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Research into Millennium Bank and 7.75% CDs


Update 3/26/09: The SEC has obtained an emergency court order halting a Ponzi scheme involving the sale of fictitious high-yield CDs by Caribbean-based Millennium Bank (see post).

I've received a comment regarding Millennium Bank so I thought it would be useful to do some research into this bank. The big issue with Millennium Bank is that it's an offshore bank that's not FDIC insured. It's based out of Kingstown, St. Vincent. According to the Bank's about page, the bank is a subsidiary of United Trust of Switzerland.

The attraction to this bank is its high CD rates. Its Premium certificates of deposit are as high as 7.75% for a 7-year CD with a balance of at least $100K. The rate on its 1-year Premium CD with a $25K or higher deposit is 5.25%.

The first place I found some information on this bank is in this Fatwallet thread. Most of the posts on this thread are very suspicious of this bank although there's no one with first hand experience.

So in my research I wanted to find out if this bank is legitimate, and if the bank is legitimate, does it follow high standards of banking so that you can feel safe in giving this bank your money.

Based on some very preliminary research, Millennium Bank does seem to be a legitimate bank. I've found this bank listed as a licensed offshore bank at the website of the International Financial Service Authority - St. Vincent and the Grenadines.

If it is a legitimate bank, does it follow sound financial practices that are transparent and open to review by auditors? Based on an analysis done by Investment International, I'm not sure if this is true.

So in my opinion, I would stick with US-based, FDIC-insured banks. The extra one or two percent in interest is not worth the risk. If you have experience with Millennium Bank or if you've found other information, feel free let me know in the comments.

Update 3/19/09: This BusinessWeek article looks into this bank and asks the question "Is Millennium Bank Too Good to Be True?"
Anonymous   |     |   Comment #1
guys, this outfit is about as risky as you get. Forget that they are not FDIC insured - they are unrated by any outside independent bank rating agency (Moody's, S&P), they do not publish financial statements, and the 'regulatory' regime for offshore banks in st vincents or whereever they are is such that there is essentially no oversight. People involved with the 'swiss bank' they seem to be associated have been linked to major frauds. Really, this 'bank' could disappear tomorrow with no trouble. Want 7-8% returns? Buy a high-yield mutual fund, which, if not a big ponzi scheme, is probably where the deposits end up anyway. STAY FAR AWAY.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for your input about Millennium Bank. It seems to follow what the Investment International analysis mentioned which indicated that the bank's financial practices are not transparent and are questionable.

I agree with you, it's best to stay away from this bank.
Anonymous   |     |   Comment #3
It is now 08/07/06 and I am looking for information concerning Millennium Bank's stability...does it continue to be in a STAY FAR AWAY status.

From Portland, OR
Anonymous   |     |   Comment #4
thanks you all, i was actually thinking that might be a good investment until i thought that i better check around a bit. Thanks for your posts. The "swiss" thing made it sound a bit respectable, but then i saw the west indies address.
Anonymous   |     |   Comment #5
I'm confused - I checked on www.fdic.gov today 11/16/06 and Millennium Bank in Co, VA, NJ, and TX was listed as federally insured unless I don't understand how to check - help, can anyone help me to verify this. Thanks for any help given.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
It is confusing, but the Millennium Bank with the web address www.mlnbank.com is an offshore bank with no FDIC insurance. This is what I researched in this post.

There is also an FDIC-insured bank named Millennium Bank which is based in Virginia. There is no relation between these banks. The FDIC information on this bank is available here. Note in this FDIC page, it gives the web address. It's always good to check the web address that's listed in the FDIC database.
Anonymous   |     |   Comment #7
Please note that when you go to their web site and try to log in - you are told that their "encryption" has expired - this provide security on line. Very suspicious.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #8
Good catch. It tells me that their security certificate is over 18 months old.

Even though this bank may be legit, this is one indication of questionable standards. In addition to insuring your deposits, the FDIC and other Fed institutions make sure the banks follow various banking standards to keep our money and data safe. Who knows what standards offshore banks like this follow.
CC (anonymous)   |     |   Comment #9
Just want to share my experience here. When I see how much M.B. offered for high rate CD I was very excited... after called the bank, some one gave me a personal call with very professional and personal touch. So I decided to open an account with them... after I faxing my application, they tried to set up an interview with me to guide me through... however when they called ( indeed they missed our interview schedule twice ) I was in a conference. So I requested to talk to the gentleman who talked to me at beginning... I told him that I had faxed my app and asked him where to send the deposit... they said they would send me a FedEx envelope for me to express in my check... Mmmmmm, so far sounds good... well, the interesting thing is that I never received the fax from them... I was told that I would receive an Fedex account such that I don't have to pay for deliverying the check. I called twice to tell them that I have not received the fax... maybe they tried, however, I never recieve it as of now... well, I cool down and decided to deposit to Eloan instead, at least I can view it any time I want... Based on what I was told that the online account from N.B. is only available for retirement account but not CD etc... I have no fear about offshore banks, any Money Market account or invest account would not be insured by FDIC anyway... which is not my concern. My concern is, that I have traveled to those offshore area, and searched Swiss financial organization list, I can not find any information of United Swiss Trust... which gives an 1st impression of Swiss type banking service first... then I start to suspect who they really are. I am not here to against any investment decicion about any institution, but based on my personal experience one month ago, I decide to put $ somewhere I can sleep sound. -:) Thanks for every who shared their info here before. I did research this blog and made my decicion. Hope this would help... If any one has a successful experience with N.B. I would like to know about it.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #10
Thanks for sharing your experiences with Millennium Bank.

