Are you one of the 6.500 account holders of FBME Bank in Cyprus and do you
want your money back? Then read on because we have good news for you!
Since we got contacted in 2014 by an Embassy with a request to assist one of their visitors in the FBME bank failure, we helped many bank customers recover their assets. We currently represent almost 15% of the bank’s customers and that number is growing for a reason…:
Our customers receive their money back on a constant basis.
Since we have confidence in the legal framework and the EU directives, we can work on the basis of no cure no pay. If you lost money to FBME, we can help and do all on the basis that we don’t charge a fee if we can’t help you to get your money returned.
In short, we simply help you to qualify for the Deposit Guarantee Scheme – the external insurance guarantee that covers up to 100.000 Euro in bank deposits – and follow all rules and regulations as set forth by the law, the central bank and the EC directives. We use every angle to secure your position, which is important up to the moment that you have received total compensation of your account balance.
It’s quite simple, we hold your hand and guide you through the process from start to finish, where we accept payment of our fees afterwards when your money is safe and secure on your new bank account:
- We help you to open a bank account in Cyprus.
- We help you with the paperwork to present to FBME Bank/Central bank of Cyprus.
- We assist you to file your claim at the Deposit Guarantee Scheme.
- We file a claim of liability on your behalf against those who are responsible for the current situation after courts in Paris and the USA appointed the causer.
- And… if you get rejected for DGS payout because of the statistical ESA 2010 classifications we do everything possible to find a solution and get your case reinspected.
The main objective, however, is that you get your money back, and that is what we do!
If you don’t get paid, we don’t get our fees either.
WHY MUST YOU ACT NOW…? The international banking world is changing. Governments want more supervision and banking institutions we always thought were too big to fail or who don’t experience liquidity and solvability challenges are placed under resolution by central banks, lose their license or go into liquidation.
The European Commission, its member states and individual countries see this as well. Therefore the rules for bank failures will change in the near future. We are moving towards a situation that is called ‘bail-in’. Before a Deposit Guarantee Scheme can be activated, bank customers and bondholders of global systemically important financial institutions are forced to participate in the process, but taxpayers supposedly are not. A new era for bank failures is about to start soon.
Although it is fair to conclude that FBME Bank is probably able to compensate its customers between 75 and 100% of their account balances, a bail-in situation might be implemented as well. A bail-in and haircuts on accounts are inextricably connected with each other and therefore the current situation for FBME Bank might be the last time a DGS operates in such a way.
Another practical reason to apply for the DGS now, is that deposit guarantee schemes don’t have eternal life. They will close at one day. Those who are too late, can’t get in anymore. It is therefore recommended not to wait until the last moment. We deal with many external and third parties and all must be streamlined in order swiftly go through the processes to avoid delays. We must realise that certain assignments take time.
STEP BY STEP PROCESS: The rules to apply for compensation via the DGS are crystal clear. There is at this stage zero to none flexibility. Those with an account with the Cyprus branch of FBME can apply for the European Deposit Guarantee Scheme.
In order to qualify for payout, the beneficiary of the account (i) must visit the banks (FBME & central bank) in person, (ii) with his identification document (passport or valid European ID card), (iii) an official signed bank account allocation letter from a bank in the EU and – if the account is a corporate account – (iv) original company documents that state the company name, date of incorporation, registered address and that you are entitled to act on behalf of the company.
To clarify, you need to come to Cyprus in person. In maximum two days we activate your bank account, take you to FBME Bank to verify your documents and the central bank to file your claim.
HOW LONG DOES IT TAKE BEFORE YOU HAVE YOUR MONEY? The central bank of Cyprus is rather optimistic and states that the DGS payout can take place in 7 working days. The EC directive on bank failures recommends 20 working days for payout, but in reality, it is safe to expect payment within 30 days after a claim is filed.
MORE THAN 100.000 EURO ON YOUR ACCOUNT? There is a large number of customers of the bank with accounts that exceed the secured amount by the DGS. These customers will receive their funds, as in most bankruptcies and liquidation procedures, in tranches when assets become available.
FBME Ltd. always claimed that the bank is very liquid. One must understand that there is a difference between short term, long term liquidity and intangible assets for the liquidation processes. Cyprus court has to appoint a liquidator since it is not allowed to just close a bank without a verdict from a magistrate in court. A liquidator needs time to study the assets and liabilities before he can make payments to the customers and other creditors.
During the liquidation process, we will assist you to comply with the requests from the liquidator in order to help you qualify for all payments.
DISCLAIMERS: During the last two years we have seen some special circumstances; e.g. beneficiaries who disappeared or even died, offshore companies that are not in good standing, customers who are too sick to travel, etc.
We are more than willing to think with you in order to come to a positive ending in this difficult situation. As you’ve read throughout this article, we don’t charge any fees unless you get money back from the DGS (which sometimes can be the first step in total recovery).
If needed we open a second bank account for you or your company, introduce you to a new agent to manage your offshore company and appeal against rejections for the DGS. Herewith we try to offer a complete GUARANTEED service package for FBME Bank customers.
Customers of FBME Bank with an account in Tanzania can contact us as well. However, since the situation for Tanzania customers is different, a different service pack applies.
We don’t work for everyone. FBME Bank was shut down for a reason. If there is a suspicion of money laundering, the DGS cannot and will not pay out and simultaneously we reserve the right not to accept you as a customer. We need to know our clients and must be assured about the source of your funds. If you’re a legitimate customer there is nothing to fear. Therefore, contact us today and let’s start the process for recovery right away.
Don’t wait, don’t procrastinate, don’t hesitate and definitely don’t disqualify yourself upfront. Just pick up the phone, send an e-mail or complete the contact form below. You can’t just ‘wait this out’ for things to change. Most FBME customers already tried that for almost two years and things only seemed to get worse…
CONTACT US NOW: You can call us at +357 25 030 666, send an e-mail at email@example.com or complete the contact form below. We will get back with you at the shortest notice.