Opened a standard savings acct at Popular back in 2004. Minimum to open was $300 so I put in 400. No fees, specifically pointed out that the account was only going to sit there without activity. Was meant as a little saving/gift for the kid of a dominican friend when he needs it one day.
Never looked at the account till 5 years later. One would think $410 with whatever moderate interest. Nope, $80 left, bad luck for little Jose. Turns out Popular's policy changed not once but 3 times in the 5 years. First they upped the minimum balance to $500, sub-minimum fee $5 monthly, later upped that fee to $10 and to top it off added another $10 inactivity fee. All monthly. Policy changes affect prior accounts and no need to inform clients. Client is supposed to look at the smallprint policy update memo hanging in the Bank's window so I was told. Glad I went there today and not next year, when the account would have zero'd. Even dared to ask what happens in that case, if then little Jose would owe them fee money.... But Dominican Bankers have a heart too, in that case so I was informed today, after zero'ing the account with fees, they simply close it. How convinient, steal everything from the poor, while a incoming wire transfer of a million Dollars has a flat fee of only $6. Can't steal too much from the rich, they are too smart.
Not specific to DR Banks I know. They just learned from the best I guess, but unlike in the US, no chance of getting your money back no matter how long & loud you bitch. Honestly I think I rather have some pity criminal (non-killer) rob me a few $ or cell phone on the street. That also happened a few times in my life and I have to say this "fee robbery" experience today felt worse then watching street kids run away with my watch. Really makes me wonder how people who work in the financial sector can live with themselves when they make up plans such as "lets clear out all these small sleeper accounts".
Never looked at the account till 5 years later. One would think $410 with whatever moderate interest. Nope, $80 left, bad luck for little Jose. Turns out Popular's policy changed not once but 3 times in the 5 years. First they upped the minimum balance to $500, sub-minimum fee $5 monthly, later upped that fee to $10 and to top it off added another $10 inactivity fee. All monthly. Policy changes affect prior accounts and no need to inform clients. Client is supposed to look at the smallprint policy update memo hanging in the Bank's window so I was told. Glad I went there today and not next year, when the account would have zero'd. Even dared to ask what happens in that case, if then little Jose would owe them fee money.... But Dominican Bankers have a heart too, in that case so I was informed today, after zero'ing the account with fees, they simply close it. How convinient, steal everything from the poor, while a incoming wire transfer of a million Dollars has a flat fee of only $6. Can't steal too much from the rich, they are too smart.
Not specific to DR Banks I know. They just learned from the best I guess, but unlike in the US, no chance of getting your money back no matter how long & loud you bitch. Honestly I think I rather have some pity criminal (non-killer) rob me a few $ or cell phone on the street. That also happened a few times in my life and I have to say this "fee robbery" experience today felt worse then watching street kids run away with my watch. Really makes me wonder how people who work in the financial sector can live with themselves when they make up plans such as "lets clear out all these small sleeper accounts".