Restrictions in withdrawals from Baninter accounts

hansbert · #1 04-09-2003, 10:25 PM

I heard through usually reliable sources that despite the guarantees of the Central Bank to fully honour all obligations of Baninter with customers at any time (which to my understanding does include the complete withdrawal of deposited amounts in savings accounts without any conditions) clients who want to cancel their accounts are only paid a maximum amount of 10'000 RD Pesos as a first instalment although their deposits exceed this limit. Can anyone confirm this practice or rectify it ?

Pib · #2 04-09-2003, 10:42 PM

I haven't heard that.

I have noticed the lines in the bank.

I am glad I don't have money in Baninter. Actually I don't have money at all... but that's another thing.

Drake · #3 04-10-2003, 12:06 AM

Careful now.. Any speculation on this issue in or on a public forum, you could be "sometidos a los tribunales" or at least that's what Jose Malkum said, the new governer of the Central Bank.

Do you think that the govt are trying to hide something?

What does Sammy think of all this, he must have few mil stashed there?

jojocho · #4 04-10-2003, 09:22 AM

I know people who have been able to get all of their pesos out of the bank with relatively little fuss.

Dollars, however, are a completely different story ...... they're currently not available to depositors who had dollar accounts or CDs.

MommC · #5 04-10-2003, 11:38 AM

My neighbour has several million pesos in the 27% Deposit Certificates and hasn't been able to find out much about them.

(Fool!!) Glad I don't have money sitting around down here!!

mondongo · #6 04-10-2003, 02:42 PM

This situation answers the question: "Why are US$ deposits in DR banks paid higher interest than US$ deposits in US banks?"

jojocho · #7 04-11-2003, 09:32 AM

High interest rates are ALWAYS equivalent to high risk investments, and as so clearly demonstrated by Baninter, deposist in dominican banks are always riskier that deposits in US banks.

Escott · #8 04-11-2003, 03:17 PM

Higher interest rates don't always equate to riskier. I remember having a 19.5% mortgage in the US. Jimmy Carter anyone?

Now Baninter had higher rates than the other banks. That does lead someone to wonder why. They also jumped in the last year and were lower before so...

You can always get higher rates in the DR than in the States. Always have and always will. DR Banks are also more risky, always have and always will unless they discover oil and gas here which probably wouldnt help this god forsaken country.

There is a new beach in Sosua that happened in the last couple of weeks. Right beside the waterfront restaurant. Pretty amazing. I am going to go down a draw Jesus in the sand at 3am to really freak out these Dominicans tomorrow! LOL

Escott

Mambo_Pope · #9 04-14-2003, 08:17 PM

Hi everyone,
This is my first post.
My mother is moving back to the DR very soon and was thinking about investing using the bank certificates. All the posts here have been very informative but I am confused about one thing. When someone mentioned that there were no dollars available for dollar cd's ect. What does that mean? Did the bank say you cant have your money because there are no dollars available? That souns kind of weird and fishy. What kind of rate are the banks giving for US doallr accounts?

Thanks