Deposit and withdrawal methods: MuchBetter service interruption (Page 43)

T0uchTheSky wrote on 01.04.2023 at 15:24:
I think it's like in Germany. Every customer who is with a bank that has BaFin license, his money is secured up to 100 000 euros, so not 100 000 euros for everyone.


Whether it is the same in Lithuania, no idea. MuchBetter is restricted only in EEA, in GB and elsewhere MuchBetter continues as usual.

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Antihero1335 wrote on 04/24/2023 at 12:47 PM:

The 100,000 euro Deposit guarantee applies here in Germany, correct.

As part of Basel 2, an agreement was made that each state must set up a mandatory deposit Insurance fund that must be able to cover deposits up to at least 10,000 euros per customer - meaning Lithuania is an EU member and a member of the EEA, so deposits up to 10,000 euros are definitely covered there as well.

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NuggetKing wrote on 04/24/2023 at 1:32 pm:

that means we can pay out soon??

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gamble1 wrote on 04/24/2023 at 1:46 pm:

Rather not that just means at some point a solution will come pretty sure

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NuggetKing wrote on 04/24/2023 at 1:47 pm:

Ok thanks ! Really have 1500€ lying there !

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gamble1 wrote on 04/24/2023 at 1:48 pm:
Yes this is also annoying and a lot of money but would not give up hope

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Antihero1335 wrote on 04/24/2023 at 12:47 PM:

The 100,000 euro Deposit guarantee applies here in Germany, correct.

As part of Basel 2, an agreement was reached that each state must set up a mandatory deposit Insurance fund that must be able to cover deposits up to at least 10,000 euros per customer - meaning Lithuania is an EU member and a member of the EEA, so deposits up to 10,000 euros are definitely covered there as well.

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campamocha wrote on 04/24/2023 at 19:16:

Sorry, this is all wrong.


These are the facts:

1) MuchBetter has 2 different terms and conditions, you can see on their website. One for EEA (except Malta and Germany) and one for Germany and Malta.

2) What interests here are the terms and conditions for DE customers.

3) In the terms and conditions you see that these are between you (customer) and PayRnet UAB. MuchBetter has nothing to do with anything. You have no T&C with MuchBetter, not mirt MIR UAB LIthuania, not with anyone else, you have T&C with PayRnet UAB. This is the LICENSED e-money institution, which is allowed to issue e-money.

4) Following, MuchBetter is NOT allowed to issue e-money, they do NOT have an EEA license, hence the cooperation with PayRnet to do business under their license in EEA. Therefore UAB MIR Lithuania (MuchBetter) is an e-money agent. But an e-money agent is not allowed to issue e-money, but it is allowed to distribute it.

5) Why are DE and MT different and have separate GTCS? Simply because the MT (MFSA) and DE (Bafin) regulator did not agree to this construct about an agent model because it is regulatory WRONG.

6) An e-Money institution is NOT in the Deposit Insurance Fund.

7) An e-money institution has a separate regulation - under the European e-money directive. One of the big differences is that e-money institutions are not covered under the 100K EUR per account deposit guarantee fund. e-money institutions must collateralize all customer funds with real money in the same amount in a separate account, with real money. This is good news for now. Should the coal yes there, and can not be claimed even in the event of bankruptcy by the company's creditors. It is customer money.

8) Deposit insurance (1ooK) applies only to full banks / credit institutions.

8) But...... UAB MIR Lithuania is not an e-money institution, nor a full bank/credit institution, UAB MIR Limited (MuchBetter) is a company. Nothing more, nothing less.

9) German customers must therefore have their money secured with the licensed institution (PAyRnet UAB) - they also issue and manage the e-money, at least that is the legal obligation.

10) Well, if you write to MB you can't expect anything, because according to regulation for DE customers the money has to sit at the institution.

11) Your claims according to GTCS are against PayRnet UAB.

12) PayRnet UAB is 100% owned by railsr in UK.

13) Railsr UK has filed for insolvency 4 weeks ago.

These are the facts.

Nobody knows if your money is really with railsr/PayRnet - that's exactly the question nobody ever asked MuchBetter! And also a question they will not answer. They say. We have the customer money in our accounts, they are non-compliant with regulation. Do they say: We don't hold it, PayRnet does, then panic breaks out because the mother (railsr) is broke.

These are the connections.

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NuggetKing wrote on 04/24/2023 at 9:51 pm:

As I have written before that they have 4kkk minus and can't pay but since Lithuania and mutchbetter are EU country we are entitled to our money !

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Gigi55 wrote on 04/25/2023 at 02:09 PM:

And where do you want to sue for that? Jurisdiction of Lithuania?

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NuggetKing wrote on 28.04.2023 at 10:23 am: Today they have introduced a quick invitation link in the app so I assume that it will soon go on with the payouts!!!

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