Scotia Bank

[Ken]

I have one of each, but don't keep much money in either. The peso account is savings, rather than checking. I can withdraw the money using the bank's ATM card.

The money I live on I get by writing personal checks on my account in the US.

[fcred]

You will have to check, but I am pretty sure that Scotiabank has both Peso and USD savings accounts. The USD dollar accounts are savings accounts only. They are not chequing accounts. To issue cheques, you have to ask for a manager's cheque, and there is typically a related charge. This is standard for USD accounts in D.R. banks.

Again, hope this helps.

fcred

p.s. thank's for the intellegent reply comment... preparing a balanced writing built on facts represents an effort that few are prepared to make.

[Paul Thate]

[QUOTE]Originally posted by fcred
[B] It is a branch albeit its local operations are subject to D.R. banking regulations. As such, local deposits are protected by Canadian Depository Insurance up to Cdn$60,000 per account in the event that The Bank of Nova Scotia (Canada) enters bankruptcy.

By local deposits I hope you mean canadian dollars in canada.
Dominican accounts are not covered by the Canadian Depository Insurance.
In fact US $ in canada are not even covered.

Same thing in the states Foreign branches are not covered by the FDI.

[Escott]

Originally posted by ERICKXSON
Question Scott? have the Dominican Government taken any Dollars out of any of the Dominican Banks yet?

Not yet but they have in other countries that have gone through what the DR is presently going through. Ecuador and Argentina are examples.

When you borrow more money than you can possibly pay back but you need foreign oil to keep the country operative, when you run out of dollars you take them from where you can.

I don't trust any Banks in the DR whether foreign or domestic with the financial situation there the way it is. Not that I don't think there can be more Baninters which I think there can be and you may get screwed for other reasons but because they have borrowed more money than I think they can possibly repay.

Scott

[fcred]

Paul,

You may be right.. I looked into it, but could not get a definitive answer from the Scotiabank representatives I spoke with today. It is an interesting legal question as to whether it applies to all accounts (Peso, USDs or only to Cdn dollar accounts).

Scotiabank does not appear to have Canadian dollar accounts, so I guess it goes without saying that it does not apply to these since they don't have any... whether it applies to USD and Pesos probably depends on how the Superintendent of Banks in Canada classifies off-shore Peso and USDs accounts as a liability on Scotiabank's general ledger in Canada.

Do you have any legal evidence to support that it would not be covered? If not, not to worry, I am curious now, so I am checking. Notwithstanding, I think it is a mute point given that it would only kick in if Scotiabank filed for backruptcy, which is unlikely given its financial strength.

fcred