not to exceed 5 million dinars for each such case.”

It was possibly near the end of March 2012 that the CBI stepped into its “Guardianship” role with Warka Bank.

So, the 3 month maximum hold on USD wire transfers would last through April, May and June, and possibly into July, at least. Then Ramadan starts in August, so the soonest time slot for a possible wire transfer back appears to be early September ~ about the same time I started with my wire transfer requests last year.

I wouldn’t count on Warka’s current list of potential wire transfer requests to remain current for too long of a time.

Instead, count on having to renew any request again as soon as the announcements about renewed solvency are made on the Warka Bank website and/or the CBI website.

However, there are probably other provisions of the laws of Iraq that allow the conservator to hold on to deposits beyond 3 months in the best interest of Warka and the Iraq banking system.

Overall, the CBI involvement in Warka appears to be a good thing right now, and seems to better protect all depositors’ interests ~ at least more than a private bank with no oversight might do.

We’ll just have to wait and see if July 2012 brings out a new and improved Warka, or not.

As it turns out, Warka has actually answered the $10,000 daily wire transfer limit restriction inquiries with this email to a Warka client requesting a USD wire transfer of more than $10,000 from his Warka account to a USA bank:

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.

This appears to be a statement to the effect that the CBI is well aware of the “local” US Treasury laws under the Patriot Act and are telling its own clients, including Warka Bank and Warka Bank’s depositors that if you want to move more than USD $10,000, then you’ll probably have to supply the Warka crew and therefore the CBI with a scanned copy of a completed Currency Transaction Report (CTR) ~ which is probably best filed at the local bank where you expect to receive the wire transfer into your account.

A CTR is actually FINCEN Form 104.

FINCEN stands for Financial Crimes Enforcement Network which reports directly to the Department of the Treasury.

This means that completing and filing a CTR is also sharing your private transactions of any sort ~ terrorist or not and (either cash or wire transfer) upward with the US Secret Service (our very own SS) and again laterally with the IRS, another agency toiling under the Department of the Treasury.

The IRS will inform your local State Tax Authority which will inform your local County Tax Assessor who can use the County Sheriff’s Department to investigate and/or enforce rulings about you that the Sheriff’s Department will actually know nothing about.

Telling all about yourself seems to be almost compulsory these days.

One little form and shared by so many.

For those Warka clients who still need to transfer USD back; regardless of what is going on with the upcoming redenomination and revaluation plans and regardless if Warka Bank is in conservatorship hands or not, then there might just be one last resort.

According to Article 65 of the CBI banking law:

“In extraordinary cases, the conservator, with the approval of the CBI, may at any time permit the withdrawal of some or all of the deposits held in the name of a natural person not to exceed 5 million dinars for each such case.”

5 Million Dinar divided by 1179 (cost to move funds from IQD to USD) = $4,240.88

$4,240.88 less $52 (Warka cost to wire transfer) = $4,188.82

$4,188.82 X .997 (SWIFT cost to your local account) = $4,176.32 deposited to account

$4,176.32 - $16 (Local bank fee to accept wire transfer deposit) = $4,160.32 net.

Working the other way around, if you decided that the max net amount you needed to work with could be $4,100 or less, then you could figure on how much IQD to withdraw from your IQD Savings account and deposit in your USD account.

$4,100 plus the bank fee of $16 gives the minimum amount needed to be deposited after the SWIFT fee = $4,116.

$4,116 divided by .997 (.003 SWIFT Fee) = $4,128.39 minimum wire transfer amount.

Round up the figure to an even $4,130 to be transferred plus $52 Warka fee = $4,182

$4,182 X 1179 = IQD 4,930,578 to be moved from your IQD to your USD account.

That’s probably as close to the CBI conservatorship rules as you’ll want to come and still stay under the IQD 5,000,000 maximum total moved.

Of course, requesting a wire transfer for around $4000 and specifically asking the CBI Conservator to treat it as a special case so that the transfer would go through even during the audit period when most other transfers have been blocked or stonewalled is reaching for the plan of last resort and you are still at the mercy of the whim of whoever’s in charge enough to grant your request.

Even so, putting in the request as a hardship case and then be willing to wait patiently for approval might just get the job done the fastest. But, you’ll only get to do it once.

Any continuous attempts to bring back those same amounts time after time will undoubtedly be denied ~ and then looked into as a kind of “funding a terrorist” act ~ or something.

Warka has grown tremendously with lots of support from the CBI.

The CBI is going to fix this insolvency situation for the good of Warka's investors and depositors.

Warka Bank customer service will still be what it is, but hopefully sometime in July anybody that needs to will have an actual shot at another wire transfer request before Ramadan 2012 kicks in.

Otherwise, we’ll be talking about September 9th or so before Warka is back up to speed with the $10,000 daily limit in place and the Warka crew at least working up to their usual capacity pace.

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