Their account opening process seems to be questionable as you described it. You would think that a legitimate offshore bank would handle this better.

I find their secrecy regarding United Trust of Switzerland troublesome. From their about page:

You can be reassured that we understand your right to access the facts and data you need to make an informed decision. However, until our premier private clients have complete trust in the security of public websites, United Trust of Switzerland’s policy not to maintain a public website will remain in place.

I don't buy this. How does a public website have any effect on client security?
Anonymous   |     |   Comment #11
If it's too good to be true it probaly isn't is the old adage. Glad I came here before dropping cash. It just doesn't seem right or more correctly worth the gamble
Anonymous   |     |   Comment #12
Why does this have one of those "I'm in Nigaria and need a bank account to deposit a million dollars" e-mail tones?

Too good to be true
Anonymous   |     |   Comment #13
The same offshore millenium?

Banking Guy
Banking Guy (anonymous)   |     |   Comment #14
Don't think this is the same one. From that page:

Millennium Financial, Ltd. ("Millennium") purports to be an international securities and financial consulting firm headquartered in the Montevideo Free Trade Zone in Uruguay, with offices in Brazil, Mexico, Singapore, and Switzerland.
Anonymous   |     |   Comment #15
Millenium now offers 9% on a 5 year C.D.Thank you for all those words of advice. Where is the best and very safe liquid account, with of course the highest interest, and decent service? I would welcome your advice.Thank you. Be-Be
Banking Guy
Banking Guy (anonymous)   |     |   Comment #16
Be-Be, please check out this post about Penfed.
cc (anonymous)   |     |   Comment #17
Hey Banking Guy, thanks for CD information. I just checked the Pegon site, yes they do offer 3 years CD with 6.25% APR... what a deal
Anonymous   |     |   Comment #18
we sent application and got a phone call today. We were told a paid Fedex envelope will be sent to us to send the deposit. It seems not wise to do it. Does anyone opened CD with them? The one year CD with 7.75% for $25,000 is very good.
Anonymous   |     |   Comment #19
Is this the same Millennium Bank as "mlnbank" which is supposed to be a Swiss Bank?
cc (anonymous)   |     |   Comment #20
they are not a swiss bank! the firm located at St. Vincent... The "United Trsut Swis..." makes it sounds like a swiss bank... I searched the Siwss banker assoc and didn't find the firm name mentioned
Anonymous   |     |   Comment #21
I've been with Emigrant direct for a couple of years now and just now started to look for a higher yield.
Came across Millenium Bank. STAY away!
Not FDIC insured and OFF-SHORE as well.
INDY Bank is a US bank with a short term CD at 5.31% for a 3 month CD, which I may consider when mine matures, because Emigrant Direct shortest one now is 6 months and I like to "ladder" them.
Anonymous   |     |   Comment #22
DO NOT USE THIS BANK !!!! my brother opened an act. and now can't get the money after the one year maturity date.. seems to send him here and there and no one knows what the other hand is doing ... been 3 mo and still no money...he's going to have to get an attorney to try and settle this ... don't go there with your money
Banking Guy
Banking Guy (anonymous)   |     |   Comment #23
Thanks for the info. Sorry to read about the problems your brother is having. Please keep us updated. We have not had much first hand experience about this offshore bank. This has reinforced our suspicions about this bank.
PaulH (anonymous)   |     |   Comment #24
Kaiser Federal Bank in California has a nice 6.00% APY on their IRA-CDs for all deposits of $225,000 or more.
(5-year term)
And for IRA CDs, there is FDIC insurance covering deposits up to $250,000
If anyone can find a U.S. bank with a higher CD rate (APY) than 6%... please let me know. Thanks
JIm (anonymous)   |     |   Comment #25
Does anyone know a good option for a Canadian looking to get 5%+? The best high yield savings accounts in Canada pay 4.25% at the most. I was looking into Millenium but am reconsidering after what I have read here. Thanks!!!
Anonymous   |     |   Comment #26
hey guys, thanks for the info on mlnbank. I was seriously considering opening a 60k cd with this bank. I was somewhat supscious but you're comments have confirmed this is a no go. thanks bp81
Anonymous   |     |   Comment #27
If you haven't heard the name, don't even think about it. It's one of the first things I learnt in my "B" school. Glad such a blog exists for helping folks like us to disuade from not putting our hard earned $$$s.

Lewisville, TX
Anonymous   |     |   Comment #28
Anyone who knows good or bad about the SWISS TRUST BANK/COMPANY ....?
Anonymous   |     |   Comment #29
Thanks God I didn't send my $$$ to them! After they received my account application( the package itself is pretty formal and even asked for my bank reference letter) and never sent me the FedExpress Envelope to deposit the check... I was wondering if opening acct process can be such a mess how about when I get my $$$ on the way home? It sounds like every time when I called they forgot who they were talking to --- this is an evidence that the customer service is very poor and no record for what they did. I am working for a financial instuition and I know it suppose to record in some kind format for what , when and who called. The experience of opening account told me that is the piece has been lost. And most time you call, there is the same young lady with kind Euopren accent answered the call. I did suspect if that is a "Empty Shell" bank... with a few employee run around.

