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Post by clandestino52 on Dec 26, 2016 13:30:54 GMT
Hello,
I'm a little upset about Mintos. Beacause even If I had an verified account and had withdrawn money before. Yesterday I had been surprised that I can't withdraw money because The ID card expiration. I'm a spanish investor and here is normal that you have to renovate the physical card which takes 2 weeks for renovation. But is an administratif process. I've received from other spanish p2p sites I'm investing in an email remembering me that the id card is about to expire and that I can't invest until renovation but I can always widthraw of course because is my money.
But Mintos simply freeze my money which is illegal. The p2p sites can't freeze money as they want !!! Imagine It as my local bank is freezing my money because I have to renovate my Id card. It will be crazy.
Thank god I always diversify and can withdraw from Twino and Viventor. But those surprises upset anyone !! Please remember to always diversify.
Regards
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fric
Member of DD Central
Posts: 199 
Likes: 79
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Post by fric on Dec 26, 2016 14:59:53 GMT
Seems only logical that a verification is only valid during a period when the document you provided is valid. I don't know how its in Spain, but elsewhere quite often you either renew the document before its expired (so you have you current soon to be expired document on hand), or if you have an expired document OR e.g. you passport was stolen and you are making a new one, they will give you some other paper in the meantime which you can use.
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Post by buttchopf23 on Dec 26, 2016 19:18:00 GMT
Well, I understand that mintos withholds the money. Edit: after some thinking, I have to revise to “I don't understand“.
BUT what I don't understand is, that they don't inform you to renew your docs in advance. They clearly have registered the expiry date in their system. So why just send an automated message one month before expiration?
In my opinion mintos is not handling this very investor oriented or proactive.
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Post by clandestino52 on Dec 26, 2016 19:21:20 GMT
I agree with you. But did your local bank freez your money when your passport is stolen ? And you can't withdraw money in ATM ? Why it shoud be diferent in that case. The money that i'm not investing has to be normally in the bank account. Mintos as intermediary didn't have to freez it. I'm really not in need right now of that money as I'm diversifying. I could withdraw money fron Twino and Viventor but Imagine I needed the money I have in Mintos in that moment. It would be frustrating as if you would withdraw your money from an ATM and you can't. Worst should I travel to Estonia ! I'm now not very confident about investing in those foreign platforms. It's my opinion.
Anyway thank you for your support in this forum.
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Post by clandestino52 on Dec 26, 2016 19:27:33 GMT
Thank you buttchopf23. It what seem logical fo rme. For instance here's an email I received from spanish p2p platform MytripleA:
Recuerda que dentro de 15 días se te caduca el Documento Nacional de Identidad. Te informamos que necesitaremos el nuevo documento para que puedas seguir prestando tu dinero a empresas a través de MytripleA. Puedes:
- Cargarlo tu mismo en tu panel de control en MytripleA
- Enviárnoslo por WhatsApp haciéndole una foto por ambas caras
- Enviárnoslo por email a inversores@mytriplea.com
Mientras no actualices el documento no podrás invertir en nuevas operaciones, pero todas las operaciones en las que participas siguen adelante, y podrás retirar tus ingresos cuando quieras, como siempre.
Gracias por dar sentido a tu dinero.
El equipo de MytripleA
Here is a translation:
Remember that within 15 days the National Identity Document expires. We inform you that we will need the new document so that you can continue to lend your money to companies through MytripleA. Can:
- Upload it yourself in your control panel in MytripleA
- Send it to WhatsApp by taking a picture of it on both sides
- Send us an email to inversores@mytriplea.com
As long as you do not update the document you will not be able to invest in new operations, but all the operations in which you participate continue, and you can withdraw your income when you want, as always.
Thanks for making sense of your money.
The MytripleA team
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Post by clandestino52 on Dec 26, 2016 19:46:41 GMT
And here is the simple and crappy message from Mintos:
Thank you for your message.
Account is not verified as your document has expired. Please send us or upload valid document.
Regards,
As you can see. No alternatives not even asking if I have a recepeipt that i'm renovating the ID Card. The process of renovation normally should take 2 weeks. Do they think that we are giving away our money, and they could manage it as they want !! And in the case some law exist in Estonia why they didn't apply in Twino Or Viventor when I could withdraw money the same day.
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Post by buttchopf23 on Dec 26, 2016 20:16:04 GMT
I agree with you. But did your local bank freez your money when your passport is stolen ? And you can't withdraw money in ATM ? Why it shoud be diferent in that case. The money that i'm not investing has to be normally in the bank account. Mintos as intermediary didn't have to freez it. I'm really not in need right now of that money as I'm diversifying. I could withdraw money fron Twino and Viventor but Imagine I needed the money I have in Mintos in that moment. It would be frustrating as if you would withdraw your money from an ATM and you can't. Worst should I travel to Estonia ! I'm now not very confident about investing in those foreign platforms. It's my opinion. Anyway thank you for your support in this forum. You are most welcome, it is very important that we discuss such problems here, because mintos will clearly read our thoughts. As answer to your question: No, my local bank would not freeze my account, as I also got a bank card with unique PIN code, I could go to the atm when I wanted, maybe they would reduce the max limits, but that I don't know for sure, as I wasn't in this situation (lucky me) before. My bank would have a standard procedure for such a case. I guess Mintos lawyer set up that process and their support staff just following the written process... They need to do better here.
