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For those fellow out there who have knowledge about investments like of legacy please I need your opinion. I have bounced checks here, and hav'nt recovered my investment yet. We had series of meetings yet but still I am not sure and dont know assurances if we could still retrieve our investment from legacy,separately from that of the banks. So sudden,even had transaction a bit big 2 weeks ago. Ofcourse dint enjoy the enterest yet, i am so shock with this circumstances. Please I need your advice.thanks.

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USMC-Retired

The time and effort may not be worth you to proceed. The court system is very very slow. However writing a check without funds is a serious crime here. You can file a claim with PDIC if the bank they are issued on is closed. However I have said this before they did not file all deposits with PDIC. So your money may just be gone.

 

For those fellow out there who have knowledge about investments like of legacy please I need your opinion. I have bounced checks here, and hav'nt recovered my investment yet. We had series of meetings yet but still I am not sure and dont know assurances if we could still retrieve our investment from legacy,separately from that of the banks. So sudden,even had transaction a bit big 2 weeks ago. Ofcourse dint enjoy the enterest yet, i am so shock with this circumstances. Please I need your advice.thanks.
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The time and effort may not be worth you to proceed. The court system is very very slow. However writing a check without funds is a serious crime here. You can file a claim with PDIC if the bank they are issued on is closed. However I have said this before they did not file all deposits with PDIC. So your money may just be gone.

 

Only one legacy bank has been closed recently and once the PDIC gives the green light ALL depositors will get back the first 250,000 pesos of their total deposits in the bank. This rumor of some ppl being denied because the bank didn't complete the right paper work or pay their PDIC premium is an urban myth. By law, all deposits are insured (up to 250k) regardless of whether the bank pays for the insurance etc. All that is necessary is to prove you have a deposit with the bank (usually a CTD is good enough) and the PDIC is legally mandated to pay up.

 

However, if your money was in the legacy PNBB program then it is uninsured as it is not a bank deposit and never was. The interest paid in the PNBB program was ridiculously high and so was the risk as there was little recourse if the company went bankrupt. The only money you might get back is your pro rata share of the assets once all higher priority creditors are paid. I very much doubt you will get anything but that is the risk you accepted.

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USMC-Retired

I will say that you made a couple of statements this article say are incorrect.

 

First: more then one Legacy Bank had failed. There are two right here on this Island.

 

Second. Here is the catch: In the article I am posting "Five bank employees looked over the documents to check them against records available in the bank's system". Did they post your bank records in the the official records or just in your passbook?

 

Third: It will take up to 6 months to get your money. As they sort this whole failure out.

 

Just read the article. It will clear it up.

 

http://globalnation.inquirer.net/cebudaily...arts-processing

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I will say that you made a couple of statements this article say are incorrect.

 

First: more then one Legacy Bank had failed. There are two right here on this Island.

 

Second. Here is the catch: In the article I am posting "Five bank employees looked over the documents to check them against records available in the bank's system". Did they post your bank records in the the official records or just in your passbook?

 

Third: It will take up to 6 months to get your money. As they sort this whole failure out.

 

Just read the article. It will clear it up.

 

http://globalnation.inquirer.net/cebudaily...arts-processing

 

First: Only ONE bank is officially closed. You might want to check the BSP web site to confirm that fact. However there are a number on "Bank Holiday" which is usually but not always a precursor to closure but at this point in time it is accurate to say that only one bank is officially in receivership.

 

Second: You are definitely wrong about this. It matters not one wit whether the bank has a record of a deposit or not. What matters is if you have proof of deposit. If so then the only way PDIC can avoid paying out is to prove your proof is a forgery. The bank not having evidence of the deposit is insufficient proof. What you are saying is an urban myth with no basis in fact.

 

Third: Legally it can take no more than 6 months however the average is a few weeks.

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For those fellow out there who have knowledge about investments like of legacy please I need your opinion. I have bounced checks here, and hav'nt recovered my investment yet. We had series of meetings yet but still I am not sure and dont know assurances if we could still retrieve our investment from legacy,separately from that of the banks. So sudden,even had transaction a bit big 2 weeks ago. Ofcourse dint enjoy the enterest yet, i am so shock with this circumstances. Please I need your advice.thanks.

 

 

First I hope the mods and admin do NOT close this this thread just because it is about Legacy Group.

