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Thread: Banco Santa Cruz, attention to all account holders!!

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    Default Banco Santa Cruz, attention to all account holders!!

    Hello everyone. I wanted to inform everyone that Banco Santa Cruz has changed the intermediate bank in the US, it used to be Wachovia, now Citybank. Those who wire money to Wachovia will have their money lost as it happened to me. Banco Santa Cruz never informed anyone about this ugly switch. So i am doing it for them. Be careful and go to the office to get the right info...

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    Make a wire transfer (SWIFT) claim with your originating bank. Ask for TRACE. They will trace the money to the last step. If the corresponding account was closed, the money has to be somewhere in Wachovia. They have electronic receipts for that. It may take some time while trace and recovery is under way, but at the end they should return your money.

    About 15 years ago I sent money to Paris, with one "0" missing in the account number. The money went to BNP Paribas. It took all about 2 months to get the money back.

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    Quote Originally Posted by rubio_higuey View Post
    Make a wire transfer (SWIFT) claim with your originating bank. Ask for TRACE. They will trace the money to the last step. If the corresponding account was closed, the money has to be somewhere in Wachovia. They have electronic receipts for that. It may take some time while trace and recovery is under way, but at the end they should return your money.

    About 15 years ago I sent money to Paris, with one "0" missing in the account number. The money went to BNP Paribas. It took all about 2 months to get the money back.
    So Wachovia has the money and it will not automatically return it? I will contact the sending bank tomorrow. The thing is they charge penalties for sending to the wrong account plus the transfer expenses will never be refunded thanks to Banco Santa Cruz!!!

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    Quote Originally Posted by miozio View Post
    So Wachovia has the money and it will not automatically return it? I will contact the sending bank tomorrow. The thing is they charge penalties for sending to the wrong account plus the transfer expenses will never be refunded thanks to Banco Santa Cruz!!!
    Great to know as this is happening to me right now with one of my clients who is trying to send me money and they have tried twice...time to go to the Bank "O"

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    Quote Originally Posted by mike l View Post
    Great to know as this is happening to me right now with one of my clients who is trying to send me money and they have tried twice...time to go to the Bank "O"
    They were so calm about this incident today at BSCruz, saying that we can't inform all the clients about changing the wire instructions as they have so many of "us". Even though they all have our email addresses!!! SO, its a HUGE problem!! I guess there are many people across DR having the same issue. Buy the way, they closed the account at Wachovia about a week ago!
    Last edited by miozio; 07-28-2010 at 07:06 PM.

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    A few months ago one of the managers at Bank "O" cruz pulled aside while i was in line and had me update all my info so now i must ask WHY?

    They definately do things differently here and the funniest is when i endorse my check or sign a withdrawl slip and if the signature does not match they show me my signature on the computer so I can " forge" it or copy it.

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    How many account holders do they have in DR who send money from abroad including the dominicans who work in the US? Now, how many of them sent their money to Wachovia for the past week?

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    Quote Originally Posted by miozio View Post
    So Wachovia has the money and it will not automatically return it? I will contact the sending bank tomorrow. The thing is they charge penalties for sending to the wrong account plus the transfer expenses will never be refunded thanks to Banco Santa Cruz!!!
    I know it sucks, but in any country you are responsible for sender's fees and trace fees. It is just that way. The originating bank really is not responsible for the fact that Wachovia account is closed. They have incurred in cost when sending money and will incur another cost with trace, unless money is not automatically returned by Wachovia (which still may be the case). That's one side of coin.

    Another side of coin is that BSC should have informed clients about corresponding account changes. I bank with BSC and Leon and I know that in Leon they posted placards within the branches as well as on their websites when they changed corresponding banks. I do not remember whether I got email from them though.

    It's on BSC to see in what way they can reimburse you. I do not think they will directly reimburse you for the fees you incurred with the originating bank, but maybe there is something they can do in other way. Maybe give you free account maintenance for several months, etc. If you cannot solve the issue with the local branch manager, go higher up. This is mainly a "private banking" institution with not that many customers, and not that many levels of management, so ringing up Santo Domingo may not hurt at all.

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    the last time i sent money - my bank was very reluctant to use wachovia and it ended up being passed around several banks before landing in my account, maybe this is why they have changed their correspondent it took about 6 weeks to finally reach my account

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    Quote Originally Posted by mike l View Post
    They definately do things differently here and the funniest is when i endorse my check or sign a withdrawl slip and if the signature does not match they show me my signature on the computer so I can " forge" it or copy it.
    Several times last trip when my husband withdrew cash from our savings account at BHD [WITH the bank book], the teller told him his signature didn't match their files. He told them if he signed his name 20 times they'd all probably be a little different. It's annoying, but at least they're actually checking! I don't think they ever showed him the computer screen though, that's a hoot!

    AE

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