Page 1 of 3 123 LastLast
Results 1 to 10 of 25
  1. #1
    Moderator
    Join Date
    Dec 2002
    Posts
    17,235
    Post Thanks / Like

    Default Careful when withdrawing large sums of money from banks

    Last week a young man was shot dead and the money he had just withdrawn from a bank was stolen.
    Diario Libre says that contrary to popular belief, bank employees are rarely involved in these thefts.
    People posing as customers are usually the ones who watch people making large withdrawals and tip their accomplices waiting outside the bank.
    The article also mentions one case in which a maid tipped off an accomplice that her employer was about to withdraw a large sum.
    The victim in last week's crime was a 23-year old community leader from Santo Domingo, the secretary of a well known barrio rights association, COPADEBA.

    In my experience the clerks can be very indiscreet when handing over large sums to a customer.

    http://www.diariolibre.com/noticias/...rios-GY3526822
    http://www.diariolibre.com/noticias/...aria-NA3525492

    Moderator East Coast Forum

    www.DR1.com

  2. Likes waytogo, jd426, SosuaEnVivo liked this post
  3. #2
    Silver
    Join Date
    Jan 2002
    Posts
    2,436
    Post Thanks / Like

    Default

    So sad for this young man and his family.
    I was taught to be careful leaving the bank when I lived in SD. A friend would take me to the bank every month to withdraw the money I
    needed to pay monthly bills. He would dress in clothes that looked like a security guard. Then he made sure I made it safely home.
    Without his guidance I would not have thought it would be dangerous to go to the bank. This was many years ago and things have only gotten worse.

  4. #3
    Regular
    Join Date
    Apr 2013
    Posts
    372
    Post Thanks / Like

    Default

    I think of this every time I have to withdraw 10,000 from a teller machine here.

  5. Likes GuillermoRamon liked this post
  6. #4
    Bronze
    Join Date
    Dec 2005
    Posts
    693
    Post Thanks / Like

    Default

    Quote Originally Posted by JayinRD View Post
    I think of this every time I have to withdraw 10,000 from a teller machine here.
    One reason why I rarely use them. I use my card inside the bank at the counter. Also I can get a selection of small bills and coins that way.

  7. #5
    Bronze
    Join Date
    Oct 2013
    Posts
    799
    Post Thanks / Like

    Default

    Quote Originally Posted by Chirimoya View Post
    Last week a young man was shot dead and the money he had just withdrawn from a bank was stolen.
    Diario Libre says that contrary to popular belief, bank employees are rarely involved in these thefts.
    People posing as customers are usually the ones who watch people making large withdrawals and tip their accomplices waiting outside the bank.
    The article also mentions one case in which a maid tipped off an accomplice that her employer was about to withdraw a large sum.
    The victim in last week's crime was a 23-year old community leader from Santo Domingo, the secretary of a well known barrio rights association, COPADEBA.

    In my experience the clerks can be very indiscreet when handing over large sums to a customer.

    http://www.diariolibre.com/noticias/...rios-GY3526822
    http://www.diariolibre.com/noticias/...aria-NA3525492
    I don't know the victim, and for now I take the official version of events.

    In general, I get extremely suspicious when I hear stories of people who allegedly withdraw relatively large amounts of money, and are robbed shortly thereafter (possibly losing their lives in the process).

    First, at this stage and age it is fairly easy to avoid transactions involving (relatively) large amounts of cash, assuming they are legal. The vast majority of people and businesses who deal with large amounts of money have bank accounts.
    It is a simple matter to manually withdraw money from your bank account and deposit it in the other person's bank account. If it is in a different bank, you can go to a big mall (like Sambil in SD) where most banks have branches, so that one can go from a bank to the other without leaving the mall. That is the "low tech" way to do it. Of course, there are ways to make bank to bank transactions, for no or very reasonable fees. One can also request a bank check for a modest fee. Of course there are credit cards but not everyone has one or can accept CC payments.

    So, why would people find it necessary to withdraw hundreds of thousands of pesos in cash? A few MIGHT have a legitimate reason. Most, I am afraid, do not.

    The story of lookouts inside the bank patiently waiting for people who make large withdrawals to notify outside accomplices is less believable than people think. Obviously such lookouts would arise suspicions from bank security and normal employees (especially if they do it regularly). The bank employees would also recognize them and report them to the police when they hear someone was robbed after leaving the bank with a large amount of money.
    It is more likely that those who find out about people intending to make large amounts of money do so by other means (through people who have some connection to the victim, as the maid in the example given in the story)

  8. Likes Garyexpat liked this post
  9. #6
    Regular
    Join Date
    May 2002
    Posts
    24
    Post Thanks / Like

    Default

    Quote Originally Posted by london777 View Post
    One reason why I rarely use them. I use my card inside the bank at the counter. Also I can get a selection of small bills and coins that way.
    Is your card a credit card, atm card or debit card? I tried to do this at a Scotia Bank once with an atm card and they said it was not possible. They told me I had to use the atm machine.

  10. #7
    Silver
    Join Date
    Apr 2014
    Posts
    3,646
    Post Thanks / Like

    Default

    Careful when withdrawing large sums of money from banks?

    I can't of a single country where you don't have to be careful when
    withdrawing large sums of money from a bank.

  11. #8
    Banned
    Join Date
    Jan 2002
    Posts
    26,396
    Post Thanks / Like

    Default

    One of the reason we do account transfers as often as possible.

  12. #9
    Gold
    Join Date
    May 2006
    Posts
    9,821
    Post Thanks / Like

    Default

    A good reason why they limit ATM withdrawals to $20,000 at many banks.. I'm often astonished to see the bankrolls some everyday Dominicans handle when I'm in line at the bank, but I assume they're armed or have another person to back them up.

  13. #10
    Platinum
    Join Date
    Jan 2002
    Posts
    16,409
    Post Thanks / Like

    Default

    Quote Originally Posted by newuser View Post
    Is your card a credit card, atm card or debit card? I tried to do this at a Scotia Bank once with an atm card and they said it was not possible. They told me I had to use the atm machine.
    I was told by TD that you cannot use your ATM card inside the bank with the teller. I've used my cc to withdraw money at the counter. This way you have a receipt right there from the teller. I try not to use ATM due to the problems I read about here and because in Dominicus you can only withdraw 2000 pesos at a time.

  14. Likes waytogo liked this post
Page 1 of 3 123 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •