Banking at Bancredito, or Do You Really Need That Money?

Pib · Aug 4, 2003

^{Before the MIB come for me I must say that this is neither a rumor, nor a statement about Bancredito's financial health nor of that of the system. Whatever.}

Everyone that has a US$ account in the country, beware! Today I needed to make an urgent withdrawal from my account at Bancredito. Having gone to the little office next to my place where I oppened I was informed that to withdraw more than US$1000.00 I had to go to the main office. "Regulations" was the explanation.

So, I drive through the very chaotic PanAm-Santo Domingo and get to Bancredito main office. I walk to the information-receptionist lady and ask:

"I need to withdraw some US$, where do I go".
"Go to bank teller no. 20".

So, there I go and am informed that first I needed to take a ticket and go to bank teller no. 16. Back to square one.

Tick tack.... goes my watch.

My turn comes. Teller no. 16 informs me that first I needed to see customer service officer no. 30 (I was going to change the US$ into RD$). Go to customer service officer no. 30, wait for her to finnish the telephone conversation with another customer.

Tick tack.... goes my watch.

My turn comes. Customer service officer no. 30 informed me that I am missing the withdrawal form and that I first had to stop at bank teller no. 16.

"What?!, you gotta be kidding. I have been all over the bank already and I am not gonna go anywhere else." Very friendly, I must admit, she explains that she will do the process right there so I don't have to go around again. Fast forward to filling a piece of paper. I am told to go straight to bank teller no. 20 and get my money.

Hallelujah!

Go to bank teller no. 20. "You can't withdraw more than a US$1000.00", she says.

"What?! I come from the office in Romulo Bethancourt, they told me to come here".

"They didn't informe you correctly, you can't take more than a US$1000.00 per day"

"She didn't tell me THAT! And even if she did, I need my money now!"

She goes to ask her supervisor. Comes back. "Ok, fill out this withdrawal slip." She informs me. I fill out the slip and hand it to her. She looks at the screen and say:

"You don't have that ammount available"

"What?!" I scream.

"The funds are in transit". She says.

"What are you talking about?, I made a deposit here on Friday. Cash!"

"Cash takes 10 days to clear".

"What?! And what are you doing, still checking it is not forfeit?!"

"It's the regulations"

"I was never told that. I would have kept some of the money had I known it wouldn't be available for 10 days".

"We are sorry, we can't do anything. It's a new regulation from Bancentral".

By now I am about to have a stroke and decided that I am not leaving without my money. If it is been rude what it will take then so be it. I look at her say and said loudly:

"I need to speak to your supervisor because I am not leaving without my money".

She goes see her supervisor. Comes back and tell me she has to call Romulo Bethancourt so they approve "the transit". The manager in RB is not there. "Sorry, can't do anything".

"Ok, I had it with you people. You keep lying to me and you come up with new 'regulations' every day. I want to close my account"

"You need to go to Romulo Bethancourt and speak to the manager."

To make a pathetic story short I had to speak loud, threaten not to leave the bank until I spoke to the supervisor, manager or whatever and I WAS GOING to take my money.

Final result: I was 2 1/2 hours late for my appointment. I added 10 years to my heart and a few gray hairs to my head. AND I they gave me the money.

So much for regulations.

Hillbilly · Aug 4, 2003

Note to Board:

don't mess with da PIB!!

Way to go PIB!!.....

HB

ltsnyder · Aug 4, 2003

A month ago I had a small run around

I had money wired to the DR and I went to pick it up in the Jose Luise Super Mecado branch Banco popular in POP. They said I'd have to go to the main office to make a US$ withdrawl (they told me that the day before too , but then they did have the money so they just processed the transaction there. So I went to the main branch near the central park and as an assistant who tells me to wait on line. When I get to a teller, they say they don't process US$ transactions but the teller at the end does, not loosing my place I just wait for the end teller to clear. She processes the transaction quickly. Total time . . . about 45 minutes.

From what your telling me, sounds like in the event of a financial colapse, they will view the US$ accounts as bank assets, so the new rules prevent the quick withdrawl of US$ assets. Can't have a run on the banks with those rules. Of course rules like that may backfire, who wants to play monopoly when the bank is making up rules as you go along, best just to turn liquid into capital and sit it out for a couple of months (which by the way, is exactly what the central bank was trying to avoid with the new rules). Thank god for the internet (and DR1) for letting us know now rather than latter.

