- Thread starter Kozy
- Start date
What about Banco Mercantil?
Anyone that replies to you runs the risk of going to jail 
Quote by Malkum - Head of the Central Bank
"I would also like to issue a warning, so that ignorance may not be alleged, while recognizing the transcendent importance of having a healthy banking system in any country, that we have requested that the Executive Branch consider any statement, or affirmation, by any person, designed to cause disturbance or uncertainty regarding the Dominican banking system as a threat to national security."
Full transcript available here:
http://dr1.com/premium/news/2003/051403_baninter.shtml
Quote by Malkum - Head of the Central Bank
"I would also like to issue a warning, so that ignorance may not be alleged, while recognizing the transcendent importance of having a healthy banking system in any country, that we have requested that the Executive Branch consider any statement, or affirmation, by any person, designed to cause disturbance or uncertainty regarding the Dominican banking system as a threat to national security."
Full transcript available here:
http://dr1.com/premium/news/2003/051403_baninter.shtml
Look at what happened to BanInter. They offered a interest rate that was several points higher than other banks to attract money. I know nothing about the bank in question but... I would be hesitant to put money in a bank that paid several points more than the other banks. I would be scared by that fact that something may be brewing. I had told people I would NOT put money in Baninter months before the problems.
Scott
Scott
Over ten months ago
A friend of ours was out at Bavaro and saw a 105' yatch and asked who it belonged to. Answer: " Ramoncito B?ez but he is getting a new one that is supposed to be 150' long. " Our friend said: "Get all your money out of that bank as fast as you can.!!"
If memory serves, we called them the "Robber Barons" back in the 19th Century: Carniege, Morgan, Vanderbilt...So now we have B?ez, Alvarez and Hasoury (not to mention Almonte, Ure?a and others)
HB
A friend of ours was out at Bavaro and saw a 105' yatch and asked who it belonged to. Answer: " Ramoncito B?ez but he is getting a new one that is supposed to be 150' long. " Our friend said: "Get all your money out of that bank as fast as you can.!!"
If memory serves, we called them the "Robber Barons" back in the 19th Century: Carniege, Morgan, Vanderbilt...So now we have B?ez, Alvarez and Hasoury (not to mention Almonte, Ure?a and others)
HB
Hillbilly,your comparison is not valid!
You are trying to compare "Apples & Oranges". The "Robber Barrons" were Captains of industry who used monopolistic powers to reap huge financial gains.What they did at the time was just good business.It also helped to "grow" the country.They did nothing "illegal","immoral" is another question.The Dominican thieves knew what they were doing,and that it was both illegal and immoral!It has also,and will continue to,devastate the Dominican econamy.Criss Colon
You are trying to compare "Apples & Oranges". The "Robber Barrons" were Captains of industry who used monopolistic powers to reap huge financial gains.What they did at the time was just good business.It also helped to "grow" the country.They did nothing "illegal","immoral" is another question.The Dominican thieves knew what they were doing,and that it was both illegal and immoral!It has also,and will continue to,devastate the Dominican econamy.Criss Colon
Shame on you Professor Hillbilly !
During the period to which you refer, roughly from the end of the Civil War to 1900, the US economy doubled, and doubled, and doubled. That's right, exploded eight times over within the working career span of people of that age.
And what happened to prices? Deflation - that's right, ala Great Depression - except it was great expansion instead. Consumer prices in 1900 were only half of what they had been 35 years before, even with 8 times as much wealth to go around. A little math - hmmm - 16 times as well off? There must have been at least some working people who were.
As Criss pointed out, those "robber barons" were captains of industry. Did Carnegie's steel industries bankrupt the country? Or Vanderbilt's railroads?
In fact, the US catapulted into a world power at that time, and modernized at a rate perhaps unequaled in world history.
During the period to which you refer, roughly from the end of the Civil War to 1900, the US economy doubled, and doubled, and doubled. That's right, exploded eight times over within the working career span of people of that age.
And what happened to prices? Deflation - that's right, ala Great Depression - except it was great expansion instead. Consumer prices in 1900 were only half of what they had been 35 years before, even with 8 times as much wealth to go around. A little math - hmmm - 16 times as well off? There must have been at least some working people who were.
As Criss pointed out, those "robber barons" were captains of industry. Did Carnegie's steel industries bankrupt the country? Or Vanderbilt's railroads?
In fact, the US catapulted into a world power at that time, and modernized at a rate perhaps unequaled in world history.
To get back to the original question ............... I have been with Banco Mercantil in Puerto Plata for some 8 years (ever since Skotia bank let me down on a transfer from England). I have always found them to be honest, fair & very helpful in all their dealings with me!!
I will NOT go so far as to say they will not go BUST - I don't have enough knowledge as to their reserves, modus operandi, future intensions etc., but I am happy to leave my minimal amounts with them (US $'s AND a few pesos!!). For larger investments I wouldn't use a bank anyway, I prefer to deal with operations where I can "Get Hold" of the CEO if things go slightly astray!! I also like the idea of some firm colatteral for larger sums of investment!! - Grahame.
(Don't think that will upset Malkum too much Rob. Hope not anyway!!) - GB.
I will NOT go so far as to say they will not go BUST - I don't have enough knowledge as to their reserves, modus operandi, future intensions etc., but I am happy to leave my minimal amounts with them (US $'s AND a few pesos!!). For larger investments I wouldn't use a bank anyway, I prefer to deal with operations where I can "Get Hold" of the CEO if things go slightly astray!! I also like the idea of some firm colatteral for larger sums of investment!! - Grahame.
(Don't think that will upset Malkum too much Rob. Hope not anyway!!) - GB.
Banco Mercantil
I am an newbie to DR1 and to the DR. I just asked Banco Mercantil to wire money to the states on Monday after the New York Times broke the story on Baninter. Ihad chosen that bank on the recommendation of an acquaintance. I am so out of the loop and so new to the DR that I thought it better to remove significant sums out of the country until the situation becomes more transparent. The staff was very helpful, but an administrative error (wrong number on the transfer) slowed the whole thing up. I am expecting the funds here on Tuesday. I have not, however, given up entirely on the DR (Santo Domingo) for banking. Any suggestions, advise would be appreciated.
Does anyone really think that the peso will stregthen due to the stated removal of pesos from the system this year. In that case I might want to try again, but with opening a small peso account along with a small dollar account. Friends think I am nuts and that the banking system is too frail. I guess an ATM card would be nice so that I could access the funds anywhere if needed, at any time. Also seeing my account online would also be nice. Any suggestions.
I am an newbie to DR1 and to the DR. I just asked Banco Mercantil to wire money to the states on Monday after the New York Times broke the story on Baninter. Ihad chosen that bank on the recommendation of an acquaintance. I am so out of the loop and so new to the DR that I thought it better to remove significant sums out of the country until the situation becomes more transparent. The staff was very helpful, but an administrative error (wrong number on the transfer) slowed the whole thing up. I am expecting the funds here on Tuesday. I have not, however, given up entirely on the DR (Santo Domingo) for banking. Any suggestions, advise would be appreciated.
Does anyone really think that the peso will stregthen due to the stated removal of pesos from the system this year. In that case I might want to try again, but with opening a small peso account along with a small dollar account. Friends think I am nuts and that the banking system is too frail. I guess an ATM card would be nice so that I could access the funds anywhere if needed, at any time. Also seeing my account online would also be nice. Any suggestions.
Huntek,
Mercantil DO have banking on line facilities!!! You'll have to apply for a code to get you in there but if you e-mail Sto Dgo Branch, I am sure they will tell you the formular!! If you have any problems, drop me an e-mail & I will get the details over to you.
They also do a Debit Card that will allow you to draw money out of ATM's in most countries. Re other "Ideas/suggestions" drop me a line & I'll fill you in on how Mercantil et al work for me!! - Grahame.
Mercantil DO have banking on line facilities!!! You'll have to apply for a code to get you in there but if you e-mail Sto Dgo Branch, I am sure they will tell you the formular!! If you have any problems, drop me an e-mail & I will get the details over to you.
They also do a Debit Card that will allow you to draw money out of ATM's in most countries. Re other "Ideas/suggestions" drop me a line & I'll fill you in on how Mercantil et al work for me!! - Grahame.