BTW, there is another factor shall be considered: N.M. is using annual compounding while some other bank is using daily compounding. So even some CD with a lower rate, with daily compunding you may still end at a good return. If an account can not be access online with ACH trasnfer I would never consider -- time is $$$ to. N.M. said that would send the CD back to me at it's maturity date and it may takes around 3 weeks. What this tells me is that I am going to loss another 3 weeks interest. SWIFT system basic allows 3 days clearance. So I am wondering if this is the stratgey for N.M. to make their money --- when you have a large pool of cash and you don't send it to back to any one with 3 weeks, ( if you think about Fed Reserve overnight rat eis 5.25% now)... how much $$$ you can make from 3 weeks interest from Zero investment ( assume the firm doesn't have any $$ to start the business but some telephone and a couple people??)
Anonymous   |     |   Comment #30
amTrustDirect offert 5.30 APY for normal emoney Market. I am very happy with it.
THE INVESTOR (anonymous)   |     |   Comment #31
I am an investor with Millennium Bank, I invested in the United Trust Of Switzerland S.A. and it is for real, I recently spoke to the audit firm to reassure that they are liquid and my finding were that they are very strong, currently the US Government can only cover 0.07 cents on every dollar if the US should go into a depression so FDIC is not what it’s cracked up to be, on the other hand Millennium Bank has the funds to cover 0.98 per dollar.. Do the math.
THE INVESTOR (anonymous)   |     |   Comment #32
I am an investor with Millennium Bank, I invested in the United Trust Of Switzerland S.A. and it is for real, I recently spoke to the audit firm to reassure that they are liquid and my finding were that they are very strong, currently the US Government can only cover 0.07 cents on every dollar if the US should go into a depression so FDIC is not what it’s cracked up to be, on the other hand Millennium Bank has the funds to cover 0.98 cents per dollar.. Do the math.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #33
Are any of their financials public? That would be useful to read through. All FDIC banks have their financials publicly available through fdic.gov.
Anonymous   |     |   Comment #34
Offshore banks in St. Vincent and the Grenadines must submit to a strict government audit performed by the regulator every three months. This is to ensure that every quarter, a bank like Millennium Bank has a minimum $1 million in reserve assets, a condition of the license agreement. That's pretty darn stable to me because if a bank dips below the $1 million level in reserve assets, the regulator immediately sets in motion a process to protect deposits. Sounds just as good, if not better than FDIC protection.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #35
Do you know if St. Vincent and the Grenadines keep any publicly available database on the banks?

Every FDIC bank has its financials publicly available in the FDIC database. For example, here's the FDIC page on Park National Bank. From here you can generate historical financial reports.
Anonymous   |     |   Comment #36
There is a Millennium Bank in Reston, Virginia. It is FDIC insured. Don't confuse the two.
Alefi Maari
Alefi Maari (anonymous)   |     |   Comment #37
What a positive, upbeat posting! That of Investor. Unfortunately, with the majority of comments being in the red, I can but think that Investor is actually a manager or has ownership interest in the Millenium Bank of question. I never found any audit info on that bank, never found any public disclosure documents - zilch, zero. I never found any local government statements that the bank's reserves and code of conduct have been verified to be in compliance with any local regulatory requirements. I searched the web in German and French as well as in English, just to be sure. Found no info on the alleged Swiss affiliation either. So for those who want to risk their money - go and invest there. But don't say later you were not warned!!
Anonymous   |     |   Comment #38
.... " A fool and his money are soon parted ". Here is what the CIA says about Saint Vincent and the Grenadines, "Illicit drugs:
transshipment point for South American drugs destined for the US and Europe; small-scale cannabis cultivation". Here's the link - https://www.cia.gov/cia/publications/factbook/geos/vc.html
(or goto google and type in CIA for their "fact book" and look up the country). Keep your money in the U.S.A. - no one gives you something for nothing !

Cautious (anonymous)   |     |   Comment #39
You have to remember that for a bank to give these kind of rates, they must get higher rates on their investments to cover the cost. Worldwide economics would tell us if there were a vehicle to make this happen safely, others would be doing it. CD's are for people who want safety in exchange for risk. This sounds like the opposite.
harry'oo (anonymous)   |     |   Comment #40
if you are afraid to go offshore stay here an get 4% if not check out swisstrustgroup.com 6%-8% cd and check out the insurance program. best to you
Anonymous   |     |   Comment #41
If you invest 100K at 8.75% over the standard 5.56% in the US you will make 3.19% more or $3190.00 a year or 16K in 5 years. Plus they don't turn in any 1099 forms to the US govt so the 16K is tax free.
Anonymous   |     |   Comment #42
Wrongo, citizens of the USA are taxed on their worldwide income, (regardless of the tax forms submitted or lack thereof).
Anonymous   |     |   Comment #43
I just had a person ask me if I had ever read this section before and emailed the information to me...I need tostate how shocked I am to read all the notes written by individuals that have no REAL idea what they are talking about.I like Investor have been a client of Millennium Bank for many years and am extremely HAPPY and have sent many of my friends to them and they to are very happy. It saddens me to think That people have nothing else to do but BASH a company that has helped so many.I also find it interesting to note that know one has given the european site www.wealthcollection.com and see who they refer people to in their supporting organization section.
I AM VERY HAPPY WITH MILLENNIUM BANK AND WILL GO NO WHERE ELSE THEY TRUELY HAVE MADE A DIFFERENCE IN MY LIFE! One last thing my son had money in an account for saving and took it out to put a deposit on a new home and got his money in 16 days.
Anonymous   |     |   Comment #44
Thank God I came across this thread. I just got off the phone with Millennium Bank and couldn't get any solid information because they are a private bank. I was told I would receive a return call to respond to my questions and I will certainly post my experience if that occurs. The idea making such a great return is very alluring but it certainly does not justify the risk of loosing my money all together. I guess I'll stick with ING direct for now, they are still better than any of the local banks around. Best of luck to you all.

For the 2 investors who have had a positive experience with this company, why not make yourselves known?

Anonymous   |     |   Comment #45
Has anyone heard or dealt with "First Oceanic Bank" they too are offering CDs with a high rate, oven higher then Millennium, but the funning thing is they are also located in St Vincent. They sound like another "Millennim". I would appreciated comments from anyone how has had any experience with them.

Thank you,
Anonymous   |     |   Comment #46
17% CD, what do you think?
I got the below info in the mail recently and wanted to know what
you thought of it. Have you ever dealt with AAB Inc. before? Are they legit?
"LIMITED TIME SPRING SPECIAL mail from AAB INC.. CD with up to 17% apr paid out MONTHLY" They have a website, too:

please do share your thoughts. thanks.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #47
For anything like a CD, I recommend sticking with federally insured institutions. See this post on why.
Jay (anonymous)   |     |   Comment #48
I know that you probably use google to fill you ad space but you did have a banner on for this Millennium Bank. Based on your comments on your website this off shore bank is very suspect...maybe you might talk to google to not have them advertise on your site
Banking Guy
Banking Guy (anonymous)   |     |   Comment #49
Unfortunately, Google often includes ads for non-insured financial institutions. That's why I've included a bold link on the top right of the page that links to information on the FDIC and NCUA, and why federally insurance is important.
Anonymous   |     |   Comment #50
hey i found this to good to be true also, being is have bad credit from when i was a teen, i looked the place up on google... scam scam scam....

57 Livingston Ave
New Brunswick,, New Jersey, 08903

Submitted: 6/6/2007 5:26:29 AM
Modified: 6/6/2007 5:27:00 AM
hialeah, Florida


Hialeah, Florida
Anonymous   |     |   Comment #51

two different banks not linked to mlnbank..
Anonymous   |     |   Comment #52
interst rates for term deposits in new zealand go as high as 8.40...but it should be in new zealand's currency...

Roddy from Southern California
? (anonymous)   |     |   Comment #53
I am very lucky that i could arrive here before sending my money.
I was contacting to Millennum bank.
Customer services wrote
We are governed by the laws of St .Vincent and the Grenadines ,through the Financial Authority we must operate by a license .IFSA regulates the banks and ensures that we are in an asset position that customers deposits are not at risk .
(IFSA=We are governed by the laws of St .Vincent and the Grenadines ,through the Financial Authority we must operate by a license .IFSA regulates the banks and ensures that we are in an asset position that customers deposits are not at risk . )
does anyone know IFSA?
? (anonymous)   |     |   Comment #54
I am very lucky that i could arrive here before sending my money.
I was contacting to Millennum bank.
Customer services wrote
We are governed by the laws of St .Vincent and the Grenadines ,through the Financial Authority we must operate by a license .IFSA regulates the banks and ensures that we are in an asset position that customers deposits are not at risk .
(IFSA=International Financial Service Authority. )
does anyone know IFSA?
Anonymous   |     |   Comment #55
About the Millenium Bank in SVG. The rumour has it (among us that actually lives in the Caribbean) that it is a bank used to laundry money originating from easter Europe. The bank manager commutes in his private plane, carries his briefcases that no-one in customs ever open. He used to live at a certain hotel for months and months. When his room was broken into he claimed that 60 000 Dollars in cash was stolen. Funny enough, it is illegal to bring more than about 3000 US cash to the country due to the drug trade. But nobody questioned this....He runs a very smooth operation, tipping heavily to a lot of people which gets him protection all over the island. He is very well-connected to the very top in the country. In this very same country, an Italian drug-lord that has been wanted internationally for years still has a mansion with paid staff, he comes to the island in secret every now and then even though there is a warrant for his arrest in SVG. Goes without saying, that a lot of high-ranking officials dont want him caught because he has tipped them too....
Anonymous   |     |   Comment #56
Correction: The PREVIOUS manager for Millenium Bank was the one that got robbed.

On the IFSA list is listed that Mr Marcus Ballantyne is the Manager. He is the son of the Governor General in SVG, and manages the family owned bank. The burglary mentioned before occured on the resort owned by the Ballantyne family, where Mr Wise the previous Manager was renting his cabana for a year.

Maybe the previous owners sold the bank, I don't know. Something has happened.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #57
Thanks for the info and insights into this bank. Interesting rumors. Do you actually live in SVG?
Anonymous   |     |   Comment #58
lol this is quite a thread. i too saw the link for this super high yield at this so called swiss bank. i was unsure of the bank, due to it being off shore and not fdic insured, but the rate was very attractive. i was planning on testing it out with just the 5k min deposit, and see how it went before dropping a large sum in it. lol guess it's a good thing i didn't! that story a few posts above made this bank sound shadier than a pitch black night. guess i will have to suffice with 5ish % cd rates for now. thanks banking_guy for this thread, u saved me at least 5k
Anonymous   |     |   Comment #59
i was looking into mutual funds in the usa. all have fees. some higher than others. funds hide fees as "soft money." be careful. watch managed funds, made mistake investing in curian funds, at 2.49% fee taken out every quarter. thats $2490 per one hundred thousand dollars. rip off. this millennium seems to good to be true. if it was a well known company dont you think a lot of investors would pull mutual fund money and dump into these investments. stay away from offshore scams. i know the investor gets racked on mutual funds but keep looking for good rock solid cheap funds. they are out there. we cant control the returns but we can control the fees we invest at. thats why this millennium looked good from the outside looking in. a good investment tool is drip accounts. thanks.
Phillip Dampier
Phillip Dampier (anonymous)   |     |   Comment #60
Well, gee, with those wonderful testimonials from anonymous people about how they are investors in this bank and that you'd be better off entrusting your money to an offshore bank with no public accountability whatsoever instead of the FDIC, I'm sure convinced! :-)

Folks, do we have to review history when it comes to bank failures? When there is no oversight, no publicly available independent third-party verification of the credentials and solvency of this bank, and rates which seem considerably out of the mainstream, if that doesn't ring alarm bells, your greed factor is overwhelming your common sense.

