Topic created on 09th Feb. 2023 | Page: 43 of 53 | Answers: 787 | Views: 149,417
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MuchBetter service interruption
24th Apr. 2023, at 12:47 pm CEST#631
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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.
The 100,000 euro Deposit protection applies here in Germany, correct.
As part of Basel 2, an agreement was reached that each state must establish 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 protected there as well.
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.
Rather not that means only sometime will come pretty sure a solution I guess if it starts soon MB would quite quickly nudge the customers already something in the direction
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.
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.
According to the facts it would be a miracle if all still see their money again, but well, as long as there is nothing official one can still have hope.
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.
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.
As I have written before that they have 4kkk minus and can not pay but since Lithuania and mutchbetter are EU country we are entitled to our money !
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MuchBetter service interruption
25th Apr. 2023, at 02:09 am CEST#641
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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 !
And where do you want to sue? Jurisdiction Lithuania?
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!!!
No it's been 2 days and if you noticed, the card function is gone
well that with the link is only since today with me, and with the card yes that is out but otherwise the same text!
but brings nothing if they only change the app bissel many want their money
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The 100,000 euro Deposit protection applies here in Germany, correct.
As part of Basel 2, an agreement was reached that each state must establish 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 protected there as well.
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that means we can pay out soon??
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Rather not that means only sometime will come pretty sure a solution I guess if it starts soon MB would quite quickly nudge the customers already something in the direction
Could bring yes good ratings
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Ok thanks ! Really have 1500€ lying there !
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Yes that is also annoying and a lot of money but would not give up hope
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Do you think ?
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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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As I have written before that they have 4kkk minus and can not pay but since Lithuania and mutchbetter are EU country we are entitled to our money !
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And where do you want to sue? Jurisdiction Lithuania?
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No, not that. But there are lawyers who do that for little money. It is our right to claim the money! Is also in AGBS
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No it's been 2 days and if you noticed, the card function is gone
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but brings nothing if they only change the app bissel many want their money
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