Watch Your Money! D.R. Bank Fraud And/Or Incompetence

[Lucas61]

Hello All,

I hope you are all safe and well.

I have been banking at banreservas.com for many years. I have a savings account in DOP and a debit card. I never had a problem until recently. The problem I have is bank fraud. I use this generic term to reference attempts made to withdraw money from my account or the withdrawal of unauthorized charges to my account: 1. Some weeks ago an unknown business entitiy made five attempts to withdraw RD$300 from my account. The charge attempts were declined. I received these notifications via email from Banreservas. I then proceeded to change my debit card and did so. That's a one-half day affair as Customer Service is SLOW, 2. My new debit card is associated with a single account "in the cloud" and that's Altice (the card is connected on my Altice smartphone app), so that I can buy "recarga." Now I've received two emails that Altice has attempted to charge RD$300.00 to my account, charges declined. That's bizarre. I never made purchases and the amount, 300 DOP, is the same as for the other business entity. Even though in these cases charges were denied and the amounts were small, given that entitites were attempting to withdraw funds and that this happened regardless of a debit card change means, very simply, I DO NOT TRUST THIS BANK. My plan to deposit RD$ 62,500 to my savings account as an emergenciy fund is CANCELLED, 3. Yesterday I checked my Banreservas online and found that (Famarcia) Hidalgo, La Sirena, withdrew RD$ 3,000.00 + from my account. I never made a purchase. We have a family friend who lost RD$ 70,000 from his Banreservas account, the bank did not make good, he hired an attorney . . . a lost cause.

I will follow up these items with Hidalgo, Altice, and Banreservas to evaluate, if possible, the reasons for these events. Fraud? Incompetence? I will follow up these items "just because" but I will no longer bank at Banreservas so, in that sense, the result of my investigation is immaterial.

Regarding this post, you can help other members and I by:

1. Reporting any personal examples of fraud, i.e., unauthorized attempts or actual withdrawal of funds, with the name of the bank, as a warning to other members.
2. Recommending a bank that appears most safe. As an example of such a bank, I am thinking about Scotia Bank, which is a Canadian and not a Dominican bank.

Meanwhile, for me, U.S. banking only . . .

 

[SKY]

BHD is the best of a poor lot here..................

 

[Manuel01]

Sky already mentioned; switch to BHD today ! What are you waiting for ? And about your unknown charges via debit Card... Maybe you live alone or keep your card under surveilance 24/7 but in case you are not; Don't trust anyone !

 

[Lucas61]

BHD is the best of a poor lot here..................

Thanks for the recommendation, SKY. One thing scares me, though. When I used my Banreservas debit card, I could also withdraw from BHD ATM's without a fee as BHD and Banreservas are linked. It scares me that they are linked. Also, any particular reason why you would not favor Scotia Bank over BHD. My assumption that Scotia Bank is "safer" because it's not a Dominican bank is an assumption that may or may not be correct.

That being said, as I go about my errands today, I'll stop in at a BHD and check out the application forms.

 

[Lucas61]

Sky already mentioned; switch to BHD today ! What are you waiting for ? And about your unknown charges via debit Card... Maybe you live alone or keep your card under surveilance 24/7 but in case you are not; Don't trust anyone !

I'm waiting for more information! However, BHD is an option and I'll stop by a branch today and see how extensive their application forms are . . .

 

[JLSawmam]

Thanks for the recommendation, SKY. One thing scares me, though. When I used my Banreservas debit card, I could also withdraw from BHD ATM's without a fee as BHD and Banreservas are linked. It scares me that they are linked. Also, any particular reason why you would not favor Scotia Bank over BHD. My assumption that Scotia Bank is "safer" because it's not a Dominican bank is an assumption that may or may not be correct.

That being said, as I go about my errands today, I'll stop in at a BHD and check out the application forms.

I don't know for sure, but I don't think Banreserva is linked with BHD, but rather they use the same ATM network. There are probably several other banks using the same network. That may not ease your mind though, understandably.

 

[SKY]

Thanks for the recommendation, SKY. One thing scares me, though. When I used my Banreservas debit card, I could also withdraw from BHD ATM's without a fee as BHD and Banreservas are linked. It scares me that they are linked. Also, any particular reason why you would not favor Scotia Bank over BHD. My assumption that Scotia Bank is "safer" because it's not a Dominican bank is an assumption that may or may not be correct.

That being said, as I go about my errands today, I'll stop in at a BHD and check out the application forms.

I closed my Scotia account years ago. I don't have time to explain all the problems associated with this bank. I would never use them. BHD has something BReservas does not. Customer service. Not the greatest, but it is there. And no mysterious charges. Also if you want to change your card for any reason it takes 10 minutes................

 

[Lucas61]

I don't know for sure, but I don't think Banreserva is linked with BHD, but rather they use the same ATM network. There are probably several other banks using the same network. That may not ease your mind though, understandably.

Thanks. Could be. However, BHD does not charge ATM fees on behalf of Banresevas so, for me, that is a cautionary note.

 

[Pikobello]

I think everyone has made his own expierence with different banks in the DR. What's good for one, is bad for others. In my 25 years here we had accounts with all common banks, never have been stolen by one, only change or close accounts for economic reasons.
Actually we work with BP and Scotia, all good so far. And I must say that the last time I entered a bank personality it's been more then 1 year ago while we can do all stuff online.

 

[Manuel01]

Thanks for the recommendation, SKY. One thing scares me, though. When I used my Banreservas debit card, I could also withdraw from BHD ATM's without a fee as BHD and Banreservas are linked. It scares me that they are linked. Also, any particular reason why you would not favor Scotia Bank over BHD. My assumption that Scotia Bank is "safer" because it's not a Dominican bank is an assumption that may or may not be correct.

That being said, as I go about my errands today, I'll stop in at a BHD and check out the application forms.

They just join a Net thats's called "UNARED" that allows free ATM use from all the members (Banks) . As of today they are following;
Banreservas, Banco BHD, Asociación Popular de Ahorros y Préstamos (APAP), Promerica, Banesco, BDI, Banco Caribe, Banfondesa, Banco ADEMI y Banco Santa Cruz.

 

[CristoRey]

Fraud? Incompetence? I will follow up these items "just because" but I will no longer bank at Banreservas so...

Anyone who uses a mobile device for online banking is a fool. It is the most insecure way to do your banking, especially in a developing country like the Dominican Republic which has very weak cyber security infrastructure. Storing your debit card information on an application for easy payments is a bad idea.

I've had a Banreservas savings account since 2013. I always do my banking in person. Zero problems.

 

[Manuel01]

Anyone who uses a mobile device for online banking is a fool. It is the most insecure way to do your banking, especially in a developing country like the Dominican Republic which has very weak cyber security infrastructure. Storing your debit card information on an application for easy payments is a bad idea.

I've had a Banreservas savings account since 2013. I always do my banking in person. Zero problems.

And you go there how ??? Riding a Donkey ? Some of us have 10+ Transactions a Day. You want me to sleep inside the Bank to !?

 

[CristoRey]

And you go there how ??? Riding a Donkey ? Some of us have 10+ Transactions a Day. You want me to sleep inside the Bank to !?

At 300 transactions a month I'd like to think you can afford more than a donkey but hey...
knowing what I know about how some of you folks are wired, lol..
Trust me, I get it.
Don't be so sentive, it makes you look you weak.

 

[JLSawmam]

Whether banking online or in person, it's important to keep an eye on your accounts. A couple years ago, a teller in BP tried to withdraw 5000 RD from my account after I had been there earlier in the day. When I noticed the discrepancy the next day, I went back to the same branch and they rather quickly figured out what had happened and I had the money back the same or next day (don't recall exactly). BP does send me notifications when my debit card is used, but since this was an in-office event, I only knew because I looked at my balances online.

 

[JD Jones]

Whether banking online or in person, it's important to keep an eye on your accounts. A couple years ago, a teller in BP tried to withdraw 5000 RD from my account after I had been there earlier in the day. When I noticed the discrepancy the next day, I went back to the same branch and they rather quickly figured out what had happened and I had the money back the same or next day (don't recall exactly). BP does send me notifications when my debit card is used, but since this was an in-office event, I only knew because I looked at my balances online.