And no, someone posting here under an anonymous handle saying everything is sweetness and light with this bank is not going to cut it. If you believe in the bank so much, how about signing your real name and going public with your testimonials. Better yet, as a purported investor, why not demand that a "legitimate" bank like Millennium do the right thing and submit themselves to independent third-party verification of their assets and solvency. A financial institution, of all things, should want to assure customers of the stability of their money.

Instead, we get a flashy website with specifics that are right up there with a Nigerian money scheme. A Swiss-based bank that nobody seems to be able to find any specific information on?

A scam works best when the perp creates plausible reasoning why verifiability is so murky. In this case, claiming its part of some great Swiss bank would seem to fit the bill, but even Swiss banks will verify their existence and demonstrate solvency.

As far as where I would entrust my money, I think I'll stick with FDIC banked banks. The FDIC was created post-Depression precisely to protect assets should a financial catastrophe on a national scale occur. The FDIC has never failed to protect depositers. Can the same be said for an offshore bank that has failed?

The Investor claims to have spoken with an auditing firm about the bank. Can we have the phone number and contact information for the firm you spoke with? And exactly how do we verify your claim that they have "backing" for their deposits - take your word for it? Don't think so.

The bottom line is, offshore financial institutions like these should already flash a yellow caution signal your way. Should these banks fail, you have no recourse. Just ask those who bought things like auto extended warranties (Warranty Direct to name just one) that were backed by offshore banks that evaporated when the warranty company failed.

Do yourself and your money a favor. Take a lower yield and sleep at night.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #61
Thanks Phillip for your comments. About the FDIC, it's important to note that in addition to insuring deposits against bank failures, it also ensures banks meet regulations designed to protect the consumers (see post). This is also true with the NCUA and credit unions.
Anonymous   |     |   Comment #62
I was also trying to figure out if this bank was legit. I came across this website. http://www.worldoffshorebanks.com/stvincentbanks.html

So still unsure. I will continue to do my own research.
Prakash (anonymous)   |     |   Comment #63
MANY THANKS to everyone on this thread. This one looks a suspect from the word go.

I also noticed a user name "THE INVESTOR" in the thread. The bank has created its own blog, chosen a nice name (THE INVESTOR - Wow!).

If none of you have been able to research on this bank for these many months (years?), FORGET IT - I ain't investing. As someone said, this is Nigerian too
Janet Kofoed
Janet Kofoed (anonymous)   |     |   Comment #64
I was looking at Countrywide Bank. They're offering a 12 month CD at 5.65 percent, which is tempting. This doesn't seem to be the most stable of financial institutions lately, but it is FDIC insured. How does the FDIC insurance work, anyway?
Anonymous   |     |   Comment #65
If you want a high interest return and are not adverse to risk, try a US junk bond exchange traded fund (ETF) like EAD which is now paying over 10%. US ETFs are regulated, have the same reporting requirements as any other US stock, and you can sell your shares in an ETF any time you wish. Since the hisorical return on a typical US junk bond fund is higher than the dividends Millenium claims to be paying, why risk sending your money off to a mysterious, unregulated off-shore bank like Millenium?
Anonymous   |     |   Comment #66
I have read all the comments concerning the Millenium bank, though I have to admit that I am confused as I really saw no precise answers to the concerns. I am looking for a secure CD rate. recently Countrywide is offering a 5.75% rate on a 12 month CD. I also read concerns about Countrywide's issues with sub prime loans.I understand that Countrywide is an FDIC insured institution, though, I have more than $100,000 to invest that is in my TRUST how can I do this and protect my investment and IS THERE A BETTER CD RATE AND SECURE INSTITUTION at present???

William (anonymous)   |     |   Comment #67
FDIC Insurance is $100K per person per institution. I just got a Countrywide CD and one for my wife, both at $95K each. Both are fully insured. If you have more than $100K and no co-owner or spouse, just spread out to a different instution. O BTW, do not do a full 100K. Leave room for the interest that accrues...
Anonymous   |     |   Comment #69
MonkeySeeMonkeyDo (anonymous)   |     |   Comment #70
If somebody wants to believe that this is legitimate, no amount of evidence is going to overcome that desire, at least not until "60 Minutes" does a story on it.

For my explanation as to why I think this is a scam, see my comment dated Oct 5, 2007 at http://www.askmehelpdesk.com/advice/t-131052.html
Anonymous   |     |   Comment #71
Anyone who wants to read up on information regarding offshore banking check out http://en.wikipedia.org/wiki/offshore_bank. It gives you information on the major banks offshore. Millennium Bank is not one of them. Matter of fact you want be able to find it there anywhere. Always remember If it sounds too good to be true, it probably is.
richmann (anonymous)   |     |   Comment #72
Thanks you guys especially Banking Guy & Phillip for your comments. Like the rest of us I was tempted with mlnbank SVG because of frustration with the current market conditions & was about to open an acount with them.

Reading your comments brought me back to my senses & probably saved me a pile of money. As a previous blogger mentioned due to the present worldwide economic situation, 5%+ is a realistic return so let's deal with it & not get caught up in the greed that caused the current downturn in the first place
humblelv (anonymous)   |     |   Comment #73
Thanks everyone for your input. I have been trying to find out all I can about Millennium but got no where. Your experiences etc. have made my decision to look elsewhere easy.

