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Garanti bank problems.
Posted: Thu 15 Dec 2016 11:32 am
by archie
My wife and myself have had a joint bank account with Garanti bank for 10 years, tried to get cash from Garanti machine two weeks ago and took my card. Went to bank and they said come back in two weeks to get card back. Went back yesterday and told they wanted my passport and a muktars letter to confirm my address, which i did. Went back today to collect my card and told i must bring my wife with me, went and got the wife and went back. The bank said they have cancelled both our cards and they will only give one card to each account and that has to be the main account holder which is my wife, even if you have joint accounts. So you cant have a card for each person in a joint account.
Will be changing banks soon.
Re: Garanti bank problems.
Posted: Thu 15 Dec 2016 11:48 am
by ozankoys
That sounds absolutely crazy have you spoken to the Manager?
Re: Garanti bank problems.
Posted: Thu 15 Dec 2016 12:59 pm
by WotNoDeeds
No point in joint account then ? move your money quick.
Re: Garanti bank problems.
Posted: Thu 15 Dec 2016 1:51 pm
by archie
We spoke to the manager and they phoned head office and they confirmed it to me.
Re: Garanti bank problems.
Posted: Sun 18 Dec 2016 4:44 pm
by Teatime101
Sorry to hear that. İ bank with Garanti , işbank and Ziraat. Ziraat is a public turkish bank(very large). Generally all 3 are very large banks in Turkey. İf you cant resolve your problems and you will switch banks i do NOT recommend local banks as they dont have a central banking mechanism that prints money like mainland Turkey central bank does. Think... İtalian banks going bankrupt and not being able to receive bailout from Germany.... sort of.. because they are in Euro. Good luck fella
Re: Garanti bank problems.
Posted: Mon 19 Dec 2016 5:36 pm
by Hedge-fund
It's not a good idea to have a large amount of cash in any Turkish bank at the moment.
There is a very real risk of capital controls.
Re: Garanti bank problems.
Posted: Wed 04 Jan 2017 9:55 pm
by waz-24-7
My Guess is that many TRNC banks are currently under funded and resourced. The current boom in TRNC construction is putting pressure on resources. Investment from overseas is at a low given the slowing of foreign nationals moving to TRNC.
If you have significant funds in any TRNC bank then remember it is that money that is financing loans to the boom time builders.
The Guarantee system that is preached will have little worth in the event ( unlikely) of a collapse.
As most do spread the risk and keep accounts active. Banks that are secured in Turkey are favoured though the unrecognised status of the region represents a clear risk.
If you use a bank in the TRNC you are indeed an investor in the TRNC. Be aware and content with that fact.