It is amazing to me how such an operation could lose money!!!!! The average
offshore bank charges frankly offensive fees to receive money, to send
money, to issue debit cards, to handle debit card transactions, and to
provide the most rudimentary of services. They usually give modest interest
rates, and should be able to turn around and make a huge profit on some very
basic investments on the money they hold. Also, they usually operate from
areas where the cost of hiring "competent" employees is reasonable, and
other aspects of overhead are extremely manageable.
How could you lose money with a deal like that?
On Thu, 28 Jun 2001 11:58:39 -0600, Destiny Worldwide Net wrote:
> ----------------------------------------------------------------------
>
> Subject: Re: Reply to Ian Green about Paritate
> From: "Glencannon Group Ltd." <[EMAIL PROTECTED]>
> Date: Wed, 27 Jun 2001 19:54:53 -0700 (PDT)
> X-Message-Number: 38
>
> Indeed everything you say is true. It really quite odd that the other
banks
> in Latvia allowed this to happen? Don't they understand that the fall of
> Paritate, in such crude and unsophisticated manner, will only reflect ill
on
> those more functional banks? I think everyone in that area needs to
learn a
> few things about managing marketing issues and particularly crisis
> situations.
> <<<<<<<<<<<<<<<<<<<<<<<
>
> I am sure there are some banks who do. I doubt that Latvia's largest
bank
> cares much, as they have a substantial and growing customer base of their
> own. Of the other banks, Saules was recently bought out by Rietumu,
meaning
> that those two banks probably could not particiapte in a buy out at this
> time. But from what I have experienced, Paritate was not run very well.
we
> tried to open an account there for about 4-5 months a couple of years ago
> and had nothing but problems, lucky for us! We got nothing but the run
> around and lost a little bit of money. But at least we didn't loose as
much
> as if we would have had an active account.
>
> There is a bank here in Costa Rica that bills itself as an "offshore
expert"
> bank, but when you get below the surface, it is a slock operation just
like
> Paritate. IN fact, I have joked sometimes that this bank in Costa Rica
and
> Paritate must have a management exchange program because they are both
> terrible to deal with. But this particular bank in Costa Rica also has a
> negative net worth, if what I saw them doing last year is any indication.
I
> already talked about this a year ago, so I will not bore all of you with
the
> details, but they have a rapidly expanding customer base, but WHERE is
the
> money going, because they would on a rotating basis subtract money from
> people's accounts and then put it back in before the statement cutoff and
> there was no indication on the statement to show where thousands of
dollars
> [out of several accounts, mind you] had gone for a couple of weeks. Yet,
as
> the managers of the fund, we knew that customer complaints about non
working
> debit cards was not an isolated incident, but "business as usual" for
these
> folks. Also, when we went to withdrawa the final monies from the fund on
> the way out the door, they stalled on issuing the check for several
hours,
> with the first thing they said being that they "could not find the money
in
> the account," and after about an hour and a tirade from me, they all of a
> sudden "discovered" it, it was all just an oversight, you see........
> Bottom line, when someone wanted cold, hard cash from this bank it took
the
> bank a while to find it......
>
> This is fractional reserve banking at its worst! My suspicion is that
> someone at the top is either massively incompetent beyond belief [more
> likely than in most countries] or a crook or both. Needless to say, we
are
> very happy to have gotten away from them unscathed last year and to have
> established new relationships with competent banks with good customer
> service. Bad customer service is a sign of worse trouble than the
customer
> can imagine. This is also what worries us about egold so much, but that
is
> a topic for another day.
>
> John
>
> http://www.offshorearnings.com
>
> http://destiny-worldwide.net
>
>
>
>
> Thank you all the same for the information.
>
>
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