Ken Hinson
Las Vegas NV
riverpinballwizard (anonymous)   |     |   Comment #74
Everyone is free with their opinions but no actual knowledge. So far I have found Millenium listed as a legit offshore bank in the link listed above in someone's blog - I think it was worldbank. I have also found the United Trust of Switzerland at this website: ltx@lowtax.net and
I also found a somewhat related article about a man who killed his wife and in it they mentioned the woman was getting $2400 a month from a account in Millenium Bank. I will keep trudging away, looking for more info.
Anonymous   |     |   Comment #75
I can go to my home country of Russia, put up a bank website, tell people they will get 12% return on their CD, hire some girls to answer phones for a buck and a meal- then just wait for idiots to send in their hard earned $....duh...Millennium Bank is the same scam.
Anonymous   |     |   Comment #76
I have just spent the last few minutes reading over all these BLOGS and am amazed at the some of the comments. The thing that I have noticed is that some say "investor" and the other positive comments are from someone inside But myself i don't see it and If I was an investor I do not think I would give my name. Another interesting thing is no get the feeling that some of these other commenters are based with other companies such as Countrywide; ING; Penfed or immigrant Bank?
So many of the comments sound like a sales pitch.

I want to hear from someone that has some real info since you say they offer 5%-7% and other send you to companies also offering 5%-6.5% What is really the difference except that one in US based and the other is not.

I also reviewed the other sites listed www.wealthcollection.com and worldoffshore and IFSA and found nothing negative. These are sites from you.
Also I am not interested in and off the wall stories about briefcases and managers sounds like a bad movie.
chuck hart
chuck hart (anonymous)   |     |   Comment #77
I would also like to hear from people who have done business with millennium and are willing to sign their name. Chuck Hart, Weimar California
Anonymous   |     |   Comment #78

This website lists Millennium as a legit bank. I don't know if this website is legit or part of the Millennium PR. It on first blush appears after looking at the sitemap, seems to be an official website.

I like others would like to hear from someone who has deposited money and had the money returned with interest.
Anonymous   |     |   Comment #79
Today,I called Millennium Bank and spoke with a very nice person named Bob Kelty. He seemed knowledgeable,businesslike,and professional. I requested info on CDS for my parents, who are looking for a better rate than what is available here in the US.It all seems too good to be true. Please, has someone out there had any investment experience with this bank? Both Mom and I feel queasy on this but the int. rates in the US are so low my parents are barely getting by. HEEELLLLP!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #80
I haven't had any first hand experience with this bank. Please note the advantages of banking with a US institution that's a member of FDIC or NCUA. FDIC/NCUA members are required to follow standards and regulations that are designed to protect the customer. Please see this post for more details.
Anonymous   |     |   Comment #81
If you read comments on this page from January 2007, you'll see someone deposited to this bank and after 1 yr did NOT get their money.
d.z. (anonymous)   |     |   Comment #82
okay, so I want to open an offshore account. I don't trust the U.S. with all of my savings and want to explore it. I think the FDIC is a joke, but that's my own opinion. I almost got sucked into Millenium, but think I'll go elsewhere. But where, banking guy? There is an outfit, WSR, (http://www.wsr-corporation.com/en/index.html) out of the U.K. offering serices, are they legit? Who would you trust?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #83
I don't have the resources to evaluate foreign banks. For those who think the dollar will continue to weaken, you may want to look at EverBank's foreign currency CDs. Here's my post that covered these.
Anonymous   |     |   Comment #84
Ok guys, listen up. There are actual guys selling these cd products for mlnbank in the U. S. The reason I know this is because one of them is located where I live and I know him. He even boasted to me how he gets a 2% rip on every dollar he gets them. Wow! this should make you guys shake in your greedy boots if you decide to send any money. 7.75% plus the 2% commission to this guy. The FBI should look into this crap. Hope I helped. Oh ya im anonymous so I want get myself shot in the head by a hired russian mobster.
Anonymous   |     |   Comment #85
This is truly eye opening and also odd...I read all blogs and to my surprise noted that this blog has continued since 2005 and now 3 years later there is one person that has stated his brother didn't get his money ... does he know it's the same bank. Also I contacted the bank from the number on the website and spoke with a very nice women that was pleasant and informative. I was very honest with her and explained I read these blogs and if she could help me with some answers. She said first off that they ignore all such things since they have clients to care for so she is not sure what they are about. She answered all my questions I asked and explained about the privacy they have to protect clients. Another thing is that they have been around for a long time now and no negative from IFSA who states they are a licensed class one bank in good standing. I feel real good today about them and wanted others to be more honest and upfront and call and then post their experience. honesty is the best policy. I feel good about having a little true privacy right now during these financially hard days.
Honest Lady
Anonymous   |     |   Comment #86
Be very wary of some of these positive posts, no one, IN 3 YEARS, has posted that they have had a successful transaction with this bank. Just because you can call them, doesn't mean it is not a scam, it is NOT IN THE U.S. YOU CAN'T SUE THEM OR EVEN FILE A COMPLAINT.

