Bank account wiped out

AlterEgo

AlterEgo

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Jan 9, 2009
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Today my husband's uncle [Dominican] called to chat and let us know his wife died. Tio [early 70s] retired in DR and moved to Manhattan awhile back, was driving a cab [even got shot once, but that's another story]. He wintered in SD, summered in NY. He had a government pension in DR, and it was direct-deposited into his BanReservas account every month.

To make a long story short, he flew to Santo Domingo without much cash because he had a lot of money in his bank account, plus all the pension money that had gone in there over the years. He got to the bank and found out it had been wiped out. [They're "investigating"]. Poor guy didn't want to bother anyone, so he drove his Toyota Prado to a dealer and sold it to get quick cash - they gave him a measly 90,000 pesos. He got robbed twice, if you ask me.

AE
 
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donP

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Dec 14, 2008
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"Friends"?

AlterEgo said:
... he drove his Toyota Prado to a dealer and sold it to get quick cash - they gave him a measly 90,000 pesos. He got robbed twice, if you ask me.
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When in need, Dominicans are friends indeed.
[Does not apply to car dealers.]

donP
 
cobraboy

cobraboy

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Holy smokes!!! That is horrible! Somebody saw an account with no activity, so they took it...
 
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Chuck T

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AlterEgo said:
Today my husband's uncle [Dominican] called to chat and let us know his wife died. Tio [early 70s] retired in DR and moved to Manhattan awhile back, was driving a cab [even got shot once, but that's another story]. He wintered in SD, summered in NY. He had a government pension in DR, and it was direct-deposited into his BanReservas account every month. To make a long story short, he flew to Santo Domingo without much cash because he had a lot of money in his bank account, plus all the pension money that had gone in there over the years. He got to the bank and found out it had been wiped out. [They're "investigating"]. Poor guy didn't want to bother anyone, so he drove his Toyota Prado to a dealer and sold it to get quick cash - they gave him a measly 90,000 pesos. He got robbed twice, if you ask me.

AE
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Wow a real tragady, does BanReservas not guarantee the return of his money ?
 
AlterEgo

AlterEgo

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Chuck T said:
Wow a real tragady, does BanReservas not guarantee the return of his money ?
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No "guarantees" in DR. No bank accounts are insured either, if the bank folds your money folds with it.

Another DR1er had this happen a couple of months ago - up north, if I remember correctly. Wonder how theirs turned out???

AE
 
S

SKing

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Nov 22, 2007
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This is sad. This is an elderly gentlemen who worked all of his life and now some a$$hole stole his money. I hope they have a good fraud division.

SHALENA
 
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imas

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AlterEgo said:
No "guarantees" in DR. No bank accounts are insured either, if the bank folds your money folds with it.

Another DR1er had this happen a couple of months ago - up north, if I remember correctly. Wonder how theirs turned out???

AE
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If I recall correctly, banks accounts are "insured" upto RD$500,000.00.
 
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donP

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"Todas las Posibilidades"

imas said:
If I recall correctly, banks deposits are "insured" upto RD$500,000.00
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As far as I remember, when BANINTER went bankrupt in 2003, people got their money back.
Whether all did and up to what amounts I don't know.

donP
 
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CaptnGlenn

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Mar 29, 2010
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this is one of my ongoing worries. we put a small amount into a bank account when we purchased our condo, but it just sits there. we look at it online once in a while, but the account has absolutely no activity. just waiting to check in some time and see zero balance.
 
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Chuck T

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JDJones said:
Only makes sense. I check ALL of my accounts at least once a day. My checking accounts are reconciled EVERY day. One of the great thing about bank accounts here is that all transactions are updated online immediately. I cash a check, and I can see the withdrawal from the account right away.

The sooner you catch an error, the easier it is to get it corrected.
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and just where is "here "? USA ? if accounts are not insured in the RD why keep money in them ?
 
AlterEgo

AlterEgo

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JDJones said:
Most of the really "Big" investors got their money back. Not so for the little guys. I personally know more than a few that lost everything they had.

As for selling the Prado to a dealer..... That was a kneejerk reaction(sorry). He could have easily gone to one of the agencies here that give loans with vehicles as collateral, and gotten a short term loan to hold him over until the bank finished it's investigation.

As for where the money went? I guess I have more faith in banks here than many others here. I wouldn't be surprised if he gets his money back after the investigation.
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You're right about the Prado [my husband wanted to cry, asked his uncle why he didn't call him, we would have wired money immediately - or bought the car from him for a fairer price].

I hope you're right about the money, will let you know when we hear something.

AE
 
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donP

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Dec 14, 2008
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In Demonicano

JDJones said:
"Here" is in Santa Dominga. I used to live near Confresie in Puerta Plato, but the drive through Santiaga drove me nuts.
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I understand. :squareeye
But maybe he will live in Caberette, Seman?, or Punto Co?o.... :bunny:

donP
 
R

RV429

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Apr 3, 2011
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JDJones said:
"Here" is in Santa Dominga. I used to live near Confresie in Puerta Plato, but the drive through Santiaga drove me nuts.

I have money in my accounts because I don't spend everything I earn, and I run a business with a lot of cash flow.
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SantO DomnigO, SantiagO, PuertO PlatA
OOOOOO
Confresi
 
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Chuck T

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Nov 30, 2010
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I'm not a banker by any stretch of the imagination but it seems to me with internet e-banking etc. a dom could start an account in a USA bank, insured and with perhaps better interest ? I do all my bankingg here in the USA via. e-banking with my credit union, never carry cash, have only my debt card and have never had first problem.
 
cobraboy

cobraboy

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Chuck T said:
I'm not a banker by any stretch of the imagination but it seems to me with internet e-banking etc. a dom could start an account in a USA bank, insured and with perhaps better interest ? I do all my bankingg here in the USA via. e-banking with my credit union, never carry cash, have only my debt card and have never had first problem.
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I have found the best solution is keep US bank accounts,bring down checks, develop a relationship with a cambio to cash checks and ONLY use debit and credit cards in an emergency.
 
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