I got mugged ......... By Scotiabank

Simon & Nicky

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Feb 3, 2004
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The thieving b*stards who collectively go by the name of Scotiabank seem to have found a new way of fleecing us out of our money. Perhaps someone can confirm the most bull*hit story I've ever heard.

I was in the process of paying a pile of pesos into my account when I was told that if you don't use your account for six months the Central Bank - not Scotiabank you understand? Charge your account 300 pesos - that's 10 dollars +. That is the law! - Sure enough, when they updated my book, there on my account was a 300 pesos debit. This carries on EVERY six months.

So, I mentioned what would happen if you had no money in the account. - They charge 300 pesos and now you're overdrawn. This obviously runs up interest at whatever sky-high number they choose to dream up. Consequently, within the year you would be several hundred pesos in debt without even realising. Now lets say you're not in the country and not told about this (I wasn't told and I live here). Over a few short years it's gonna run to thousands. - Then guess what happens? - They put a charge on your house to get "their" money back.

So in a few short years' from last using your account (and clearing it down to a handfull of change) you could be so much in debt that you simply wouldn't want; or be financially able, to return here. How mad is that!

Whatever next? Thank God they don't tax stupidity! :tired:
 

trina

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Jan 3, 2002
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Simon & Nicky said:
The thieving b*stards who collectively go by the name of Scotiabank seem to have found a new way of fleecing us out of our money. Perhaps someone can confirm the most bull*hit story I've ever heard.

I was in the process of paying a pile of pesos into my account when I was told that if you don't use your account for six months the Central Bank - not Scotiabank you understand? Charge your account 300 pesos - that's 10 dollars +. That is the law! - Sure enough, when they updated my book, there on my account was a 300 pesos debit. This carries on EVERY six months.

So, I mentioned what would happen if you had no money in the account. - They charge 300 pesos and now you're overdrawn. This obviously runs up interest at whatever sky-high number they choose to dream up. Consequently, within the year you would be several hundred pesos in debt without even realising. Now lets say you're not in the country and not told about this (I wasn't told and I live here). Over a few short years it's gonna run to thousands. - Then guess what happens? - They put a charge on your house to get "their" money back.

So in a few short years' from last using your account (and clearing it down to a handfull of change) you could be so much in debt that you simply wouldn't want; or be financially able, to return here. How mad is that!

Whatever next? Thank God they don't tax stupidity! :tired:


I'd say a delivery of "Christmas chocolates" was in order! ;) ;) ;) ;) ;)
 

trina

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Jan 3, 2002
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Simon & Nicky said:
We need to launch our own brand don't we! Let's think up a good name for them? Cadbury's Go-ses, Quality Sheet, etc.

ROFL!!!!!!!!!!!! Quality Sheet!!!
 

Pib

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Jan 1, 2002
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Are you sure of this? I mean, that it is the central bank? I had an account at Banco de Leon (fmly. BanCredito, R.I.P) that I closed after over a year of not using it. I didn't get charged for anything.

However, I have an account at BanReservas since I was 16. Since I had the 'old cedula', which number I don't remember, and I don't find the book or the account number, neither I nor BanReservas (or so they say) are able to find the account as it is off the computer system. By now my debt would be in the millions :eek:

Was yours a checking account? In that case all banks charge a monthly fee for checking account.
 

BostonMary

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May 18, 2002
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As of 2004 Banco Leon started charging me for the inactive account. I hadn't used it in 7 monthes, so now when I haven't been there in @ 5 months someone will deposit @ 100RD in my account so I won't be charged. If there is a better way I'd love to know.
 

Jersey Devil

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Jul 5, 2002
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Simon & Nicky

I want to thank you for bringing this to everyone's attention.
I was just about to go 6 months without any activity. You just
saved me 300 pesos. I guess I owe you one.

All the best,

JD
 

KenoshaChris

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Jan 4, 2002
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Numbers Please?

If all of you would be so kind as to provide us with your account numbers, Cris Colon and I will be pleased to make Christmas deposits to get you back in the black. If you believe that, you must believe in Santa Claus too!!!
 

Lambada

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Mar 4, 2004
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Simon,
Like Pib I would ask if you are sure about this? If it is a cheque or current account, then the charge is 50 pesos a month by the commercial bank, which for 6 months would equal 300 pesos. If it is a savings account, either peso or dollar, then it can't go inactive, whether you use it or not, as the bank itself is adding interest each month & therefore at least one transaction is entered.

