I have seen discussion on this board about keeping money in a finance house vs in a bank. Could you explain to me what the difference is? I'm from the United States with FDIC, but I imagine that there is no such thing in the Dominican Republic. Can anyone supply the name of a finance house, on the North Coast, and do they pay more, less, or the same interest as the Dominican banks?
- Thread starter BigDaddy
- Start date
What's the difference?
Finance houses lend out privately to developers etc., and thsoe loans fund the deposits they get from you. I am sure some or most are reputable but I'd want to know how solvent they are before choosing them over a bank, not that I would keep more than $5000 in the DR if I lived there in any institution.
BigDaddy said:
Big Daddy, Try Bank Russa in P Plata, I am told they are very reliable, pay very well, depending on the amount deposited and it is easy to withdraw either interest or principal withaut notice. It is on 12 de julio. Canadian Bob.
Anoeca??
I suggest tht you try www.anoeca.com; it has many, many satisfied foreign customers. Be careful!!
I suggest tht you try www.anoeca.com; it has many, many satisfied foreign customers. Be careful!!
Basic Business Sense 101 applies here
All over the DR there are people and projects that need financing. Some are very good and willl be able to repay the loans at the cited interest rates.
The big problem is to find out just what finance house is very critical as to the "who" and "what for" it lends your money.
It stands to reason that if they are offering high returns for your deposit, they have to be financing some projects that are "somewhat risky" to say the least.
The banks have lowered interest rates considerably over the past few months and even the Central Bank is getting nearly 35 or 40 points less than it got for certificates just 6 months ago.
So, talk to people in the area. Find out just how they are playing with their money. Weigh the risks versus the benefits.
Remember banks do cover deposits up to RD$100,000, but with this caveat if you have multiple deposits of RD$90,000 in the same bank, they will not be considered as separate entities for recovery should the bank fail.
HOwever, places like the Banco Popular, BHD and Banco REservas are good, solid places to park your money.
HB
All over the DR there are people and projects that need financing. Some are very good and willl be able to repay the loans at the cited interest rates.
The big problem is to find out just what finance house is very critical as to the "who" and "what for" it lends your money.
It stands to reason that if they are offering high returns for your deposit, they have to be financing some projects that are "somewhat risky" to say the least.
The banks have lowered interest rates considerably over the past few months and even the Central Bank is getting nearly 35 or 40 points less than it got for certificates just 6 months ago.
So, talk to people in the area. Find out just how they are playing with their money. Weigh the risks versus the benefits.
Remember banks do cover deposits up to RD$100,000, but with this caveat if you have multiple deposits of RD$90,000 in the same bank, they will not be considered as separate entities for recovery should the bank fail.
HOwever, places like the Banco Popular, BHD and Banco REservas are good, solid places to park your money.
HB
I use Anoeca in Puerto Plata. I have had a great experience there for years. Albertos phone number is 809-697-0760 and speaks English better than I do.BigDaddy said:
Escott
A finance house can either be a company that loans money to consumers only for mortgages or personal and car loans ie. The Money Store or Champion "When the banks say no champion say yes" or a brokerage house ie. Fidelity, Bear Stearns or Merrill Lynch, which is not FDIC and invests your money in everything from Roth IRAs, Mutual Funds and Offshore Hedge Funds.BigDaddy said: