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Warka

tilak

By tilak,
in Warka and Iraqi Banking

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zantac Newbie

zantac

Posted
Posted

Hi Tilak

Don’t worry too much mate at least they did return your transfer.

Just to let you know this will be the norm when sending any payments to Warka as they are under administration……….all banks/Corporations do this

Its not legally correct to take any form of payments/deposits in to an account.

Also it’s the same for sending out transfers/payments of any kind until the insolvency issues are resolved :)

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Goodlife Newbie

Goodlife

Posted
Posted

From what I understand Citi Bank no longer deals with Warka.

Hmm thats what Im trying to establish. Can money be still routed through citi bank to warka. Citi bank is still listed as a correspondent bank on Wakas website, right at the top. Either they are or are not. :blink: It seems not so far. Would like an absolute on this issue.

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BrokeNoMore Newbie

BrokeNoMore

Posted
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Hmm thats what Im trying to establish. Can money be still routed through citi bank to warka. Citi bank is still listed as a correspondent bank on Wakas website, right at the top. Either they are or are not. :blink: It seems not so far. Would like an absolute on this issue.

Then plunk down ur $20 and find out. :huh:

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20MillionDinar Newbie

20MillionDinar

Posted
Posted

Hmm thats what Im trying to establish. Can money be still routed through citi bank to warka. Citi bank is still listed as a correspondent bank on Wakas website, right at the top. Either they are or are not. :blink: It seems not so far. Would like an absolute on this issue.

From another member: Yup, I had a wire returned to me, and after I sent an email to warka they told me they updated their working procedures and all wire transfers are to be directed their corresponding bank in Germany

:)

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82Corp. Newbie

82Corp.

Posted
Posted

Hmm thats what Im trying to establish. Can money be still routed through citi bank to warka. Citi bank is still listed as a correspondent bank on Wakas website, right at the top. Either they are or are not. blink.gif It seems not so far. Would like an absolute on this issue.

No, has to go through Germany.

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Goodlife Newbie

Goodlife

Posted
Posted

Then plunk down ur $20 and find out. :huh:

Wouldn't be asking if there wasn't already a problem. Not a helpful reply. :mellow:

Some are saying they have sent money across ok and others are saying Citi bank cannot be used anymore.

Is this a really recent occurrence and so the ones that sent there money across via citi bank did so before the change.

Warka is incredibly slow at responding and I think the recent holiday has increased the back log.

This is a big issue for the thousands of Warka investors who dont know there may be a significant issue in getting money across into their account.

This is the point of the forum, to share information. The answer is out there.

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caper Newbie

caper

Posted
Posted

It's too bad Warka doesn't let us know when changing their procedures, however here is the info I've been able to uncover. hope it helps

Intermediary Bank

Bank Name: ............................................................ Commerzbank

Account Name at Commerzbank: ....................... Warka Bank for Investment & Finance

Corresponding Bank Name: ................................ Commerzbank AG Frankfurt, Germany

Intermediary Bank Account [iBAN]: ..................... 400875402000

Swift Address [bIC]: ............................................... COBADEFFXXX

Commerzbank ID [bLZ]: ....................................... BLZ 50040000

Branch: .................................................................... AG Frankfurt

Address ................................................................... 60261 Frankfurt, Neue Mainzer

Strasse 32 - 36

Frankfurt

Germany

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crusher Newbie

crusher

Posted
Posted (edited)

CITI Bank will not deal with Warka any longer. It will not deal with a financial institution that is insolvent. The Commerzbank AG Frankfurt, Germany will deal with an insolvent financial institution as it is not in the USA and governed by different banking laws. If the subsequent financial institution they were working with went belly up so to speak, you would not be under the same banking protection as you would using a bank in the USA. So you take a chance anyway that it will not happen. Germany is part of Europe and look at the financial state of Europe at the moment, it does not look good. I hope it works out in the long run for everyone. But same as the dinar investment, it might all hit the fan, who knows, we only hope it doesn't.

Edited by crusher
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Bristin Newbie

Bristin

Posted
Posted

CITI Bank will not deal with Warka any longer. It will not deal with a financial institution that is insolvent. The Commerzbank AG Frankfurt, Germany will deal with an insolvent financial institution as it is not in the USA and governed by different banking laws. If the subsequent financial institution they were working with went belly up so to speak, you would not be under the same banking protection as you would using a bank in the USA. So you take a chance anyway that it will not happen. Germany is part of Europe and look at the financial state of Europe at the moment, it does not look good. I hope it works out in the long run for everyone. But same as the dinar investment, it might all hit the fan, who knows, we only hope it doesn't.

Crusher, thank you for your post on this subject of importance to many, including myself.

All of my past wires to Warka have been through CitiBank.

Are you saying that if Warka goes belly up those of us who sent funds to Warka through CitiBank might look to CitiBank to make up whole under US law? I hope this is the case.

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20MillionDinar Newbie

20MillionDinar

Posted
Posted

Crusher, thank you for your post on this subject of importance to many, including myself.

All of my past wires to Warka have been through CitiBank.

Are you saying that if Warka goes belly up those of us who sent funds to Warka through CitiBank might look to CitiBank to make up whole under US law? I hope this is the case.

I think the law pertains to US banks dealing with insolvent banks. I don't think that we (US citizens) would be able to file any claims against Warka if we don't see our money back... The funds are not FDIC insured, that was the risk we took when opening up accounts with Warka.

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DinarBot Newbie

DinarBot

Posted
Posted

I think the law pertains to US banks dealing with insolvent banks. I don't think that we (US citizens) would be able to file any claims against Warka if we don't see our money back... The funds are not FDIC insured, that was the risk we took when opening up accounts with Warka.

Precisely. We have written it off. Getting anything back will now be treated as a bonus. As Humans. You can choose otherwise.

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crusher Newbie

crusher

Posted
Posted

Crusher, thank you for your post on this subject of importance to many, including myself.

All of my past wires to Warka have been through CitiBank.

Are you saying that if Warka goes belly up those of us who sent funds to Warka through CitiBank might look to CitiBank to make up whole under US law? I hope this is the case.

If you read 20milliondinar's post under your one, hes hit the nail on the head.

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Bristin Newbie

Bristin

Posted
Posted

I think the law pertains to US banks dealing with insolvent banks. I don't think that we (US citizens) would be able to file any claims against Warka if we don't see our money back... The funds are not FDIC insured, that was the risk we took when opening up accounts with Warka.

Thank you for your input to which I agree. I sent the funds to Warka knowing and accepting the risk. But I am still hopeful that things will work out for all.

If you read 20milliondinar's post under your one, hes hit the nail on the head.

Yes, I read 20milliondinnar's post and agree with what was said. Thank you.

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