 

Which Legacy Group investment are you invested in ?

 

I have heard a few months back that those who received bounced checks where given new checks with interest.

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My best guess is that Paul thought that as long as it is covered by PDIC, it's fine. Can't blame him for that. If the world economy breaks down, don't blame the little guy. Thanks.

 

.

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Balay, there are a couple of different Legacy outfits, related but not the same. Legacy Consolidated sold pre-needs plans such as the PNBB and PNBB2 investments that gave investors Post Dated Checks. That outfit is closing up and and those of us that invested in it can pretty well kiss it all good bye. The replacement checks and 3 percent addition for delayed payment was pretty much a smoke screen or rash of bull****.

 

Now the other Legacy group, the rural banks, are a different matter. There were 9 that the banking authorities were trying to shut down. A court case ensued with a temporary restraining order stopping the banking authortities from proceeding with their planned shut down. That temporary restraining order was contested and the court case came out in the favor the banking regulators. Now just where they are in the progress of closing the banks, I don't know. But as long as you are under the 250k PDIC insurance cap, funds will be returned.

 

That is not true for the Legacy Consolidated investments. They (Legacy management) have said they would try to return funds to investors based on the amount invested. However, discussions in other forums have raised questions about how that will be prioritized and that some investors are already being payed (close friends and business associates of the owner) while others will likely see NOTHING.

 

I have occasionally defended the Legacy Group, based on what I had seen, read, and heard about them before. I invested my money there and I apologize to anyone that also invested and were swayed by my comments. I think the rural banks, even if they fold, will see your money returned by the PDIC (so long as you meet their fairly straight forward requirements). But not for the PNBB plans from the Legacy Consolidated division. Those funds have no insurance coverage at all.

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smokey
First: Only ONE bank is officially closed. You might want to check the BSP web site to confirm that fact. However there are a number on "Bank Holiday" which is usually but not always a precursor to closure but at this point in time it is accurate to say that only one bank is officially in receivership.

 

Second: You are definitely wrong about this. It matters not one wit whether the bank has a record of a deposit or not. What matters is if you have proof of deposit. If so then the only way PDIC can avoid paying out is to prove your proof is a forgery. The bank not having evidence of the deposit is insufficient proof. What you are saying is an urban myth with no basis in fact.

 

Third: Legally it can take no more than 6 months however the average is a few weeks.

 

 

 

 

 

 

 

Sure there is the law and then there is the way the PI will do it .. and often they are not the same.... Poby you are correct 100% its the law... now lets hope they follow it , after all they wrote it..

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tom_shor
Sure there is the law and then there is the way the PI will do it .. and often they are not the same.... Poby you are correct 100% its the law... now lets hope they follow it , after all they wrote it..

 

The next time they follow a regulation or law without favoritism and underhanded dealings will be the first time. Sorry but it is what happens.

 

That is why I say the same for investing and gambling never use any money you can't afford to throw in the trash can. I have lost money on bad investments before and it always sucks but it has never been a crippling loss because I don't invest money I really need.

 

I had been watching legacy for a while and had been considering investing a little. I am glad I waited now.

 

I really hope no one has lost money they can't afford to lose.

 

Good luck guys I hope you can at least recover the principal.

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LastManStanding

Are you kidding me. You are shocked that legacy went under....

 

Oh brother.

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smokey

some one posted this link on Pinoy money talk about his sister losing 1,000,000 p in another investment which seems to follow this one at least the part about(((((((( NON BANK investments...))))))))

 

 

 

http://www.pcij.org/stories/2001/roxas.html

Edited by robert51
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Are you kidding me. You are shocked that legacy went under....

 

Oh brother.

:as-if:

 

It can happen even to the best of the bunch...

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Are you kidding me. You are shocked that legacy went under....

 

Oh brother.

 

And Lehmans, and Bear Stearns, and RBS, and.... etc.

 

 

In fact, if you can find me a bank that has assets equal to or exceeding its liabilities, I would be astounded.

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And Lehmans, and Bear Stearns, and RBS, and.... etc.

 

 

In fact, if you can find me a bank that has assets equal to or exceeding its liabilities, I would be astounded.

 

Monies on those investments will be worthless within a few years anyway. The bank crises/credit crunch will recover for some time but after that, oh well, there is always hope, ....

 

What do they say, if your investments go into hope mode, it's too late.

 

.

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