hey , are there any other people in Europe who have their funds frozen for months now on the muchbetter payment app?
Dear MuchBetter Customer,
We would like to thank you for your patience and provide you with an important update on the status of your account with MuchBetter via the electronic money institution UAB Payrnet.
On 22 June, 2023 the Bank of Lithuania (BoL) made this announcement stating that the BoL has decided to revoke UAB Payrnet’s license and initiate bankruptcy proceedings due to severe and continuous breaches by UAB Payrnet of regulatory requirements applicable to UAB Payrnet including anti-money laundering, reporting, safeguarding customers’ funds, sanctions and other requirements.
What does it mean to you:
As per our previous communication to you, as a licensed financial institution, UAB Payrnet must protect all customers’ funds by keeping them in a segregated account, separate from their operational funds.
The BoL has stated that UAB Payrnet is aware of its current liabilities towards clients (which includes you) and these funds are in fact safeguarded in separate dedicated accounts according to the information that has been made available to the BoL. It is important to note that no other creditors of UAB Payrnet will be entitled to direct their claims to these funds. We are not able to check or know whether UAB Payrnet has sufficient funds in these dedicated accounts that correspond to its liabilities towards its customers, however the above statement made by the BoL should at least give some comfort.
In the last few days, we tried to work directly with UAB Payrnet to find solutions that would streamline the process of settlement and allow you to get your money quicker .
Unfortunately, this did not work and as a result, and under law, UAB Payrnet is obligated to settle with you within 15 business days of the day of revocation of its license, i.e. no later than the 14th of July.
In the exceptional circumstances, if UAB Payrnet is unable to settle with its customers within the given time, it shall inform the BoL of the same and specify another term for settlement with customers. This term cannot be later than 2 months after revocation of the license, i.e. 22nd of August.
What should you do:
The BoL stated that UAB Payrnet‘s clients must apply for their refunds to UAB Payrnet directly. UAB Payrnet is obliged to contact its clients, including you, with information about the applicable settlement procedure no later than 5 business days from today, i.e. until and including the 29th of June.
This means that in the coming days you should receive information from UAB Payrnet about your refund and how to apply to UAB Payrnet.
Alternatively, you may immediately apply to UAB Payrnet for your refund. In this case you should specify to UAB Payrnet your MuchBetter account balance (i.e. your claim towards UAB Payrnet) and the details of the other bank account or electronic money account to which you would like the refund to be made. We would also like to stress that the abovementioned BoL’s statement also mentioned that in some cases UAB Payrnet was not even aware of account balances of its customers, therefore we would advise you to also attach a screenshot of your MuchBetter wallet balance held at UAB Payrnet or any other document that would show your current balance to your refund request.
We advise that you direct any refund requests to the following publicly available UAB Payrnet email addresses:
info-vilnius@payr.net and
complaints@payr.net. We would also advise you copying the BoL in your refund request to UAB Payrnet (the email address of the BoL is
prieziura@lb.lt).
got this email a few weeks ago sent to the email adresses i got but nothing came from it , anybody know or has experience how to get our funds ?
ty if anybody has any info about it greetz juarnes
