Sr. Lobo
Member of DD Central
Posts: 63
Likes: 17
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Post by Sr. Lobo on Dec 27, 2016 15:16:50 GMT
I think Mintos should add some information in faqs, withdrawl about account verification, I'd renewal, valid ID documents, and so on. clandestino52 I think you will have no problems changing fiscal address, Mintos will get notified when you upload a new doc . So they have now given you a temporary solution, and after that you'll have ten years before next ID renewal. Some things must be improved and communicate before ID expires and give some time for receiving a new one or a different document but I thing the reason is ID renewals are probably easier in Latvia than we suffer in Spain.
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Post by clandestino52 on Dec 27, 2016 15:24:58 GMT
Yes the FAQ focus on sending money not on withdrawal. For now just want the money in my local bank. Knowing that it can be retained somewhere is no funny for me. Unless I m an institutional investor and having a team of attorneys behind. But is not the case
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Post by martins on Dec 27, 2016 18:27:20 GMT
Thank you bringing this up and for providing your feedback. We will take a look at this issue and improve it where necessary (e.g. as have been proposed - add FAQ, send reminder some time before expiration, etc). Apologies for any inconveniences this situation might have caused.
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Post by extremis on Dec 27, 2016 19:36:09 GMT
It is certainly reassuring that Mintos listens to investor's opinions and will take necessary steps to resolve any issues and improve their service. A FAQ addition and a reminder prior to ID document expiration would be nice indeed, but i think it is not enough. What if someday another document is required for verification (due to stricter AML/KYC policies or whatever) and an investor cannot provide it? Would that mean that all funds would be frozen indefinitely? No one wants to wake up one morning and find out he/she cannot withdraw his/her own money. In order to be able to invest with confidence we need to be absolutely sure this won't ever happen.
Perhaps an addition to TC of Mintos user agreement would be appropriate clearly stating that 1) Mintos is obliged to warn an investor that he will not be verified and therefore cannot withdraw money anymore at least 30 days prior to the expiration of ID documents and/or change of rules and 2) investors will be able to withdraw their money within this period of time and close their account if they do not agree with the rules changes.
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Post by loontik on Dec 28, 2016 18:09:52 GMT
Clandestino, I just read your post incl. Mintos response on adding it to the FAQ. But I think this is fair practice with all things online. Ex. did you know that not many ewallets and P2P lenders actually tell you upfront that you need to verify your account by uploading ID? This is usually brought up at the last minute when you want to withdraw.
As for the expiration date on the ID card, I think it is a simple AML practice. Imagine if it was easy to deposit funds with an ID card expiring in a few days and then expecting to get the funds back.
With all this said, I hope your issue is resolved and hope that Mintos will certainly add some more detailed FAQ's on the page.
Last but not the least, just to remind you/us that Mintos is not covered by any financial compensation scheme so it is a risky endeavor overall. Something that every P2P investor needs to read/understand before investing.
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Post by clandestino52 on Dec 29, 2016 0:49:58 GMT
Thank you loontik. I don't want to extend this post with arguments because every one will have it's opinions. I have to read AML law before but I don't really have too much Time. Right now I'm not blaming Mintos. They do their best . I know that just one year ago it was a startup so all that is new for them. And I'm sure they will improve with time. I'm not really new in P2P and I understand all the risks in P2P and will continue investing in P2P and other assets of course. Diversification Is very important for me. But if I have something very very clear in my mind. Is that the part of money that is not being lended is mine and only mine and will never have to justify when I want to withdraw it. It's because she go out of my bank account and will be withdrawn to my bank account. The p2p risk is about the money you lend. The money you don't lend (Deposit) have to be 0 risk.
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