Foreigners Lost Savings in Bancredito

Thought this might interest some people

Foreigners Lost Savings in Bancredito
Sep 21 2005

Santo Domingo, Wednesday - As the case against failed bank Bancredito continues, two foreigners recounted their stories of how they lost their savings. Juan Fontclara Montasell moved to DR from Spain, to help his chronic arthritis, and lost US$64,000 when the bank collapsed. Isidro Gonzalez Souto from Portugal fell in love with Sosua and Boca Chica and lost US$100,000. Mr. Souto told the Court that when Bancredito went down in 2003 he was obliged to convert some of his money to a certificado in Banco Central. However, when this expired Banco Central repaid the part they were responsible for, but referred Mr. Souto to Bancredito's owners for the balance. He is, therefore, now suing the owners together with other creditors who lost their savings. Read more in Spanish in Clave Digital.

The world is full of scams and stupid people. The bank paid 40% interest, where did it come from? No one with a brain invested because it was coming from no where.

It always amuses me when people get screwed by their own greed.

The only people who offer a 40% return are out to swindle . The people who get swindled are greedy. Its the same old story, trying to get something for nothing.

Willie

Can anybody give me some good advice to put some money on a bank in the dom republic? Banco Popular???

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Originally Posted by jravv

Can anybody give me some good advice to put some money on a bank in the dom republic? Banco Popular???

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why would you want to do that?

The good banks pay 3% interest. If you really want to lose your money, we can help with that.

there are lots of usa and cnd banks in the dr. why not just use them or your atm card from your home bank?

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Originally Posted by whynotme

there are lots of usa and cnd banks in the dr. why not just use them or your atm card from your home bank?

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mY dOMINICAN bANK CARD DOESN'T WORK IN nyc.

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Can anybody give me some good advice to put some money on a bank in the dom republic? Banco Popular???

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I have a dollar account in Banco Popular. The interest rate on savings is about 3% although I never did the math. If you want to open one, you will need a letter from your US bank stating who you are and that you are in good standing at the US bank (Letter in Spanish) You will also need a Dominican resident to vouch for you and your passport. If your initial deposit is a check (even certified) they will hold it for 30 days.

However, what JDR said is true, the average guy wont need it.

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Originally Posted by brianod

You will also need a Dominican resident to vouch for you...

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I've met you, how much did you have to pay for someone to vouch for you? :lol: