Bank withdrawls BROKEN!

forgo

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SO I have been spending the last few days going back and forth with sean at MA who is now telling me to get a new bank to perform a transfer.

I have withdrawn 100's of ks of peds to this bank without issue until recent regulation changes! He seems to think this is something new to me.....it is not. 100's of k's.....many transactions

MA does not have a form that gathers all of the necessary information to forward to their bank, which must be able to comply with the wire request, as ALL banks must be able to comply. They insist I must send to my bank only. But regulation changed, I must now sent all wire transfers from anyone international MINDARK or CHINA does NOT MATTER to a corespondent bank, who then forwards the wire to my bank with the given information. (my government has made efforts to better monitor all foreign transactions into this country)

This is not from my bank, but from a European bank to showcase this may affect everyone.
"The changes documented in the SWIFT Standards Release Guide are mandatory for all financial institutions. "

I gave sean the fields to fill out on the bank form Swift 57a and Swift 56 directly from the letter of instructions my bank sent me.

No I will not get a new bank because this does not make sense to sean, and he seems too lazy to actually look up what I am telling him.

Please escalate this issue to upper management ASAP, I will contact my legal rep in Sweden and the consumer agencies if this is not resolved soon.

There is nothing we the player can do when banks change procedures to follow written guidelines.

Please do your part to comply with the changes all banks must adhere to.

Here is a quick solution so you guys don't need to bother how to figure this out.

Call your bank,
ask for an updated wire transfer form that includes swift field 57a,
call your best UI person.
have them add in the 2 extra lines needed to comply with that swift form in your UI and website
Come up with process to transfer the multipart info to the new form.
or heaven forbid actually fill it out by hand with the info given
Send to bank.
 
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forgo

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Still having issues with support on this issue.

I have uploaded the bank transfer instructions that my bank gave me, which explicitly lays out which SWIFT numbers go on which fields on the form all banks must use.

These are the instructions my bank gives to ANY bank.
The instructions have changed since last withdrawal.


Mindark insists I can only have one field, because their internal interface only has one field.

These forms can be filled out by hand.

They are refusing to contact their bank to make sure this is done properly.

Seems pointless if they cant even be bothered to ask the bank for the right and updated form.
 
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Seems to me your talking to a "robot" in support. Somehow you need to talk to someone higher up or indeed someone else. You could try talking to live support explaining them the situation hopefully they may then escalate it to the right person.
 

Taldur

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57a is only needed for advice through banks, while it may impact processing for your bank (whyever it cant or doesnt want to do SWIFT transactions on its own), it certainly doesn't impact all SWIFT transactions and doesnt mean that bank withdrawls are generally broken.
 

forgo

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Just an update,

I went to all 3 of my US banks....they are all telling me they NO LONGER USE IBAN numbers nor direct to bank SWIFT!

They ALL require an intermediary bank for international wires now.

They all require special instructions for which there is no field for when asking for a withdrawl.

These instructions all involve naming account numbers and address of both the intermediary bank and the bank account and address you use and your account numbers, and there are no fields for this info.

Support is telling me there are 2 fields only, and this is the way it is. All of my banks are giving me information that needs 5 or 6 fields.

MA charges 700 PED for failed transactions. I see a great potential for error.
 

GxB

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Just an update,

I went to all 3 of my US banks....they are all telling me they NO LONGER USE IBAN numbers nor direct to bank SWIFT!

They ALL require an intermediary bank for international wires now.

They all require special instructions for which there is no field for when asking for a withdrawl.

These instructions all involve naming account numbers and address of both the intermediary bank and the bank account and address you use and your account numbers, and there are no fields for this info.

Support is telling me there are 2 fields only, and this is the way it is. All of my banks are giving me information that needs 5 or 6 fields.

MA charges 700 PED for failed transactions. I see a great potential for error.
its easy. sue MA to get back the failed deposit fee, as its their end, thats making the mistake. you are going to win easily and maybe get a little bonus on top.

or just tell the authorities, that MA wont abide international banking regulations which will make it impossible for them to ever get that banking license they so want.
 

Edward-James

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I am in a way of no expert on this topic....but in the FAQ on Eu website it is said that a withdrawal on a intermediary bank is not supported or possible...so imo no way of getting the fee back..

I am sorry that you cant find a bank with iban and swift technology.... (for example im my country we only have those banks with this)

I can only suggest finding maybe an "internet bank" which has this and supports then both technologies ..
or maybe a bank which has also offices in Europe etc so they are able to transfer all then in between..

I was browsing to know if any U.S. Banks do have also Swift codes and found this for the looks :

https://www.bank-codes.com/united-states-usa/branches-of-u-s-bank

dunno if your bank is also in there...but maybe you see an option there...


GL,
Eddie
 

San

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I am in a way of no expert on this topic....but in the FAQ on Eu website it is said that a withdrawal on a intermediary bank is not supported or possible...so imo no way of getting the fee back..

I am sorry that you cant find a bank with iban and swift technology.... (for example im my country we only have those banks with this)
They all have the technology. It's politics at play here making things difficult which worked until recently. It is unfortunate for MA that this forces them to adapt their procedures forthwith and unfortunate for customers to be caught up in it until they do. Alternative service providers were already suggested which exist exactly because of such obstacles everywhere.
 

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I opened an account with Chase bank for this reason. Fortunately it cost me nothing to open the account and since I leave a certain amount in the account it is only opportunity cost that I incur with keeping the account open. I was very frustrated about it as well, that I had to open an account just to withdraw from Entropia, but I played their game and danced their dance. I recommend you do the same. I'm sure MA has no problems allowing your deposit to stand in a holding pattern long term if you don't.

Edit: Now I understand your problem.

Received a reply from MA on my support case.

Hi,

When we send a withdrawal we always pay OUR banks fee but never the possible fee for the recipient.

This has been the case since we started. It is also described when you are making a withdrawal from your PED card in the FAQ on our website.

Your bank charge you this fee, which is not unusual - as it is a payment from abroad and they have administration because of this.

Kind regards,
William, Entropia Universe Support - Economy
So it seems I'm shit out of luck here. I'll start exploring other banking options and see if there's one that doesn't charge MA's bank additional fees that are hidden from my end. Suggestions would be greatly appreciated.
 
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forgo

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Finally got another support person who facilitated the transaction with MA's bank and assured me to waive the fee if it didn't go thru. And for that, I am very thankful.

As it was, I know the 1st support rep said they would add the extra details as a special instruction, I am not completely sure if the special instruction was included or not when submitted, as not one but 2 different bank reps from 2 separate banks both said a direct SWIFT would get rejected and not to even try if a fee was involved.

2nd and 3rd bank had me even more worried as they had so much special instruction I actually ran out of room on the envelope I was writing on.

It's also possible MA contacted their bank and the bank is now aware to do the legwork of figuring out which banks to route to by sounds of the last support rep.

Either way one of these options worked. Thanks to the rep who finally went and got some answers and assurances.

Finally committed.

I opened an account with Chase bank for this reason.
That's funny, I opened a Chase Mastercard strictly for EU deposits since I had issues with Visa allowing EU a few years back. Wonder just how much business EU has given them lol.
 
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MsPudding

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Finally got another support person who facilitated the transaction with MA's bank and assured me to waive the fee if it didn't go thru. And for that, I am very thankful.

As it was, I know the 1st support rep said they would add the extra details as a special instruction, I am not completely sure if the special instruction was included or not when submitted, as not one but 2 different bank reps from 2 separate banks both said a direct SWIFT would get rejected and not to even try if a fee was involved.

2nd and 3rd bank had me even more worried as they had so much special instruction I actually ran out of room on the envelope I was writing on.

It's also possible MA contacted their bank and the bank is now aware to do the legwork of figuring out which banks to route to by sounds of the last support rep.

Either way one of these options worked. Thanks to the rep who finally went and got some answers and assurances.

Finally committed.
Glad to hear. Glad you got a rep that was helpful. :)
 

Cervus

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Glad you finally got somewhere :)
 

messi91

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I hope there is no doubt in anyone mind's that he wasn't going to get his money.
The only question to be asked here is : It was because of you and your bank or because of Mindark.
 
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