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I haven't seen much on the board about Banco Santa Cruz except in relation to changing money and a post by Scott re CD interest.
The Sosua branch of Banco Santo Cruz is offering good deals to attract customers, with interest on savings and checking accounts higher than that paid by Banco Popular and others. The interest they offer on CDs is also higher, as was noted by Scott in his post.
What, if any, are the reasons not to switch to Banco Santa Cruz in order to benefit from the higher interest?
Ken,
I have accounts there now but with little funds there. They always paid a little more than other banks on Cd's and not checking or savings which pays very little. I think I get 4% on Savings there.
My fear is of all banks in the DR not one in particular. I first posted I wouldnt put money in Baninter because they paid WAY too much interest compared to the other banks. Then I said the same about Banco Mercantile. One went bust and the other was taken over in some sort of way which I believe we won't ever know the true story.
If you insist on a bank in the DR, I would use Banco Santo Cruz. If you are open to other things I would use the finance house in Puerto Plata. Alberto will be at the Thanksgiving dinner if you want to chat with him.
A couple of friends of mine followed my advice and went to Santa Cruz and got 8% on a dollar CD, sameday transfers of some other funds, and called me to say thanks!!
All they dollar check, certified, from another bank...
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Banco Santa Cruz?
