Bank Charges

Birdman

Active member
Jan 29, 2013
239
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Hi everyone. I have a bank account with BHD. I was checking out the app and noticed that I get charged twice a month in my dollar account and 65 pesos twice from my savings account so I am paying over 4 USD each month with La Ley charges. Is this normal? I remember once that banks didn't charge if you had a small amount.
 

Manuel01

Well-known member
Apr 1, 2009
901
939
93
Hi everyone. I have a bank account with BHD. I was checking out the app and noticed that I get charged twice a month in my dollar account and 65 pesos twice from my savings account so I am paying over 4 USD each month with La Ley charges. Is this normal? I remember once that banks didn't charge if you had a small amount.
Yes it's normal. If you have arround 7 k in your $ account the interest equals moreless the monthly costs. Also,... make sure to be always above 300$ and have the account active otherwise its getting really expensive. And btw. BHD is still the best bank and has the lowest fees by far.
 

MiamiDRGuy

Bronze
May 19, 2013
1,479
498
83
Dang, I hate banks in DR, they charge fees while I have 8 accounts here in the US and I pay zero fees. DR should offer fee free checking to attract more customers and they can make killing by making money on debit card swipes.
 

bob saunders

Platinum
Jan 1, 2002
32,818
6,201
113
dr1.com
Dang, I hate banks in DR, they charge fees while I have 8 accounts here in the US and I pay zero fees. DR should offer fee free checking to attract more customers and they can make killing by making money on debit card swipes.
so on your fee free American banks are you paying debit card swipes?
 
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JLSawmam

Newbie
Sep 8, 2018
228
151
43
Hi everyone. I have a bank account with BHD. I was checking out the app and noticed that I get charged twice a month in my dollar account and 65 pesos twice from my savings account so I am paying over 4 USD each month with La Ley charges. Is this normal? I remember once that banks didn't charge if you had a small amount.
I'm sure BHD, like most banks, has a minimum balance requirement to avoid a monthly fee. And, there likely is a monthly fee if the account has a debit card. That may explain the fees on the pesos account, I doubt you have a debit card on the dollars account, so that is worth asking about.
 

JLSawmam

Newbie
Sep 8, 2018
228
151
43
Yes it's normal. If you have arround 7 k in your $ account the interest equals moreless the monthly costs. Also,... make sure to be always above 300$ and have the account active otherwise its getting really expensive. And btw. BHD is still the best bank and has the lowest fees by far.
Yes, BHD is very good, but the fees the OP describes are the same or perhaps more as with Banco Popular, depending what the fees are for. I pay 65 pesos a month for the debit card attached to my account, and by maintaining the minimum balances, no other fees.
 
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bob saunders

Platinum
Jan 1, 2002
32,818
6,201
113
dr1.com
I'm sure BHD, like most banks, has a minimum balance requirement to avoid a monthly fee. And, there likely is a monthly fee if the account has a debit card. That may explain the fees on the pesos account, I doubt you have a debit card on the dollars account, so that is worth asking about.
70 pesos per month for debit card at BHD
 

drstock

Silver
Oct 29, 2010
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I long ago gave up trying to make sense of the charges on my accounts at Banco Popular. As long as they are not too ridiculous I just accept it as one of the hidden costs of living here.
 
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cavok

Silver
Jun 16, 2014
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All banks have a 0.15% transaction fee required by law. BHD requires you to maintain 5000 pesos in your peso and $500 USD in your dollar account or you will be charged a fee.
 

Manuel01

Well-known member
Apr 1, 2009
901
939
93
All banks have a 0.15% transaction fee required by law. BHD requires you to maintain 5000 pesos in your peso and $500 USD in your dollar account or you will be charged a fee.
good to know. it used to be 300$US
 

cavok

Silver
Jun 16, 2014
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I don't pay any fees with my Schwab debit card, but with my other bank card, the merchant bills the fees to my bank. Schwab covers all fees including ATM fees.
 

JLSawmam

Newbie
Sep 8, 2018
228
151
43
Banks "back home" that cover ATM and such fees are not losing money, we all know that. It's certainly nice here when merchants offer a discount when paying in cash - a win-win for both sides. I take advantage of that at Farmacia Popular, 10% off when paying cash, but you have to ask for it because they have to hand-write up the receipt to give the discount.
 

Manuel01

Well-known member
Apr 1, 2009
901
939
93
The average note (bill) changes owner up tu 400 times before being destroyed and replaced. Lets take for example a 20$ Bill that is used 400 times what results in 8000 $US of transactions. The very same transactions with a credit card (400x 20$) would have created a fee (2%-5%) between 80-200$. A fee that in the end pays who ? The Consumer ! This is mindblowing. Imagine how much money is created for the financial industry from one single 20$ bill.
 

cavok

Silver
Jun 16, 2014
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so how do they make money off you?
Schwab? I've wondered that myself. I've checkedm y statement carefully - no extra charges. I can also send an international wire for only $15. This debit card is associated with my brokerage account. Maybe that's what makes the difference(?).
 
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