CAM Bank cuotas parcipitivas

We lost many thousands, when the bank collapsed .
We had been customers for more than 20 years, and simply asked the bank to put the money somewhere safe.
We have not seen any of it since.
We were not alone, and found that the savings of 50000 others had also gone down the pan.
There was never any correspondence or mail to explain what had happened, so it is likely that there are many who do not realize that there savings no longer exist.
When sabadell bought the bank for one euro, I questioned them as to the whereabouts of the funds, their response was,
Oh no, we did not buy that bit.
It is my view that when sabadell bought the banks assets, they also bought the liabilities as well.

It is little consolation that those at the cam who sold these phoney savings products, have now had their 10 million golden parachutes and 650000 a year pensions, houses cars, yachts and other assets confiscated, because if we run into trouble,
we can not get at our savings.
Anyone else had the same problem?

jake wrote:We lost many thousands, when the bank collapsed .
We had been customers for more than 20 years, and simply asked the bank to put the money somewhere safe.
We have not seen any of it since.
We were not alone, and found that the savings of 50000 others had also gone down the pan.
There was never any correspondence or mail to explain what had happened, so it is likely that there are many who do not realize that there savings no longer exist.
When sabadell bought the bank for one euro, I questioned them as to the whereabouts of the funds, their response was,
Oh no, we did not buy that bit.
It is my view that when sabadell bought the banks assets, they also bought the liabilities as well.

It is little consolation that those at the cam who sold these phoney savings products, have now had their 10 million golden parachutes and 650000 a year pensions, houses cars, yachts and other assets confiscated, because if we run into trouble,
we can not get at our savings.
Anyone else had the same problem?

Welcome to TalkQuesada Jake.

So sorry to hear what happened with this bank - It must have been such a shock to you. I hope you get your money back eventually or at least compensation as that is a lot of money to lose.

I thought Spain has a similar scheme as the UK. Whereby in the UK the Financial Services Compensation Scheme (FSCS) offers a safety net for savers and investors to protect some of their cash if their account provider goes under. Up to £85,000 of savings per individual are protected for each financial institution.

In the UK if you have savings with a bank or building society authorised by the Financial Conduct Authority (FCA), you will get back the first £85,000 of your savings through the FSCS if the bank goes bust.

I hope you get some help with this. There must be others who have the same problem.

Good luck with sorting this out.

Jan.

Thanks The same rules apply to Spain, but not to this Iffy savings product that was being sold by the cam bank.

It was not just customers who were robbed, but also bank staff.
I was told by one staff member that she had persuaded her mother to put her life savings into this product, and as a result, lost the lot.

But thanks for your sympathy anyhow.

A friend of mine had quite a sum of money tied up with CAM and thought she wouldn't get her money back. Recently she was able to get most of it back all except for around 6% so it may well be worth your while going back in to the bank to ask.