-Lee

Escott · Aug 4, 2003

Re: A month ago I had a small run around

ltsnyder said:
I had money wired to the DR and I went to pick it up in the Jose Luise Super Mecado branch Banco popular in POP. They said I'd have to go to the main office to make a US$ withdrawl (they told me that the day before too , but then they did have the money so they just processed the transaction there. So I went to the main branch near the central park and as an assistant who tells me to wait on line. When I get to a teller, they say they don't process US$ transactions but the teller at the end does, not loosing my place I just wait for the end teller to clear. She processes the transaction quickly. Total time . . . about 45 minutes.

From what your telling me, sounds like in the event of a financial colapse, they will view the US$ accounts as bank assets, so the new rules prevent the quick withdrawl of US$ assets. Can't have a run on the banks with those rules. Of course rules like that may backfire, who wants to play monopoly when the bank is making up rules as you go along, best just to turn liquid into capital and sit it out for a couple of months (which by the way, is exactly what the central bank was trying to avoid with the new rules). Thank god for the internet (and DR1) for letting us know now rather than latter.

-Lee

Some people have problems and others do not. I wish I knew the answer. Sorry you had problems Pib. Hope to see you soon.

Scott

Figman · Aug 4, 2003

Pib I really wish that you had been with me on Sunday morning that PN would never have gotten away with it:>)

DCfred · Aug 4, 2003

From what your telling me, sounds like in the event of a financial colapse, they will view the US$ accounts as bank assets, so the new rules prevent the quick withdrawl of US$
-------
In the event of a financial collapse, the government would probably put the so called "corralito", as they did in Argentina, where even if you had dollars you could only withdraw in national currency up to certain limits. In Argentina, the limit was the equivalent of 1000,00 usd a month.

Golo100 · Aug 5, 2003

Pib

I am really sorry you had to go thru such experience. I emntioned something like this that happened to my brother in the same bank, where he had to cash a check in pesos for $300,000 and he had to wait till they got an armored truck to bring enough cash from the main branch.

We are now very close to a corralito. I went to all powerful Banco Popular to withdraw $1000 dollars and I had to go thru a ceremonial act before I got the money. It seems that even the measly amount of US$1000 is as much as mining diamonds in South Africa.

Even in the streets, if you show a $500 or $1000 pesos bill is as if you show a Roman gold coin. I dont understand this. This is not even pocket change anymore, yet no one has change. There is no money out there. Cashiers dont want to return change of $1 peso anymore. They tell you "te lo debo". I reply..."mierda pa ti buena pendeja, tu no vas a juntar tu miserable pasaje con mis cuartos"

Esta vaina se jodio. I just raised the rent double and in dollars. No more pesos. I just dont know where to bank anymore and with the Pan Am Games on house break ins are on a record pace. Your mattress is not even safe.

TW

Pib · Aug 5, 2003

Re: Pib

[B]golo[/B] said:
I went to all powerful Banco Popular to withdraw $1000 dollars and I had to go thru a ceremonial act before I got the money.

That's why I called it "Do You Really Need That Money?". It seems that they want to discourage people from withdrawing money, and so they test their endurance to see if they "deserve" to be trusted with money

Your mattress is not even safe.

Never hasn't. That was the first place the thieves checked when they broke in my appartment a couple of years back. I don't have much money in Bancredito, only for emergencies, but been that they get to decide whether I really need the money before giving it to me I suppose I will have to bury it in the backyard.

ltsnyder · Aug 5, 2003

Re: Re: Pib

Pib said:
That's why I called it "Do You Really Need That Money?". It seems that they want to discourage people from withdrawing money, and so they test their endurance to see if they "deserve" to be trusted with money

Never hasn't. That was the first place the thieves checked when they broke in my appartment a couple of years back. I don't have much money in Bancredito, only for emergencies, but been that they get to decide whether I really need the money before giving it to me I suppose I will have to bury it in the backyard.

So I'm not accused of hijacking this thread, I created a new thread in living http://dr1.com/forums/showthread.php?s=&threadid=24951 I'm curious about problems people have had with breakins. Sounds like between the house and bank rules, Pib and a lot of us, now have problems keeping money safe and accessable. I useally use a local bank, but if $1000 SUD is the limit, I will have problems pulling out my money when I make a large purchase.

-Lee

ltsnyder · Aug 5, 2003

uh oh

The fact that Baniter used a similar MO before the collapse to slow money withdrawl, makes the hair on the back of my neck stand on end.

-Lee

Keith R · Aug 5, 2003

Re: Pib

golo said:
Esta vaina se jodio. I just raised the rent double and in dollars. No more pesos. I just dont know where to bank anymore and with the Pan Am Games on house break ins are on a record pace. Your mattress is not even safe.

