How a Popular $400 sav-acct results in $80 after 5 yrs

[robbie]

We opened an account at Banco Caribe in Punta Cana when we purchased a condo 2 years ago. We deposited a little more than the minimum. We do not live there, yet, only back and forth for visits. There is very little activity in the account if any. I have the manager email me statements periodically, all of our money is still there with a few cents interest. No problems.

 

[Ken]

We opened an account at Banco Caribe in Punta Cana when we purchased a condo 2 years ago. We deposited a little more than the minimum. We do not live there, yet, only back and forth for visits. There is very little activity in the account if any. I have the manager email me statements periodically, all of our money is still there with a few cents interest. No problems.

What is the minimum? If it is $500, then your account wouldn't have been affected. I deposited when the minimum was $300. When it went to $500, they started deducting maintenance fees.

 

[robbie]

The minimum was 200. We opened the account with 500. I also keep in touch with the manager by email, she knows when we are coming down and she knows the account has minimal activity.

This is the same bank we use to wire transfer money to our realtor, this is where they bank also. We will be meeting the manager in a few weeks, she is not the same one that opened the account. I think since its a pretty small bank its good to know who your dealing with and keep a repoire.