Warning!!!!! Take your dollars out of the bank.

miguel

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Jul 2, 2003
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Guys and dolls, I have heard from a very reliable person that things will get much, much worse so you better plan ahead and take all your dollars out of the DR banks. Your best option is to put it on a safe deposit box at the bank.

Banco De Reservas is already closing some branches.

I was also told that eventually the bank, when you are making a dollar withdrawl, will give you pesos and not dollars. They will give you pesos at THEIR rate, which by the way is much smaller than any casa de cambio.

Good Luck.
 

AnnaC

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Jan 2, 2002
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I hate this thought but any change that if they close branches and seize account they could also not let you into the bank to get your money from the safety box?

Just a horrible thought, sorry.
 

Larry

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Mar 22, 2002
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Miguel

"take all your dollars out of the DR banks"--Miguel


Miguel, that may have been the smartest thing you have ever said on here.

Your person should be in that country but your money should not be.

Today, you are not a "boob".

Larry
 
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gerd

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Jan 10, 2002
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Haven't we all been expecting this for months?


...hoping for the best, but expecting the worst....
 
Oct 13, 2003
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this is like new?

Watch what happened in Argentina and you know what to expect..

The DR government has to come up with dollars to pay their foreign notes, the companies have to come up with dollars to pay their foreign notes (taken out because the interest rates in the DR were so high), no way they will let private person take out needed dollars.

Best thing to do take everything out now, if still possible and depost it with a bank outside the DR. Get yourselves an internet account an have money transferred as needed for bigger amounts. Use ATM's or personal checks for dialy living.

If by now you're still not convinced that anything of value will be either taxed or frozen by this government you only bring this upon yourselves.

MD

PS: Next guess is they will up property taxes
 

gerd

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Jan 10, 2002
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I just checked and found there's still 27 Dollars left on my B. Popular account.
Let's consider this as my contribution to recover the dominican economy.
 

Escott

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Jan 14, 2002
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Rumplestilskon <sp> woke up after a 20 year sleep...

I have been saying this in every financial thread for 6 months that it is only a matter of time before they seize your dollars in the DR from every bank account.

You can say that you heard this shit from a very reliable person here on DR1 first instead of some genious that just figured that crap out now.
 

getonwithit

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Mar 17, 2003
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Escott said:
Rumplestilskon <sp> woke up after a 20 year sleep...

I have been saying this in every financial thread for 6 months that it is only a matter of time before they seize your dollars in the DR from every bank account.

You can say that you heard this shit from a very reliable person here on DR1 first instead of some genious that just figured that crap out now.

......even six months ago it was patently obvious. the prd government (sjb) did this before rumplestiltskin went to sleep 20 years ago and will do it again.

......a reliable source told me it will be mostly sunny this month with intermittent rain.
 

Escott

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Jan 14, 2002
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I took a minute to search and came up with these quotes searching for Dominican Banks and Escott.
=-=-=-=-=-=-=-=-=-=-
Escott
Gold
10-09-2003 12:29 PM
Registered: Apr 2003
Location:
Posts: 1257
Such as what? Will they be taken down like the dominican banks when the government needs Dollars? Yes they will because they come under Dominican Banking regulations.
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
10-08-2003 02:14 PM

Re: Necessary documentation to open a checking account

I think you only need your cedula. I originally opened accounts with Passport and letters from banks in NY saying I am a good guy.

No bank is reliable enough to put your money in. Not real money anyway.
-=-=-=-=-=-=-
08-08-2003 07:16 AM

My advice is not to put substantial money in dominican banks now.
-=-=-=-=-=-=-=-
06-23-2003 03:07 PM

Hi,
I want to say my thoughts and give you reasoning behind them.

First I wouldnt put more than pocket change in ANY Dominican Bank in US dollars. I wouldnt keep any more than Pocket Change in PESOS.

I wouldnt keep money in pesos because I am scared shitless of depreciation of the peso against the dollar.

I wouldnt keep any money in the banks in the DR because they are controlled by the Government. When the time comes that they cannot repay the Sovereign Bonds and "I" feel it will come sooner than later, the Government will in my opinion ORDER all BANKS to change Dollars into Pesos. They will need YOUR dollars to pay for things like Gasoline, OIL, payments to Foreign Power Companies for Electric and Bottled Gas. You don't think anyone in their right mind would take payment in Pesos, do you?

If you don't think this is a possibility look into what happened in Argentina and before them Ecuador.

I have most of the money in the Country invested with a finance house. If you put in over 100k you can be backed by a mortgage on a property with a higher value. At least you have something.

I have posted these thoughts before.

Scott

0-0-00-0-0-00-0-0-00-0-0-00-0-0-00
 

Escott

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Jan 14, 2002
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getonwithit said:
......even six months ago it was patently obvious. the prd government (sjb) did this before rumplestiltskin went to sleep 20 years ago and will do it again.
Unless you were a blind man wearing blinders...



getonwithit said:
a reliable source told me it will be mostly sunny this month with intermittent rain.
My reliable source told me that it would be partly cloudy this month also. LOL

Escott
 
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Ken

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Jan 1, 2002
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Escott, it is nice to have a "legend in his own mind" as a neighbor.

Re dollars in the banks, it is very possible the government may temporarily freeze withdrawals from the bank. This has been done before. But it is extremely unlikely the government would confiscate the dollars. The consequences of this would be too great.
 

miguel

I didn't last long...
Jul 2, 2003
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I Am Worried!!!!!

Larry said:
"take all your dollars out of the DR banks"--Miguel


Miguel, that may have been the smartest thing you have ever said on here.