TW

All this from a guy who, not so long ago, insisted -- and derided anyone that dared suggest to the contrary -- that the peso was "king"; that the dollar was useless; that the Dominican economy was too sound and robust to be ruined by politicians, no matter how bad; that anyone who didn't invest in DR instruments was a fool; that all major Dominican banks were safe; that you should have no worries about access to your money in am institution like Banco Popular; and that Dominican bank supervision was solid....

Tony C · Aug 5, 2003

I hate to say it but.........

I TOLD YOU SO!!!

2 years ago I warned everybody to get their $US out of dodge but I guess most didn't listen. I closed my accounts and sold my Holdings. Walked away with a nice sum without a singlr hassle.

Now I am spending way to much time setting up $US accounts here in Miami for Family and some friends. Of course I do this with a smile as I know that they hate the fact that I am right.

Formosano2000 · Aug 5, 2003

Corralito

DCfred said:
From what your telling me, sounds like in the event of a financial colapse, they will view the US$ accounts as bank assets, so the new rules prevent the quick withdrawl of US$
-------
In the event of a financial collapse, the government would probably put the so called "corralito", as they did in Argentina, where even if you had dollars you could only withdraw in national currency up to certain limits. In Argentina, the limit was the equivalent of 1000,00 usd a month.

It will not be surprising if an Argentin-style corralito does occur in DR.

It is obviously from Pib's post that the banks are doing everything possible to DISCOURAGE withdrawal, even if it involves pissing the clients off.

At the same time they are offering sky-high interests to attract deposits, both on RD$ and US$.

It doesn't take a rocket scientist to figure out how this bodes for future.

Citi Bank in Buenos Aires (according to a high-ranking Citi executive who himself was a victim) was offering 20% on US$ deposits just before the government imposed corralito. Those who thought they were getting un unbeatable deal got, well, pretty beat up as their money was frozen, perm-frost style, like the tondra in Siberia.

I bet the rich and connected already have their US$ safely esconced abroad, waiting to pounce and live large off the exchange rate once the RD$ drops even more. Those Argentines who wired the money abroad before the sky fell are living large while the others are left to spend long days waiting at bank cues to withdraw miniscule, if any, money the banks still had left. I saw it with my nake eyes. The streets of Buenos Aires was paint-plastered with "chorros" (Argentine word for "ladronazos") all over.

When I was in Argentinas as a tourist, the government ordered all banks shut to observe "feriado bancario" to stem continuous withdrawal. This went on and off, sometimes for a full week. People could only pay with personal checks and credit cards, but could not withdraw cash. As the crisis dragged on, many stores started refusing checks (for fear of boucing) and wouldn't take credit cards as they didn't trust they woulld be paid at the month's end.

So anybody not having cash on hand for living expense was screwed big time. I personally saw people ravaing trash bags in the upscale Recoleta (equivalent of Piantini/Bella Vista of Santo Domingo) at night.

I sure was glad to carry sufficient US$ cash. Had I simply brought my credit card/ATM card and little cash (as I do when traveling in US/Europe), I would have to ravage trash cans too !

bochinche · Aug 6, 2003

when learning about the recent takeover......

Originally posted by Robert - 12th June
It's good news for Bancredito customers to know a solid well run business is potentially now behind them. DR1 is a Bancredito client

Originally posted by Hillbilly - 15th June
..... With the take-over of Bancredito they obtain lots more exposure, lots of branch offices and a solid banking entity.

Rest easy if you have money there, as it will be well managed.

HB

.........apparently.....there is no need to worry.

....or is there?

Originally posted by golo -13th June
........ I have a good chunk of $$$ in Bancredito. I am gambling for a couple of more days, perhaps till the end of the month. The gamble may be worth it. Then again, I may lose it all. I trust the Asencios, E. Leon Jimenez and cerveza Presidente. I just have a terrible fear of Hipolito Mejia, the biggest liar and inept president in our history, and he can send his goon squad for me, if he wants.(He lied 47 times in public and has managed to bankrupt our country with his inept cabinet and corrupt officials, some of whom are in jail now and almost a dozen of his Ayundantes killed or in jail in corrupt action)
TW

sjh · Aug 6, 2003

next time you want money out of the bank, ask for a bank check and take it to a money changer you know. For some reason they prefer the check to cash and sometimes will give you a better exchange rate. If you want USD not RD, visit Caribitours with your check.

Pib · Aug 6, 2003

sjh

I told them I could take the money any way they wanted, getting a cheque was no problem for me. I guess the ''regulations" also apply to cheques.

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Banking at Bancredito, or Do You Really Need That Money?

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