One of the things I like about BPD.

But truth be told, I review all of my accounts on a daily basis.

 

[USA DOC]

BHD is the best of a poor lot here..................

and if you think that is a coincident.......you are not looking hard enough

 

[Lucas61]

I think everyone has made his own expierence with different banks in the DR. What's good for one, is bad for others. In my 25 years here we had accounts with all common banks, never have been stolen by one, only change or close accounts for economic reasons.
Actually we work with BP and Scotia, all good so far. And I must say that the last time I entered a bank personality it's been more then 1 year ago while we can do all stuff online.

True, there is much variation in individual experience and one has to take with a grain of salt one person's experience (mine, for example). However, if a single person is having a new experience as am I never having had a fraud issue with BanReservas for years until now, that could suggest a new and emerging pattern, so best to pay attention. What is "BP"?

 

[bob saunders]

Thanks for the recommendation, SKY. One thing scares me, though. When I used my Banreservas debit card, I could also withdraw from BHD ATM's without a fee as BHD and Banreservas are linked. It scares me that they are linked. Also, any particular reason why you would not favor Scotia Bank over BHD. My assumption that Scotia Bank is "safer" because it's not a Dominican bank is an assumption that may or may not be correct.

That being said, as I go about my errands today, I'll stop in at a BHD and check out the application forms.

HOW ARE THEY LINKED? One is a private bank and the other a government bank.

 

[johne]

HOW ARE THEY LINKED? One is a private bank and the other a government bank.

I would love for OP to give a bit more insight to this question and the accusations of "fraud" needs to be expanded. OP, just suppose the bank would contact you after reading this, can you support what you have posted here?
Further more, have you contacted any agency that has oversee guidance on the matter? (Not sure you mentioned this in your posting).

 

[johne]

Hello All,

I hope you are all safe and well.

I have been banking at banreservas.com for many years. I have a savings account in DOP and a debit card. I never had a problem until recently. The problem I have is bank fraud. I use this generic term to reference attempts made to withdraw money from my account or the withdrawal of unauthorized charges to my account: 1. Some weeks ago an unknown business entitiy made five attempts to withdraw RD$300 from my account. The charge attempts were declined. I received these notifications via email from Banreservas. I then proceeded to change my debit card and did so. That's a one-half day affair as Customer Service is SLOW, 2. My new debit card is associated with a single account "in the cloud" and that's Altice (the card is connected on my Altice smartphone app), so that I can buy "recarga." Now I've received two emails that Altice has attempted to charge RD$300.00 to my account, charges declined. That's bizarre. I never made purchases and the amount, 300 DOP, is the same as for the other business entity. Even though in these cases charges were denied and the amounts were small, given that entitites were attempting to withdraw funds and that this happened regardless of a debit card change means, very simply, I DO NOT TRUST THIS BANK. My plan to deposit RD$ 62,500 to my savings account as an emergenciy fund is CANCELLED, 3. Yesterday I checked my Banreservas online and found that (Famarcia) Hidalgo, La Sirena, withdrew RD$ 3,000.00 + from my account. I never made a purchase. We have a family friend who lost RD$ 70,000 from his Banreservas account, the bank did not make good, he hired an attorney . . . a lost cause.

I will follow up these items with Hidalgo, Altice, and Banreservas to evaluate, if possible, the reasons for these events. Fraud? Incompetence? I will follow up these items "just because" but I will no longer bank at Banreservas so, in that sense, the result of my investigation is immaterial.

Regarding this post, you can help other members and I by:

1. Reporting any personal examples of fraud, i.e., unauthorized attempts or actual withdrawal of funds, with the name of the bank, as a warning to other members.
2. Recommending a bank that appears most safe. As an example of such a bank, I am thinking about Scotia Bank, which is a Canadian and not a Dominican bank.

Meanwhile, for me, U.S. banking only . . .

You say "declined". WHO is that...you or bank?