The only time I have not been charged bank fees on the current account is when I had over a certain limit in there, when the bank itself eats the fees, quality sheet notwithstanding! Since I don't keep much money in banks any more, my current account is now liable for the 50 pesos monthly. I consider this eminently reasonable as they do produce monthly statements for this fee.

I applaud your enthusiasm in rooting out all forms of corruption wherever they lie but wonder if perchance you are being a tad too exuberant on this one? ;)
 

duhtree

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Jun 2, 2003
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But Lambada that's +-$24.00 per year. What about inactive electric? inactive water?m inactive Dominican C/C?
Could be expensive, no?
 

Lambada

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Doesn't your country of origin have bank charges on current accounts, duhtree? Mine does, unless you have so much in the account that they are making money from you anyway.
Inactive water..........well I pay water bills on an empty house, basically because it is cheaper in the long run (long history going back years, very complicated, but I stick to 'damage control' & pay them because it would be more expensive when house is sold, if I didn't!!).
Inactive electricity? I gather from Simon there is no such thing! His neighbour's meter whizzes round while house is empty...........perhaps on second thoughts I should have rephrased that, but read what he says to get the drift!
You can always have water & electricity disconnected, but then you have to pay reconnection charge.
 

duhtree

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Jun 2, 2003
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Lambada, I see your point.Sorry if I sounded judgemental. I meant to be inquisitive.
And No. I would never pay a bank to hold my money. Not a checking acct., savings acct.,retirement acct., or bill paying, for that matter. And no. I certainly don't have large amounts of $'s. I live in the U.S. thou. That might explain it.
 

Simon & Nicky

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Feb 3, 2004
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It's a savings account!

No cheque book, no statements, nothing. All I have is a card to withdraw money from cash machines and a book that I have updated when I go to the branch. - A bit like the old British post office savings account - only I don't remember our local postmaster asking for a tip when I withdrew money, or asking where the hell it came from whenever I paid in more than a few thousand.
 

Lambada

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Mar 4, 2004
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So if it is a savings account, Simon, it should be earning interest. Which means the bank should be making a monthly entry to GIVE you money, not take it away. So it can't go inactive. Sure, they might only enter the interest in your book when you visit the bank, but they update on the computer monthly, so it is only inactive in your book, not in the computer. Go & see them & point out the logic of Lambada's comments (the rest of us will be filming Candid Camera from a discreet distance ;) ).
Or are you telling me you have a savings account which doesn't pay you interest? You're not, are you? Because that is what a savings account is, one which pays you, however small the amount.

Methinks you have yet another worthwhile crusade to pursue. Good luck!
 

Snuffy

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May 3, 2002
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Beware the Banco Popular ATM in Bonaos main highway cafeteria stop...

I withdrew money from it on the way to Santo Domingo. They gave me 26 to 1 (Rate at time was 28 to 1). and Banco Popular charged me $5.00 for using the machine. Then my bank in USA will charge me another $3 or $4.
 

Pib

Goddess
Jan 1, 2002
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Snuffy said:
I withdrew money from it on the way to Santo Domingo. They gave me 26 to 1 (Rate at time was 28 to 1). and Banco Popular charged me $5.00 for using the machine. Then my bank in USA will charge me another $3 or $4.
I can't say about the rate, but all ATMs have a charge, not just that one.
 

Simon & Nicky

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Feb 3, 2004
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Well I tried...

Lambada, I did just as you said. I went into the branch and complained that the interest payments every month on my account represented "movement". They laughed. I growled at them. Then they took me seriously and said someone in SD would look into it (but they didn't think I had any hope).

I then continued with the business in hand - they were going to prepare a cheque for me made payable to a local shop.

- Charges for the cheque were as follows:

Commission - 104.88 pesos
Service charge - 125.85 pesos

That's 230 pesos to write out cheque! - More than 8 dollars! :cross-eye Time for another box of "Brown Magic" I think.

Merry blo*dy Christmas - Bah Humbug!

Simon
 

Pib

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Jan 1, 2002
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Simon & Nicky said:
Lambada, I did just as you said. I went into the branch and complained that the interest payments every month on my account represented "movement". They laughed. I growled at them. Then they took me seriously and said someone in SD would look into it (but they didn't think I had any hope).

I then continued with the business in hand - they were going to prepare a cheque for me made payable to a local shop.

- Charges for the cheque were as follows:

Commission - 104.88 pesos
Service charge - 125.85 pesos

That's 230 pesos to write out cheque! - More than 8 dollars! :cross-eye Time for another box of "Brown Magic" I think.

Merry blo*dy Christmas - Bah Humbug!

Simon
Remember there is a 1.5% tax on cheques... or is it a 0.15%?