My latest Warka Bank performance review February 2013

[phlip]

When I renewed my e-banking, bought a 3 month CD and asked for a wire transfer back in December 2012, all 3 requests were answered immediately, politely and professionally. If not the same day, then within 2 business days (max).

Of course, I didn’t get the transfer, but was still encouraged by a prompt professional reply; especially since it was a notable departure from the previous year’s delaying tactics and Warka’s outright ignoring of my requests.

 

My latest attempt in asking Warka for a wire transfer (see below) was not answered for 8 days (6 business days) and was slightly less friendly than last time since they did not even start out with the salutation of “Dear Sir” like they did in December. They just stated the party line, which is now undoubtedly in a “copy and paste” format for the convenience of Customer Services, but at least they answered without my having to send multiple nagging emails.

 

I guess now they’re tired of me asking instead of just waiting for the announcement by the CBI; but as it’s now been a year since they stopped fulfilling my wire transfer requests and went under “guardianship”, I feel that they ought to be able to put up with a little nagging now and again.

In fact, I still encourage everyone with a Warka account to put in for a wire transfer ~ just for drill.

It’s good to have the procedure down pat for when the time comes, and I think it’s important to try and goose the CBI appointed Conservator to get it done, already.

Maybe with enough requests on record they’ll do something radical enough to open up again. It’ll be kind of like voting ~ only different.
 

As a reminder, what the Conservator is currently attempting to do is sell enough of Warka’s assets in order to come back into solvency ~ which means to have the ability to pay all legal debts and meet all financial obligations.

Warka’s known assets are their outstanding loans, which will undoubtedly have to be sold at a discount. The problem is who is going to want to buy the paper ~ especially if the loan is ‘non-performing’ and/or unsecured.

 

The global recession/depression has affected everyone, not just the US.

Actually, I’m glad Warka is located in an Islamic country because Islamic law (supposedly) requires bankers to be 100% honest and protects depositors like us first ~ with institutions taking second place when it comes time to (finally) pay out.

As we all know, in the western (so called) “civilized” countries like the US and Great Britain, it’s just the opposite. Bankers are bailed out first with hardly any transparency in the process; then the bank’s doors are closed with the majority of the depositors just having to suck it up and get on with life.

 

As far as I can determine, Warka has about IQD500billion in loans outstanding with who knows what in current cash reserves.

They are still paying interest on savings accounts and CD’s, selling e-banking subscriptions and might even be back to selling stocks on the ISX through their ISX brokerage department. I’m not really sure about the Warka ISX Department because I haven’t tried to buy stock in a while.

IQD account to IQD account interbank wire transfers are no problem but they’re definitely not fulfilling (outgoing) wire transfer requests and are probably not issuing either debit or credit cards either since that would mean outgoing funds before they are solvent enough to back them up.

 

In order to meet minimum CBI requirements they need to sell enough assets to have approximately IQD300billion on hand to cover depositors (like us) plus IQD250billion in cash reserves ~ the CBI minimum for all Iraqi banks as of June 30, 2013.

 

At this point, God only knows when the Conservator will have sold enough assets and/or brokered a deal to merge Warka with another institution with some excess cash, but at least Warka’s not going under.

The CBI needs that Warka 120 branch, 350 ATM machine infrastructure in order to drag Iraq out of the ‘Stone Age’ of cash auctions and into the 21^st century electronic/digital age of global currency foreign exchange.

 

Waiting for Warka is just not any fun anymore, but the high interest on savings and CD’s takes the sting out of it ~ sort of.

 

Anyway, see below for a record of my latest wire transfer attempt.

 

Here’s the answer I got back on February 17^th:

 

As the bank is currently under CBI Guardianship all wire transfers 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 www.warka-bank.com once the CBI issues its instructions

 

Many thanks and best regards

 

Customer Services

International Foreign Relations Dept.

 

Here’s my email request sent on February 9^th:

 

Wire Transfer Department Manager

Swift Manager

Customer Services Department

International Foreign Relations

 

Attached to this transmission please find the file copies of:

1.    My signed application for a wire transfer

2.   A True Copy of my government issued color ID that your compliance department can verify.

 

I will expect to hear from you shortly with a confirmation of receipt of my request, and completion of transfer.

 

Thank you.

 

Best Regards,

[ronscarpa]

Thanks for the post phlip .. appreciated.  I've been very fortunate with my correspondence & communications with Warka as well.

 

RON   

[phlip]

In keeping up with the latest Warka communications response times:

 

One Warka Client followed the recommended drill regarding an Authorization Letter with email addresses and language and sent an e-banking renewal request on 19 March, 2013.

He was able to log back on to his account on 25 March, 2013 and received a confirmation email on 27 March, 2013.

