Minimum balance increased at Banco Santa Cruz

Linda Stapleton

Well-known member
Jun 3, 2003
633
45
48
Just giving the heads up to customers of Banco Santa Cruz. The minimum amount required in the dollar account to avoid charges has increased from $300 to $500 with effect from July. I found out by chance, no notifications have been sent as far as I can establish. $10 will be deducted every month if your account is below that figure.
 

bdablack

Member
Jun 30, 2011
133
1
18
Just giving the heads up to customers of Banco Santa Cruz. The minimum amount required in the dollar account to avoid charges has increased from $300 to $500 with effect from July. I found out by chance, no notifications have been sent as far as I can establish. $10 will be deducted every month if your account is below that figure.
They are doing everything they can to destroy foreign investment in their country.
 

bochinche

Bronze
Jun 19, 2003
747
10
0
They are doing everything they can to destroy foreign investment in their country.

By increasing their minimum balance requirements, you are saying that Banco Santa Cruz are doing everything they can to destroy foreign investment in the DR? And $300 is "foreign investment"?

I have an account with Wells Fargo, who some time ago raised their minimum balance requirement to US$1,500 to avoid a monthly charge (think it is $15pm). After what you have posted, I fear that it is a conspiracy of Wells Fargo to bring the US economy to its knees.
 

Linda Stapleton

Well-known member
Jun 3, 2003
633
45
48
I went through this a couple of years back with Progreso, my objection is that they don't let you know in advance so that you have the option of raising your balance if you want to and/or are able to. Some people don't touch their accounts for months only to discover a hefty chunk missing when they next go to use it.
 

sosuamatt

Bronze
Jul 29, 2013
912
13
38
I agree. I recently received my statement at my request and was ****ed off to find that they were now deducting $10 per month from my dollar account without any notice or explanation. I will up my balance for now and explore other options when I come there later this year.
 

j&t's future

Bronze
Mar 6, 2007
2,502
27
48
Just giving the heads up to customers of Banco Santa Cruz. The minimum amount required in the dollar account to avoid charges has increased from $300 to $500 with effect from July. I found out by chance, no notifications have been sent as far as I can establish. $10 will be deducted every month if your account is below that figure.

Great you told everyone about this Linda because there is NO WAY the bank would tell you although I'm sure they'll tell you somewhere in the bank there's a small message in Spanish explaining the change of policy. They have done the same with the peso account, one of several reasons I closed our account there earlier this year.
 

Bob K

Silver
Aug 16, 2004
2,520
121
63
My bank accounts in the US have min $1500 to avoid monthly fees.

Anyone here who has an account and cannot afford to keep $500 in it earing more interest than you can in the US, should consider closing it.

Bob K
 

j&t's future

Bronze
Mar 6, 2007
2,502
27
48
I agree. I recently received my statement at my request and was ****ed off to find that they were now deducting $10 per month from my dollar account without any notice or explanation. I will up my balance for now and explore other options when I come there later this year.


What's wrong with Popular or Leon? There's no harm opening an account elsewhere.
 

j&t's future

Bronze
Mar 6, 2007
2,502
27
48
My bank accounts in the US have min $1500 to avoid monthly fees.

Anyone here who has an account and cannot afford to keep $500 in it earing more interest than you can in the US, should consider closing it.

Bob K

Bob, I know what you're saying but don't you think it's a liberty charging a person (WITHOUT INFORMING THEM FIRST) that a $10 monthly fee will be charged even if they are in credit with the bank because their balance is below $500? Who knows, what's stopping them from raising the minimum limit to $2000 in the near future?
 
Aug 6, 2006
8,775
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There is no doubt a clause in the teensy print that says that the bank can raise fees without notice as it wishes. The whole thing is a scam, money in a dormant account costs the bank nothing in any country.
 

malko

Campesino !! :)
Jan 12, 2013
5,545
1,327
113
Back in france, they charge u for a normal account ( more or less 100€ a year, cc, cheques.....all included ).
To break even with a savings account at 2.5 % intrest ( if u are lucky cos the rate goes down every day...). 2500€.
So the op's bank does not seem that bad.........
 
Aug 6, 2006
8,775
12
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It simply indicates that banks in France are even bigger thieves.
My credit union charges a fee of $5 a month if the balance in a savings account is under $500. Interest is currently .025%.
Invest $1000, and in a year you will be 25? richer. Whoop whoop.
The account is useful for cashing checks and having money on hand when there is a cash discount offered.
Banks in the DR are less awful than banks in France.
 

Linda Stapleton

Well-known member
Jun 3, 2003
633
45
48
My bank accounts in the US have min $1500 to avoid monthly fees.

Anyone here who has an account and cannot afford to keep $500 in it earing more interest than you can in the US, should consider closing it.

Bob K

Just so that people are aware, they charge you US$20 to close it....
 

malko

Campesino !! :)
Jan 12, 2013
5,545
1,327
113
I was talking about a "normal" salary account. Saving accounts are free.
But I agree about them all being thieves.....

By the way in france u open a savings account at 4%. Then the gvt does god knowswhat and the rates go down, and down......
4% 4 years back, today 1.25%........
 

Cocoa6705

New member
Apr 22, 2014
47
0
0
I worked for BofA back in the states and the biggest fee scam was the $1 fee to deposit money in your OWN account if you did not have your computer generated deposit slips. the bank reasoned when you do not use the computer slips, but hand write the account info on the generic slips, the chance for error increases. I was in the PR dept. so guess who got to deal with the calls from the media and defend this madness. Still chaps my ass 20 yrs later.
 

bdablack

Member
Jun 30, 2011
133
1
18
By increasing their minimum balance requirements, you are saying that Banco Santa Cruz are doing everything they can to destroy foreign investment in the DR? And $300 is "foreign investment"?

I have an account with Wells Fargo, who some time ago raised their minimum balance requirement to US$1,500 to avoid a monthly charge (think it is $15pm). After what you have posted, I fear that it is a conspiracy of Wells Fargo to bring the US economy to its knees.

Wells Fargo in Dominican Republic?????? Oh sorry you said the U.S!!!
 

Don Pedro

Member
Apr 2, 2005
262
6
18
Linda, what you did not mention is : Santa Cruz gives you double punishment.

Before they charged you a $5 when you had a monthly average below $350.

Now as you wrote the minimum balance is $500, they do not mention any more about "average balance".
And they charge $10 no more $5.
cordially
 

Linda Stapleton

Well-known member
Jun 3, 2003
633
45
48
I didn't realize that. I'm not even sure if the staff know. They said they had been taken by surprise with this, too. Thanks for the clarification.