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Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs...

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Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... Empty Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs...

Post by Ssmith on Mon Jun 08, 2015 3:32 pm

Wanna Bet????

In my opinion, folks:
Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs.

They just CANNOT terminate said because a "legally binding agreement" was established once payment was rendered and accepted (ratified) by Sterling; that for continued payments from customers (reserve or Auto Exchange programs) they will store in their possession equal value (in currency) equal to the 100% value those payments represent, whether it is a reserve or a 10% Auto Exchange payment.


Sterling has to be able to cover and insure ALL action (in total) with a 100% value supply of currency on hand. Which means Sterling will continue in business until ALL of these agreements (reserve or Auto Exchange) are satisfied, even if they no longer buy and sell currency... like an escrow account holding the TOTAL value of ALL claims against it until ALL stipulations of said are satisfied.


Of course this ALL assumes Sterling (Ty and Frank) are honest and sincere with a full helping of integrity in their business dealings...
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Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... Empty I just hope

Post by Doc Ryno on Tue Jun 09, 2015 5:08 pm

ssmith:

I just hope and pray you are right.  I've spent a lot of money on reserves and looking back, probably shouldn't have, but did anyway.

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Post by FLPatriot59 on Tue Jun 09, 2015 5:23 pm

On May 29 I had a little extra cash so I placed a reserve order with Sterling just for kicks. On Tuesday, June 2, I received an email from Sterling that my deposit had been received, processed, & applied to my order. All is well. Then the Sterling raid happened. 

Last night I got a call from FedEx verifying my home address for a delivery today from a company in Decatur, GA that needed a signature on receipt (I haven't ordered anything from anyone so it was unexpected).

Today (6/9) I received a FedEx from Sterling containing my postal money order. I logged into my Sterling account and noticed my reserve order was cancelled. Saying "don't worry about Sterling" isn't wise. If you have reserves with them you should be very worried! At least I got my initial payment back. Glad I have physical currencies in my safe deposit box!
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Post by Ponee on Tue Jun 09, 2015 6:13 pm

THANK YOU FOR THE UPDATE FLPATRIOT59 !!   That is what most thought would happen.

I think those that had reserves are SOL with it. Crying or Very sad

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Post by Kevind53 on Tue Jun 09, 2015 6:22 pm

Sterling is still not accepting orders or payments. They are effectively out of business. My guess is that all assets have probably been impounded by the feds. My advise, consider it gone and be pleasantly surprised if you see anything.

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 Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... 2805820865  Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... 2805820865  Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... 2805820865  Don't worry about Sterling NOT continuing in business, especially with the reserve and Auto Exchange programs... 2805820865
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Post by Ssmith on Tue Jun 09, 2015 9:50 pm

My apologies for not being clear about this origin of this article.  It was written by "makitsow" and I brought it over from the TNT forum.

I agree with Kevin.  The FBI have control of their assets.  When, if, how they will be released is anyone's guess.  All depends on what charges, if any, are filed against Sterling.
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