- Thread starter duhtree
- Start date
banking certificates re: baniter
Here is what I have been told by a baninter employee. I have not done it yet myself, however, so this is not guaranteed to be 100% accurate.
You have the option to withdraw your baninter CD at anytime. But you can't withdraw it in cash. What they do is convert it into a CD from the central bank at an interest rate of 26%. It has to be held at the central bank for a minimum of 3 months and after then you can take out the cash.
I am not sure what happens to CD's in USD. When I withdrew my USD cash, they gave me the option of withdrawing pesos immediately at an exchange rate RD$0.5 above the current rate, or waiting a week to get the cash.
I hope this helps,
Adrian
You have the option to withdraw your baninter CD at anytime. But you can't withdraw it in cash. What they do is convert it into a CD from the central bank at an interest rate of 26%. It has to be held at the central bank for a minimum of 3 months and after then you can take out the cash.
I am not sure what happens to CD's in USD. When I withdrew my USD cash, they gave me the option of withdrawing pesos immediately at an exchange rate RD$0.5 above the current rate, or waiting a week to get the cash.
I hope this helps,
Adrian
Baninter Certificates!!
Adrianb is correct in what he says regarding the transfer of certificates in pesos to the Central Bank. Not that this is a recommendation to be sure of - are they as safe as any other deposit service?
However, the Baninter bank employees locally are as embarassed by the fiasco as the investors were but they do contact certificate holders with the Central Bank option!
Baninter bank doors are still open!! Yes, they are still paying the interest on deposits, at least we got ours 4 days ago! When you go into the bank it's very quiet but the business still goes on as if things were normal, in Cabarete & Sosua anyway????
It's a funny old world and a risk is a risk is a risk in any country. If you can't afford the risks then keep it all in a safe place at lower interest rates but just look at all those PEP's, investments and Pension Plans in Europe and the US which have dwindled away whilst the insurance companies and investment houses get richer and richer since 9/11. At least that's they're excuse!!
Adrianb is correct in what he says regarding the transfer of certificates in pesos to the Central Bank. Not that this is a recommendation to be sure of - are they as safe as any other deposit service?
However, the Baninter bank employees locally are as embarassed by the fiasco as the investors were but they do contact certificate holders with the Central Bank option!
Baninter bank doors are still open!! Yes, they are still paying the interest on deposits, at least we got ours 4 days ago! When you go into the bank it's very quiet but the business still goes on as if things were normal, in Cabarete & Sosua anyway????
It's a funny old world and a risk is a risk is a risk in any country. If you can't afford the risks then keep it all in a safe place at lower interest rates but just look at all those PEP's, investments and Pension Plans in Europe and the US which have dwindled away whilst the insurance companies and investment houses get richer and richer since 9/11. At least that's they're excuse!!
BanInter Interest.
Yes, I'm stuck in the middle of this mess, too. A problem I experienced was that when I closed the BanInter Certificate to transfer it to Banco Central, as I was told was the only option, they paid the interest for that month back into the certificate instead of transferring it to my bank account. I'm told that that cannot be reversed! I'm going into the bank on Friday to make further enquiries so I'll update this if there are any changes. If you're going through this process, make sure that you find out what will happen to any due interest if you need this to live on, as I did. Thank God I had a bit in reserve, but I'm still having to watch every peso in case anything else goes wrong with this.
I will certainly breath a sigh of relief when I can finally withdraw the certificate.
What is the general opinion - do most of you believe the Government guarantees that this money will be honoured. or is there still room for considerable concern? Having been through a series of financial losses, this is really quite a test of my serenity...
Yes, I'm stuck in the middle of this mess, too. A problem I experienced was that when I closed the BanInter Certificate to transfer it to Banco Central, as I was told was the only option, they paid the interest for that month back into the certificate instead of transferring it to my bank account. I'm told that that cannot be reversed! I'm going into the bank on Friday to make further enquiries so I'll update this if there are any changes. If you're going through this process, make sure that you find out what will happen to any due interest if you need this to live on, as I did. Thank God I had a bit in reserve, but I'm still having to watch every peso in case anything else goes wrong with this.
I will certainly breath a sigh of relief when I can finally withdraw the certificate.
What is the general opinion - do most of you believe the Government guarantees that this money will be honoured. or is there still room for considerable concern? Having been through a series of financial losses, this is really quite a test of my serenity...
Sorry
There is nothing certain about Baninter certificate owners. Just pray. The Central Bank's word is as good as its US$ dollar deposits, which are shrinking and shrinking, and no help in sight.
Besides, you are being paid with inorganic money, which will devaluate further if the government doesn't take drastic action.
TW
There is nothing certain about Baninter certificate owners. Just pray. The Central Bank's word is as good as its US$ dollar deposits, which are shrinking and shrinking, and no help in sight.
Besides, you are being paid with inorganic money, which will devaluate further if the government doesn't take drastic action.
TW
Update on BanInter Certificates
As promised, here's the latest on this situation, but the news isn't good. In my last post I said the money had to be transferred to a Banco Central certificate and they would then refund money in 90 days, if you applied for a refund. They have now moved the goal posts and have suddenly changed that to ONE YEAR! There is no way to get your hands on your money in the meantime. They say they will continue to pay interest, but if you close the BanInter Certificate early you lose out there (and see my last post about taking care to get that closing interest paid to you if you need it), and you also lose out whilst you are waiting a number of weeks for the new Banco Central certificates to be issued.
You're right, all we can do is pray. I don't think we'd go amiss if we started praying for the country we have chosen as our home.....that's what I'm doing, as I'm powerless over the rest of it.
As promised, here's the latest on this situation, but the news isn't good. In my last post I said the money had to be transferred to a Banco Central certificate and they would then refund money in 90 days, if you applied for a refund. They have now moved the goal posts and have suddenly changed that to ONE YEAR! There is no way to get your hands on your money in the meantime. They say they will continue to pay interest, but if you close the BanInter Certificate early you lose out there (and see my last post about taking care to get that closing interest paid to you if you need it), and you also lose out whilst you are waiting a number of weeks for the new Banco Central certificates to be issued.
You're right, all we can do is pray. I don't think we'd go amiss if we started praying for the country we have chosen as our home.....that's what I'm doing, as I'm powerless over the rest of it.