eBanks: Scammers. Protect yourselves
Day 1,580, 16:53
•
Published in USA 
•
by
•
by Dodona
The issue is simple: on day 1568 all currencies were replaced by one single universal currency. Lets call it UCU (Universl Currency Unit). All existing currencies were converted to UCU based on fixed exchange rates. The rate of USD to UCU was fixed at 1USD = 1.6 UCU
In the US there is at least one "eBank" (eCitizens bank), where people had deposits in USD. This bank claims deposits of over 700,000 UCU.
When Plato replaced old currencies with UCU, the bank should have converted USD deposits to UCU deposits. I think that's pretty straightforward and I don't need to explain further. You should all get it.
The bank, however, did not. ok that might have been an honest mistake. So I pointed it out to the banker. The first reply: "the market goes up and down, doesn't mean I adjust for inflation". This has nothing to do with inflation! It has to do with currency change and when I pointed it out I received the reply that I am looking for attention and I am advertising his bank. NO... I am just a citizen seeing the scam and informing people about it.
Imagine a RL scenario people: US replacing their currency with Chinese Yuan and American banks converting your deposits at an 1-1 rate, when 1USD = 6.3CNY ...
eBanks clients! You deposited your USD when 1 gold was worth 800 USD and you will get back the same amount of currency (plus a small interest), when 1 gold is worth 1700+ currency. You have already lost 37% of your money from the currency change (unless you actually do something about it) and you have lost an additional 20% from currency devaluation. So you've already lost more than half of the money you deposited at this bank. By the looks of it, you're likely to lose it all!
It's your money, of course, so the decision is yours. If you want my opinion, however, ask for your money back, multiplied by 1.6 + interest. If he refuses to do that, report him for exploits. If a lot of you do this, then you may not get your money back, but at least the thief will be punished.
I will also inform people in the US administration about this, in case they care to do anything.
Don't let eBanks steal your money! They have done it in the past, they do it now, they will do it in the future. Protect yourselves!
Facebook
Twitter
Discord
Comments
v
voted
seems logical.
v.
v
lold
1st I have charged noone with any fee, nor would I.
2nd sure I'm not an "investor" at your bank, so I have no reason to be biased.
2rd if people want to give you their money, it's their problem.
If eCitizen Bank didn't convert the deposited amounts from their investors according to the new fixed ratios then that bank is a scam.
Every bank or stock exchange that has been started in eRepublik has scammed and ripped off the citizens...I was burned for 5 gold and I am still waiting for repayment...much like the Canadian citizens waiting for Rolo to repay the gold he stole...
I agree that this is stepping pretty low, among the dirt and grim at the bottom of a poop pile. This person is definitely scum. Kind of reminds me of real banks and any other company that deals in money. But, in his defense I wouldn't call it a scam. Technically no one lost any of their money, if there was nothing in the agreement about something like this when people made their deposits, it's totally up to the bank to give the exchange rate value increase. However if you deposited gold, then your safe and would get the extra 1.6x exchange rate.
I also am non-biased as I have $ invested in the bank, however there is no way I would deal with this person in anyway in the future as I personally find him scum. I would bet you if after the exchange rate occurred and the USD was reduced this 'banker' would then be claiming because of the eRep change the depositors now have less money. Essentially this guy made a crapload of money off of others, and though technically no one lost money a bunch of people got screwed over.
It's like a stock splitting and your investor telling you "Oh, No you don't get any added stocks they go to me, but you didn't lose any money." Yet in a way they did lose $ because the value of the dollar is now less. I feel this is a situation Plato should step in, however this person could end up being recruited by Plato for idea's on how to rip people off more.
Bottom line, this guy is a scumbag. He should be making good to all those who he ripped off as technically he was "holding" the depositors $ and the government in a sense handed additional $ out at a ratio of 1.6x. If the currency was not his as he plainly says it is his customers $, the 1.6x increase should not be his to keep.
___________ <- bottom line
scammer
"...technically he was "holding" the depositors $ and the government in a sense handed additional $ out at a ratio of 1.6x. If the currency was not his as he plainly says it is his customers $, the 1.6x increase should not be his to keep."
I don't think he is a scumbag but I do agree with this part. Banks should apply the exchange rate because it affected ALL currency including the currency being held by the banks (Mr. Andrews wallet and Tosh O'Point's wallet) and if the currency is not adjusted then I believe that could be called dishonest.
All of my currency has been adjusted except for the currency I put in the bank.
however, if the currency was converted to goods or companies, they were not multiplied by 1.6 ... so as a bank he'd be down a ton of money
They cannot be stupid enough not to convert existing deposit accounts according to the new exchange rate right?
That would be an undeniable scam. If the bank directors do not announce that they converted the deposit accounts according to the exchange rate (x1.6 for USD), eUS is going to expose them as scammers - count on that.
Mr Andrews: i m talking objective. You need to discuss and take a decision in this case. Honestly if you want to continue with business , ill recommend assume the 1,6 , since You dont declare against change in currencies. Obviously new accounts should be receive a letter or contract from you saying you are not responsible if plato changes the curriences
AidenAstrup lives?
http://wiki.erepublik.com/index.php/ERepublik_Stock_eXchange_(ER😵
Lost 40+ gold in that one. Best/worst thing that ever happened to me in eRep. I was pissed and almost quit. I wasn't starting from scratch so I took the plunge and bought my first gold to replace that which I lost. lol Now I buy it every once in awhile to have more fun. Thanks Aiden, you corrupted me!
Oh, by the way Mr. Andrews, now that there is no margin between currency anymore, how do you intend to make money to pay interest? Ponzi? Just askin'.