Caveat Emptor (Let the buyer beware) (This means, all the risk is on you with these, there are zero protections)
hawk@blupacific.com (anonymous)   |     |   Comment #87
I have a different question about MILLENIUM BANK of PEFKI,ANTHENS, GREECE I am a Importer and deal in Letters of Credit everyday I am involved in a somewhat shady deal that a customer wants me to persue my question is all L/Cs have terms that have to be followed as long as the product is loaded SGS inspected by SGS of the U.S.A how can they hurt us? my bank dose not release the money until all terms are met then they are paid unless I have missed something I have compleate control as long as my terms are made good CORRECT? This is one of those to good to be true deals but I can not see any way of getting hurt i am insured with a 2% performance bond and SGS covers any losses due to their error am I missing something?

Please let me know A.S.A.P we finalize the deal tonight.

Anonymous   |     |   Comment #89
note couple of things
1 MB is not regulated in Switzerland by the Swiss Federal Banking Commission as it does not do any banking business there. So who writes about Swiss Banking has not done their home work.
2. The holding company is swiss a regular limited company and changed names throught its foundation since 1931(legitimate, company was before in other businesses).
3. Not regulated by Swiss Financial Authorities at all.
4. The Boardmember is a Portugese living in Geneva. The Audit company is run by a Polnish Citizen.
5. They may run a legitimate Bank according to the rules of St. Vincent and the Grenadines. That is fair and for some one who supports free marktets, let them do their business.
5. If you need high MM interest rates you should maybe start thinking of consuming less, saving more and reducing your credit card bills.
6. FDIC insured is fair and applies to the US only up to US 100K per institution. But investing in the US financial markets has not been that easy lately (subprime, Bear Stearns,IndyMac)
Jim (anonymous)   |     |   Comment #90
My wife and I have been doing business with Millennium Bank in St Vincent since 2004. This was at the recommendation of a friend who had been dealing with them for a few years prior to that. I have recommended their high-paying CDs to several friends. All have paid as promised. We fully understand that as a non-US bank the CDs are not covered by FDIC. To me, the premium returns are worth the additional risk. If this is a Ponzi scheme, it's had a long, long run.
Jim (anonymous)   |     |   Comment #91
My Wife and I have been doing business with Millennium Bank in St Vincent since 2004. This was at the recommendation of a friend who had been dealing with them for a few years prior to that. I have recommended their high-paying CDs to several friends. All have paid as promised. We fully understand that as a non-US bank the CDs are not covered by FDIC. To me, the premium returns are worth the additional risk. If this is a Ponzi scheme, it's had a long, long run.
Anonymous   |     |   Comment #92
I mortgaged my home, cashed in my children's college funds, stole money from my parents, embezzled from work and sold everything that wasn't nailed down then sent all the money to Millennium Bank. Low and behold, I have made more money than I ever dreamed of!! My wife is more obedient, my children respect me, my parents cherish me, I've been promoted at work and to top it all off, my hemorrhoids have cleared up!! (Also, I think my **** is larger...) Who could argue with results like these?!
rorogq (anonymous)   |     |   Comment #93
I just wrote a whole blog and it got erased by mistake... whoops..

This bank is a fake. There are multiple levels of BS that it antagonizes people with. Here are a few.

#1- no legitimate business leaves anyone with doubts of uncertainty, or suspicion.

#2- Swiss Banks dont have offices or branches or affiliates out of switzerland.

#3- Offshore bank acounts that produce high yield for you are actual well known banks, with branches and employee's. Verified customer service numbers and physical addresses

#4- Millenium is just an office, not a bank, or branch. It has no more than 2 or 3 employees, or physical address, nor is it accessible by the public.

#5- It has been confirmed that their address is nothing more than a PO BOX as My family members have done me the favor while in St. Vincents on jewelry shows and said they found nothing but PO BOX's.

#6- All real banks are FDIC insured, or Insured by their government.

#7- If they were that good THEY WOULD HAVE BEEN ON THE NEWS and widely ANNOUNCED!!!- are they ? NO!

#8- No bank in the world could offer such high yields unless they are 100% FRAUD. such as FRAUDULENT people.

#9- Bob Kelty will never answer your first call, always a voicemail. What bank in the world will allow a transfer call to the voicemail. They dont even offer appointments. Everyone knows a big cash transaction always executes after a handshake and personal meeting. Come on, even hollywood gets that right !

#10- The problem with the US is that they are not going to bad mouth the bank because they cannot physically go there to investigate because they are not allowed to (unless they do it at their own risk, which they wont) so they do not say positive or negative.
So 99% of you will keep your suspicion.

