Rumor on opening a new bank account

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irsav

Well-known member
Jan 26, 2019
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Drro said:
I'm glad I opened my accounts many years ago. To avoid service charges I go online and move money from my US account to my peso account and vice versa every 3 months. Been doing it for years and never had a service charge. Only once upon my return did my debit card not work and had to go to the bank to reactivate it. So I'm hoping it will continue to work when I am off island for 3-4 months.
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Now it must be done EVERY MONTH. And many accounts cannot be accessed online. Like ours for example. The bank is working on this our issue more than a week already.On their orders we uninstalled and re-installed the app 6 or 7 times already. Did something with date and time. Etc...
Same result. Their temporary passwords just do not work.
We had to replace our ATM cards three times already.
 
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drstock

drstock

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Oct 29, 2010
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After I lost my passport, I found I could not make a withdrawal at Banco Popular using my new passport (different number) so I was advised to change from using my passport as ID to my cedula, which I now have, because the number never changes. Three times I went to the bank to try to go through the long and tedious process. The first two times, after I went to try to use the cedula, it wasn't accepted because the "process had not been completed". The third time, I spent several hours in the bank at Cabarete, with a very helpful employee, a young man called Jelsy, I think, who went through the whole process and made sure that everything was completely in order and all working before I left. I was very grateful for his assistance, but couldn't help thinking that opening a new account would have been easier!
 
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Dr_Taylor

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Oct 18, 2017
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AlterEgo said:
Isn’t that the truth!! The branch where we opened out accounts and knew the staff closed. So we’ve used another location for awhile now. In early 2018 we arrived there to deposit a check into the dollar account, only to be told they locked and closed it because there had been no activity for 3 months. Not only couldn’t we deposit, we couldn’t withdraw any of the thousands of dollars in the account. It took us 2 days, reams of paper, identification in addition to passports. Mr AE lost it when they started asking about social security deposits, which do not go to DR. Finally reopened the account, what a rigamarole. And this was an existing account opened almost 10 years ago!!!!!

Now we leave dollars with my BIL, and he makes a small deposit every month to keep it active.
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A once per month withdrawal from an ATM, even one outside the country, resolves the "no movement" issue.
 
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Dr_Taylor

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Oct 18, 2017
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irsav said:
A good friend of us had to go to the USA to see his doctor there. In the USA some serious illness was discovered. So he had to stay there for treatment about 4 years.
When recently he came back here and went to the bank he discovered that all the money from his dollar account (about $600) DISAPPEARED. Bank people told him that they charged him $10 for EACH MONTH OF INACTIVITY.
They stole all his money.
A Third World banana republic. It will never change.
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Many banks, including those within the U.S., charge for inactivity. In fact, many U.S. banks charge more than USD$10, so the banana republic comment is misplaced. We have to educate ourselves before accusing RD banks of doing what other banking systems do.
 
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Dr_Taylor

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windeguy said:
That is one reason I am here legally with a Cedula, along with driving legally with a DR license.
I have been using DR banks since I have been here (16 years) for funding local expenses. Being legally in the country makes a difference. True that Western Union or ATM cards could be used instead of a local account.

Still looking for more information on if visitors are in the country for more than 2 months, that they will not be allowed to open bank accounts. Rubio_higuey seemed to indicate that he had heard of this happening.
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EXACTLY. I have found that Banreservas has indulged me greatly when I needed help. Moreover, the telephone customer service line has English speakers some of whom speak better English that the average North American. Yes, there are hurdles, but my experience, overall, has been positive. My fees are certainly less than what U.S. banks charge, and the interest payments higher. By the way, I link my account to my cedula NOT a passport.
 
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Rbh44

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Mar 28, 2007
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Yes

I was just at two different banks and a gringo must be in the country legally to open an account. If you have overstayed then you are not legal.
 
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william webster

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Jan 16, 2009
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Rbh44 said:
I was just at two different banks and a gringo must be in the country legally to open an account. If you have overstayed then you are not legal.
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Does that mean you must open the account with30days of your arrival
Or
You must be a legal resident
 
bienamor

bienamor

Kansas redneck an proud of it
Apr 23, 2004
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irsav said:
There is no charge on ATM withdrawals in the USA with a Dominican ATM Card?
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In your dreams maybe. used my bhd card in the us once charge if I remember correctly was the equivalent of 6bucks but would still be worth it to provide movement
 
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irsav

Well-known member
Jan 26, 2019
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bienamor said:
In your dreams maybe. used my bhd card in the us once charge if I remember correctly was the equivalent of 6bucks but would still be worth it to provide movement
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Without a "movement" the penalty is $10. So basically there is no difference. Either way they take and have you.
 
AlterEgo

AlterEgo

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Jan 9, 2009
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irsav said:
Without a "movement" the penalty is $10. So basically there is no difference. Either way they take and have you.
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We’ve never been charged a cent on our account at BHD. Is it tied to the balance in the account maybe? We get interest from them, a laughable amount, but it’s there
 
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cavok

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Jun 16, 2014
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At BHD your USD account is charged $10 every month the account balance is under $500. It becomes inactive if there is no movement after 90 days. Might be a $10 charge to reactivate it, not sure(?).
 
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cavok

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Jun 16, 2014
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Some of these new requirements, like having to fill out a 1099 form(US citizens) and an official copy of your SA or pension payments, are coming from MUCH higher up than the banks themselves. While somebody might slip through the cracks somewhere when opening an account, sooner or later, your account will be flagged and you will have to provide this info.

"The times they are a'changin".
 
AlterEgo

AlterEgo

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cavok said:
Some of these new requirements, like having to fill out a 1099 form(US citizens) and an official copy of your SA or pension payments, are coming from MUCH higher up than the banks themselves. While somebody might slip through the cracks somewhere when opening an account, sooner or later, your account will be flagged and you will have to provide this info.

"The times they are a'changin".
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I agree. You have to remember that my husband is Dominican. When we had to reopen the account after inactivity, an account in existence for 10 years, they asked for ID, and he gave them his cedula. I only had drivers license with me. They demanded passports, so we went back the next day with them. Well, the moment they saw this Dominican with a US passport, everything changed. A million questions about income, and how much social security was going to be deposited monthly, blah blah blah. He told them several times that our primary residence and bank was in the USA, and you could see the wheels turning and the concern that we were trying to put one over on them. I never opened my mouth, just watched the whole thing in amazement. The “bring in your passports, it will take 5 minutes to reopen with that verification” turned into over 2 hours of interrogation. I agree, something has changed.
 
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william webster

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Jan 16, 2009
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These new requirements may indeed be driven by US reporting information.

I know investment firms (outside the US) that refuse US based clients.
Too much paperwork/reporting
 
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