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Post by clandestino52 on Dec 26, 2016 21:02:43 GMT
I can assure you that since I opened my bank account in Spain 30 years ago, the bank has never asked me for a document again. Mintos can stop my investment operations or whatever they want but not letting me withdraw my money. I think this is the worst thing they can do. Maybe tomorrow they change they mind and request another document that maybe I can't give them, in this case my money will stay in Estonia!
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Post by buttchopf23 on Dec 26, 2016 22:26:11 GMT
My bank ask me once to update my passport copy, but that was it. In my country we can use our documents up 3years after expiry.
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Post by extremis on Dec 27, 2016 1:20:03 GMT
Maybe tomorrow they change they mind and request another document that maybe I can't give them, in this case my money will stay in Estonia! Very good point and a real nightmare. To be honest that is one of my biggest concerns with p2p lending (especially in a foreign country). Of course, there are many other risks like platform going under, etc. but even in such an unfortunate case there is still a chance that at least some of the funds invested will be recovered. I think this is a major risk for long-term investors and Mintos should amend the rules as soon as possible. I totally agree that it is their right to stop offering the service to anyone who does not pass their verification process, but freezing the money transferred and not allowing withdrawals until verification is outrageous imho. Money transferred to Mintos are always coming from an EU bank and should be allowed to withdraw them anytime regardless the verification procedure.
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Post by buttchopf23 on Dec 27, 2016 2:04:51 GMT
I have to revise my first post on this matter after giving more thought: the investor was verified before and wants to withdraw money to his own bank account, where he paid in money from.
So on what grounds does mintos hold back the money? Is an expired ID document enough to believe the investor seized to exist and his bank account belongs now to someone else? C'mon this is ridicoulos
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Post by clandestino52 on Dec 27, 2016 7:02:19 GMT
Exactly Extremis !! You hit the nail. I was wondering Why I'm investing in Estonia. And I remember that the only security and motivation I had is the Word SEPA. SEPA gives me the security that as european resident I will have the same security in an estonian Bank or whatever as I have in my local Bank And I'm sure that is the case. But who Is restricting the withdrawal process is Mintos not the Bank. As I writed before, the MytripleA, a spanish platform where I'm investing writed clearly in his remember email that temporary I can't invest more money but I can withdraw as always. What Mintos is doing is not logical because If they think that I can not withdraw my money because my Id Card is expired then what happen with money lended, should Mintos claim that money to borrowers. I not have big money In Mintos but if it was the case I would be crying right now.
Thank you again for your support
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Post by maus on Dec 27, 2016 9:06:24 GMT
A small clarification: Mintos is not an Estonian, but an Latvian company. Of course, this doesnt change the nature of the problem.
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Sr. Lobo
Member of DD Central
Posts: 63
Likes: 17
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Post by Sr. Lobo on Dec 27, 2016 9:40:25 GMT
Have you tried uploading a diferent id document, like passport or driving license? Time ago it was usual in Spain waiting for months for the new ID card, now it's no so slow but you can wait for a long time for an appointment to renew, specially in the summer time and end of year because of passports being renewed.
There is no point Mintos not having a grace period for uploading a new ID card or a different document while allowing to operate. After all is not first time you're sending the ID prove, just renewing.
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Post by clandestino52 on Dec 27, 2016 10:20:37 GMT
Hello Sr Lobo. I suppose you are from Spain and thank you for confirming that you can wait for a long time for an appointment to renew which is my case and that is was why I don't renovate earlier. Of course I send a receipt that I 'm renovating my Id card last week even if support didn't give me any hint about it and today I have the account verified again. But the main thing is that Mintos will retain money every time they want a document or something else and they confirm it because the support send me the following:
Thank you for the clarification.
You must understand that we have rules and processes that we need to respect. Your account is verified now for 45 days as it is said in you sent document. Please upload or send us your new document when it is ready.
Let us know if you have any question.
So I wonder if I change the fiscal address next time I have to wait 2 month until I have the first document who prove that I'm living in this new house. Meanwhile my money will be retained. I don't think that Mintos Rules have to be diferent to gobernamental rules or spanish national rules because local banck whill never freeze your account where an ID card is expired or you change your home address or some other probleme. And even if It ocurr for some reason I just have to go to the bank near my house not to have to travel to Latvia (Thank you maus !)
My probleme Is now solved. I have 45 days to withdraw my money and delete my account in Mintos.
I'm very grateful for your support guys and this independant forum in such bad situation.
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