That’s 4 Baghdad business days to renew the password and 6 business days to confirm.

Not exactly the swiftest service in the world, but at least they’re still in business and that means there’s still the possibility of wire transferring our money back ~ hopefully in the near future.

Anyway, here’s a copy of the email thread ending in the confirmation:

 

----- Forwarded Message -----
From: Mohammad K. ISSA <ifrd@warka-bank-iq.com>
To: laith alamir <e-bank.ms@warka-bank-iq.com>
Cc: Warka Client (name & address protected)
Sent: Wednesday, March 27, 2013 1:10 AM
Subject: Re: XXXXXX e-bank subscription (account number protected)

 

 

 

From: laith alamir <e-bank.ms@warka-bank-iq.com>
Date: Mon, 25 Mar 2013 14:57:40 +0300
To: Mohammad Kamal <ifrd@warka-bank-iq.com>
Subject: RE: XXXXXX e-bank subscription (account number protected)

 

Dear Sir,

 

The e-banking department confirm that your online annual subscription has been renewed you can now access your account using the same login details.

 

Please note that the online link is: https://onlinebanking.warka-bank-iq.com/IBS/index.jsp

 

Should you have further questions or inquiries regarding your online account please contact the e-banking team e-bank@warka-bank-iq.com we will provide our full cooperation and support.

 

Best regards,

 

E-banking Team

Warka Bank for Investment and Finance

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

 

--------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

From: Warka Client (name & address protected)
Reply-To: Warka Client (name & address protected)
Date: Tue, 19 Mar 2013 00:58:26 +0300
To: Ashraf Amr <e-bank@warka-bank-iq.com>
Cc: Mohammad Kamal <ifrd@warka-bank-iq.com>, Customer Services <c.services@warka-bank-iq.com>
Subject: XXXXXX e-bank subscription (account number protected) 

 

E-Banking Services Department

Customer Services Department

International Foreign Relations

 

Attached to this transmission please find the file copy of a signed Authorization Letter renewing my Subscription to E-banking Services.

 

I expect to hear from you shortly with a confirmation of renewal.

Thank you.

 

Best Regards,

 

Warka Client

XXXXXX

-----------------------------------------------------------------------------------------------

 

A few things to make note of here:

 

First, it looks like there’s a new player in Warka’s E-Banking Department ~ Laith Alamir seems to have taken the place of Ashraf Amr. It’s anybody’s guess as to whether the new guy is an assistant or a replacement and whether the substitution is permanent or temporary.

 

Second, for whatever unknown reason Laith Alamir sent the confirmation email to Mohammad K Issa, but not to the Warka Client and then Mo had to resend it to the Warka Client ~ but only as a CC ~ not as the original recipient.

What up with that, Homey?!

 

Thirdly, FYI Mohammad K Issa’s middle name appears to be Kamal.  

 

Another Warka client followed the recommended drill regarding an Authorization Letter with email addresses and language and sent a request to purchase an IQD CD on 17 March, 2013.

He received an e-mail confirming the purchase on 27 March, 2013.

That’s 7 Baghdad business days to confirm a straight forward purchase of a CD.

This same Warka client also followed the drill and sent a request to renew his e-banking subscription on the same day 17 March, 2013.

On 26 March, 2013 he tried to log on to his account to find out when the CD was actually started, but was unable to because his password was still expired.

That’s 6 Baghdad business days and his password hadn’t even been renewed, let alone confirmed by email ~ so go figure.

 

A person just has to soldier on with patience when it comes to Warka and hope that someday dealing with them will become something resembling normalcy.

[Goldiegirl]

I sent in my request with the ebanking renewal Thursday night (which I forogt I shouldn't have because they are closed until Sunday and we assumed they delete weekend emails) and I got it reset with an email confirmation from Mr. Issa early Sunday morning 3:30 am Eastern.

I have no problem whatsoever with their service.   I will add that my letter it a tad more polite than the one presented in your post.

In keeping up with the latest Warka communications response times:

 

One Warka Client followed the recommended drill regarding an Authorization Letter with email addresses and language and sent an e-banking renewal request on 19 March, 2013.

He was able to log back on to his account on 25 March, 2013 and received a confirmation email on 27 March, 2013.

That’s 4 Baghdad business days to renew the password and 6 business days to confirm.

Not exactly the swiftest service in the world, but at least they’re still in business and that means there’s still the possibility of wire transferring our money back ~ hopefully in the near future.

Edited March 29, 2013 by Goldiegirl

[ronscarpa]

THANKS FOR THE UPDATES & INFORMATION PHLIP & GOLDIEGIRL...! IT APPEARS WE'RE ACTUALLY MOVING FORWARD TOWARDS NORMALCY IN WARKA BANKING...!