Your person should be in that country but your money should not be.

Today, you are not a "boob".

Larry
Guys and Galls, Escott HAS been saying for months what a blind man should have seen but the fact is that it's happening NOW and now it's the time to act because things WILL get much worse.

My friend isa DOLLAR millionaire and he had problems taking money out of his bank yesterday. His bank was so full of people that noone could walk without bumping into someone. Everybody was creaming " what do you mean that I can not take this amount, it's my fricking money". By saying that I mean to say that if someone like him is having problems, imagine the average joe.

I spoke to my brother (who lives here in US and owns some businesses in DR) yesterday and he is already going to DR to get his money out of the bank.

Best thing to do, put your money in an american bank. I have many friends that have accounts at citibank and they have no problems. I know that they do not have many branches but peace of mind is TOPS in my list. Who cares if you have to drive to the city or anywhere they have a branch.

Ps: Larry, me not a boob today?, nah man, I am a boob always.

Pss: Xanaduranch, defend me man, see he started it.
 

Criss Colon

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Jan 2, 2002
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The Banco de Reservas branch(Plaza Botanico) near my house has been packed every day!

Not just around the 15th,and 30th.I cruise by at various times of the day,just to go in and pay my monthly credit card balance.I hate to wait in line,so I haven't gone in.This is just anecdotal info,but it showes a change in banking habits lately.Cris Colon
 

gerd

Member
Jan 10, 2002
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Miguel

quote:

"now it's the time to act "

Time to act was a while ago, so now we can relax now and don't have to pack ourselves into the crowded bank and argue with bank employees...

If you acted at times, you can smile now.
 

Pib

Goddess
Jan 1, 2002
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[B]miguel[/B] said:
Guys and dolls, I have heard from a very reliable person that things will get much, much worse so you better plan ahead and take all your dollars out of the DR banks. Your best option is to put it on a safe deposit box at the bank.

Banco De Reservas is already closing some branches.

I was also told that eventually the bank, when you are making a dollar withdrawl, will give you pesos and not dollars. They will give you pesos at THEIR rate, which by the way is much smaller than any casa de cambio.

Good Luck.
Anyone paying attention to the signals know that the sky would eventually fall... but before we go tell the king, would you mind telling us what is the rush. Where did you hear that, and what other than rumors have you heard about it Chicken Little?

Thanks,
Goosey Loosey
 

XanaduRanch

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Sep 15, 2002
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Miguel

miguel said:
Ps: Larry, me not a boob today?, nah man, I am a boob always Pss: Xanaduranch, defend me man, see he started it.
Personally while I like boobs, I am more of a big behinds kinda guy.

I am somewhat amazed that any of this is a real surprise to anyone. This government has done such incredibly stupid things in many areas I would not be so sure that Ken's optomistic prognostication will come to pass.

I will keep using US Checks and ATM's. But I do wonder if there is anything that could disrupt our ability to get pesos in this way. Any thoughts? Then I guess I would have to leave. Time to get passports for the kids and get Alba's updated just in case. This is getting sad.

Tom (aka XR)
 

miguel

I didn't last long...
Jul 2, 2003
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Re: Miguel

gerd said:
quote:

"now it's the time to act "

Time to act was a while ago, so now we can relax now and don't have to pack ourselves into the crowded bank and argue with bank employees...

If you acted at times, you can smile now.
My quote "now it's time to act" is for those that did not acted a few months ago. If you acted, great but there are some that did not act for some reason. I could not act as I am in the States now but will act on Feb 13, when I get to SD.
 

Escott

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Jan 14, 2002
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Ken said:
Escott, it is nice to have a "legend in his own mind" as a neighbor.
Please Ken, there is no need to swell my head! I do enjoy it when you say such nice things about me.

Originally posted by Ken
Re dollars in the banks, it is very possible the government may temporarily freeze withdrawals from the bank. This has been done before. But it is extremely unlikely the government would confiscate the dollars. The consequences of this would be too great.
Here we disagree. I think that it is "EXTREMELY LIKELY" that the government would confiscate the dollars and possibly not even give 100% of that in Pesos when they do it. What the hell do you think they will do when they can't get anymore of these silly loans that won't be paid back and the oil and gas runs out? They will need dollars to pay for more oil or else the country will come to a standstill. This will be desperate times and they will do what they have to to stop the people from starting a mutiny. Or maybe you think Xanadu will pull that out of his ass just like he did the Xanadu Stables and Xanadu City?

Consequences and this government? Lets see, they drive the country in to poorhouse and "YOU" think that they care about consequences? They steal billions of dollars and you think that they worry about consequences? They have their hands out for payoffs at customs with every traveler to get a few hundred pesos "NOT" to look in your bags and you think they think about consequences?

It is nice to have a neighbor that has good drugs Ken. Would be nicer if you shared your high in the sky dreams with the rest of us! LOL I love this guy.

Most times you make sense but this is about the most silly statement I have seen you post ever.

Regards,
Scott
 
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Texas Bill

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Feb 11, 2003
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ONE BIG stupid question????

Do any of you think that US$ in Scotiabank are safe from being nationalized???

I closed my Banco Popular accounts and moved everything to Scotiabank. Was that a bad move??

Here in Manzanillo, the only index to what is happening in this screwed-up country is what I read on DR1.

I have no crystal ball and don't know enough about the propensaties of this government(?), but it seems to me that the best way for Hippo to loose everything would be to confiscate the US$ accounts. I'm not sure the International banking community would ever forgive him.

Argentina is still reeling under a similar circumstance, if what Escott says is true.

Texas Bill