"however, if the currency was converted to goods or companies, they were not multiplied by 1.6 ... so as a bank he'd be down a ton of money"
I like the concept of the banks and want them to stick around. So I suggest that the bank owners take a look at their http://www.erepublik.com/en/economy/citizen-accounts page and share the cc gained from the exchange rate with all their account holders. Also they should provide some kind of proof.
I don't want to see the banks gone but it's already been said that they will lose tons of respect if they do not do something.
I trust that Mr. Andrews will be repaying my Gold bond deposit according to whatever the USD exchange is at maturity. Currently that is 1,710. He has been completely above board thus far and I wouldn't expect that to change.
He is not scamming, its not his fault the admins changed the game around, but maybe he should consider ending his bank now.
@theDillpickl; I've seen the Aiden 'blip' twice so far this year.
Regarding eBanks I've the following general comment; eCitizens are best off investing in themselves first and foremost with q4 RM companies by saving your salaries / exchanging bonus gold by selling it on the monetary market until lvl 25.
Maybe I was too tough calling him a scumbag, but as I think about ... naa, he is a scumbag... He's making fun of the situation saying how great it's helping his business with people investing, and his entire comment was condescending and did not address the situation at all. As I said, and others have backed up, as well as his site. The money is not his, it is his customers. Your "holding their money" and eRep raised the value of your customers money and he has decided to just keep it. SCUMBAG bridge troll. He is also part of the Marijuana party, which would be considered a Leftist Liberal party. What kind of leftist Hippie is he? Sounds more like a conservative Bernie Madoff type to me. The bank also seems to be supported by the USMJ Party, this makes you guys look bad.
Ok ok, all joking aside Hippies and the left/right USMJ party have little to do with this. I'm a big fan of the USMJ Party.. But anyone with half a brain can tell this is NOT RIGHT. Don't be so greedy Andrews.
I nominate you for Biggest Douche in the Universe, can I get a second? (gotta love south park)
PS - msg Oblige and ask for a Bailout next then give yourself a bonus.
@TheNorm, I wouldn't call him scum/scumbag b/c I don't know the guy and don't want to go that far. My point is that they deposited USD and they will not really get back USD. They will get back another currency, essentially, which has a fix rate to old USD. Let me put it this way: Imagine if Plato went the whole nine yards and said "we are replacing all currencies with another currency called UCU, ECU whatever, at fixed rates", would that make him convert the usd to this currency? Practically that's what Plato did, but he didn't spell it out loud. Other that that I liked your Plato reference 😁
@dman326: in such case I would partly understand it, even though customers should not "pay" for a bankers decision that turned out bad. However, as he has told me, he was converting USD to gold at a rate of 800 or so, so now he has more than doubled those money.
@Kemal: thank you for your comment. I was actually thinking of notifying you as Secretary of the Treasury, but in the end I notified only 1 person from the Government and 1 from Congress.
@Mike Ontry: as I said above, they most likely have their money in gold (converting deposits to gold), so at the day of currency change he probably had way less USD than the deposits. But I can't be sure, of course
I've been running the CIBC investment bank since around day 500.
I've never had any trouble with clients, however, I've shut down business ever since the admins put in the 10 gold trade and exhchange limit, and especially now with this currency bs.
I was there when the forums actually worked, I was there when they had "admin-backed contracts", I was there when you could trade freely and exchange any currency, I was there before "t'jelle bank" went bankrupt and when they still had that player-run stock market. I miss those days, and I'd be highly suspicious of any "banster" claiming they can still churn the profits of that golden age during these times.
Very suspicious indeed,,,
v
-V-
v
MrAndrews. I give you 1710grd for 1gold. Do ya agree?
Octavian_F
You still owe me ~120 gold I had with your bank and gold that I still never got back
The general history of eRep banks is not good. They tend to be under-capitalized and there is no enforceable contract to protect investors from unethical behavior. However you characterize it, "Citizens" (sic) Bank has made a windfall and its investors have been treated most ungenerously in this case.
Work with your community to build up your manufacturing capability. That will be more rewarding in both an economic and a spiritual sense than relying on such institutions.
I support the point that what Plato did was a currency exchange, in which the eBank profited from, due to their currency on hand getting multiplied by 1.6x. The Citizen Account should be screencapped to determine how much Mr. Andrews had in Currency and how much in Gold to determine how deposits should be treated.
I remeber " Mr Andrews " from my first days in ERepublik when he offered me his friendship and i never heard of him before, LOL. God thanks i never trusted bankers. Now i know WHY! Thats a fuckin fraud!
voted!
Looks like a scam, to me.
voted
he is trying to exploit citizens money, whith the worst way
*All* banks in eRep are frauds.
Prove me wrong. Mr Andrews' bank will be gone along with all the invested currency by next year.
http://www.erepublik.com/en/article/dear-loyal-ecitizens-bank-investor-1990032/1/20
you people just dont get it. YOU take the risk when you invest with another citizen, he is not a machine things are going to get missed. obviously mr andrews is not intending to take your money away from you, however, in the end if you do end up losing it all dont cry because you knew the risk of getting involved in something like this
Bennosuke: No one is complaining about the risk, or chances of losing money. Bottom line is, eRep increased the currency value. His bank just ignored that and he pocketed that money. Your the one who doesn't get it. Your also right that someone can rip you off, but that doesn't make the thief the victim. It's a matter of right and wrong as well as greed. If your going to be a thief then just admit it at least and walk away laughing, at least he wouldn't be a liar then. In this world your really only born with one thing, your 'word' and once you break that your down to nothing. Once you lie, your a liar, period. You can't get that back.
and by Mr Andrews last comment with an article listed, it appears he is making good and giving everyone the correct currency value. So, it appears this thread and all the talk has changed his view on this subject.
I applaud the fact Mr Andrews has corrected the funds issue and perhaps I may invest with him in the future.
v