- THANK YOU FOR READING, stay with Emmigrants Savings Bank or INGdirect. They are safe, have high yields and low costs. and ING is a real branch located in most of europe.
Anonymous   |     |   Comment #94
Millennium Bank with bogus high interest rate CD's and IRA's. Shouldn't the ad to www.mlnbank.com in Bank Deals blog site be removed.
Daniel (anonymous)   |     |   Comment #95
For those of you hunting for a high CD rate, the State Bank of India's New York branch typically offers the highest CD rates that even outperform ING and other online accounts with low operating costs - fully FDIC insured. It's only open to individuals. http://www.statebank.com/cd.asp
Banking Guy
Banking Guy (anonymous)   |     |   Comment #96
Thanks. I've done many posts on State Bank of India and their competitive CD rates. My last post was on Wednesday and covered their excellent CD rates for 6 and 12-month terms. Any sharing of your SBI experience is much appreciated.
Anonymous   |     |   Comment #97
You might want to check out the CD rates at Corus Bank. Their rates are higher than State Bank of India. Corus Bank's rates are 3.75% for one year.
Anonymous   |     |   Comment #98
For the love of all that is decent and holy, STAY AWAY FROM THESE PEOPLE. It IS way too good to be true! You WILL LOSE ALL OF YOUR MONEY!! I've done some searching on other banks, and I came to find that www.thestreet.com rates banks within the United States. Since I live in Maryland, I checked out a local bank, Damascus Community Bank (www.damascuscommbank.com) and not only do they have good CD rates, but they are rated VERY highly. I tried to open an account over the phone and on the web page, but they will only let you open an account at one of their branches. I was helped by Matt (the manager) at the main office...he was very nice and explained things to me very well. He gave me a little bit higher rate on my CDs and IRAs because I opened two checking accounts and a savings and some other stuff...he was so good at explaining things. He is worth the drive if you live anywhere near Maryland. I had my money at Bank of America but they treated me like a number because I don't have a million dollars and I didn't like that. I also took him my 401k from my old job. He helped with that too. He and the bank are very legit. Check them out. Check out thestreet.com, then click on "portfolio & tools" then click on "banks and thrifts screener" then put "damascus" as the bank name and the state as "Maryland." Please stay away from Millennium and look elsewhere.
Anonymous   |     |   Comment #99
Why go for the CDs when you can make more investing in Closed End Exchange Traded Bond Funds (CEETBF).
There are tax free ones that only deal in AAA rated municipal bonds selling below Net Asset Value and aren't subject to Alternative Minimum Tax. They don't lock your money up and are priced continuously throughout the day. I'm averaging 8% annual return with dividends paid monthly. Check it out.
Rick (anonymous)   |     |   Comment #100
I found the references from the bank to be great and have been waiting to make an investment in this bank. It is hard to find high return investments in the U.S. and I believe more people are going outside the country to find high returns. You have to do your homework and find the right people to speak with. I called people that have been with the bank for 5 to 10 years and have received their monthly interest every thirty days without missing once.
Anonymous   |     |   Comment #101
Questions raised over Millennium Bank
Staff Reporter 27.FEB.09

The International Financial Services Authority (IFSA) will soon issue a statement about the offshore bank, Millennium Bank.

On the heels of the allegations of fraud made against the Stanford Financial Group, online media organizations Reuters and Businessweek.com ran stories questioning the operations of the St. Vincent and the Grenadines based Millennium Bank.

On the Millennium Bank website it is stated that the bank is “wholly-owned by United Trust of Switzerland S.A. a Swiss-registered trust company founded in 1931.”

However, according to an article by Adrienne Cater in a Business Week blog on February 17, regulators in Switzerland are said to have never heard of United Trust. A spokesperson for the Swiss banking authority is quoted as saying: “United Trust of Switzerland is not a registered/licensed bank in Switzerland and has no other license of the Swiss Financial Supervisory Authority.”

“We are confident that our readers will understand the strict obligation that United Trust of Switzerland must exercise on a daily basis to maintain absolute privacy. You can be reassured that we understand your right to access the facts and data you need to make an informed decision. However, until our premier private clients have complete trust in the security of public websites, United Trust of Switzerland’s policy not to maintain a public website will remain in place,” is what the Millennium Bank website states. (http://www.mlnbank.com/EN/about/uts.htm)

In light of this information, Reuters claim that they attempted to contact officials from Millennium Bank. However, the article dated Tuesday, February 17, says: “Millennium did not return calls requesting comment.” (http://www.reuters.com/article/newsOne/idUSTRE51H08J20090218)

Newsweek also could not get comments from Millennium Bank.

SEARCHLIGHT also made numerous attempts this week to contact Sheryl Hinds, of Millennium Bank, but to no avail.
Anonymous   |     |   Comment #102
Any follow up on this story by the IFSA?

Seems to be a lot of smoke but no fire, haven't seen a mention anywhere of someone not being able to get their money out of the bank.
Anonymous   |     |   Comment #103
3/11/09 on march 3rd I called my cd at millenium bank in kingston.they stated it would take 30 to 60 days due to how slow money is moving.the first 30 days they will not pay intersst after the 30 day period if it should go over they will pay interest at the amount of the original terms.I will let you know when I get the check.
Anonymous   |     |   Comment #104
Received a check for the interest on a CD. Unfortunately the check was returned unpaid. A second check has been received . I will follow up if it clears. The MLN rep called with his apologies. Did not let on I thought it was a scam.
Anonymous   |     |   Comment #105
Forget about Millenium Bank. It is dead Ponzi scheme.
Minan (anonymous)   |     |   Comment #106
This Bank has been taken to task by the feds as a Ponzi Scheme


Anonymous   |     |   Comment #107
Service of correspondence can be made at the local office at Kingstown Park, St. Vincent

Offshore Banks Under Controllership
deb@greenskyandbluegrass.com (anonymous)   |     |   Comment #108
Crushed, crashed and devastated - my life is upside down as a victim from this new evil!
As a ponzi scheme victim of Millennium bank United Trust of Switzerland supposedly safe CD, I truly believed I did my due diligence in researching this bank last year.
Spoke with people who had solid answers with documentation to back it up.
A 6% CD by giving loans to large corporations at higher interest rates, IFC regulations, and a number of intelligent satisfied investors for years appears legitimate.
Like the Madoff victims, this new white collar crime has to force all of us to pause and not be naive.
Is anyone shocked the SEC never picked this up earlier?
Deb - www.greenskyandbluegrass.com
Anonymous   |     |   Comment #109
Crushed, crashed and devastated - my life is upside down as a victim from this new evil!.....

No its an old evil called greed. This company was too questionable from the get go. In particular that it originated in the Caribbean. People posted about the lack of oversight and transparency. I trust the opinion of people on this forum more then the paperwork and doublespeak from some shills.
Anonymous   |     |   Comment #110