So are you one of the clients effected by the Satabank closure and left you with no access to your funds?
The Satabank closure has effected many companies in the gaming and gambling sector having informed it’s clients that as of 20th October 2018 they were instructed not to process any payments in or out of accounts held at the bank.
The good news is that it appears they may be returning some funds, however that can only be done via their online banking system, but only when you have been instructed to do so.
It has put many gambling business who once used Satabank into a very challenging position as there are very few other options available who will accept this type of business activity.
Whilst they will be required to look for an alternative account in your company name, it appears the new bank must be within the EU in order for the balances to be transferred over.
After the Satabank closure, here is an official statement from their website:
Return of Satabank customer deposits
The Malta Financial Services Authority (MFSA) has initiated a controlled process for the return of Satabank customer deposits over a period of time.
This follows consultations with the FIAU and the Central Bank of Malta.
The release of funds by Satabank will be subject to certain controls and checks following which, funds can be transferred.
This will take time, and customers should not expect immediate access to their funds.
There remains no access for customers to submit transactions, make withdrawals or close accounts.
The process to return funds
This process will require Satabank customers to verify their identity and provide additional information and details of another account with a credit or payment institution in an EU/EEA jurisdiction.
Further details of the process will be made available as they are finalised by the authorities.
Utilisation of other accounts
Where customers have an account with a credit or payment institution in an EU/EEA jurisdiction Satabank would advise that they transfer their banking arrangements to this institution.
Where customers do not have an account with such a jurisdiction the bank encourages them to open one in the same name as their existing account at Satabank.
If you are an account holder, you can login to your account but to read only any account balances via this link: https://www.sata.direct/en/login
So if you have been effected by the Satabank closure and need an alternative to transfer your funds to then contact us to see how we may be able to assist you.
There are one or two potential business banking options depending on your individual circumstances, so Contact us at https://extradirect.co.uk/ or telephone +44 20 32 86 39 29 and we will see what alternative may be available to you.