Boquete Panama

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Beware of Global Bank.  We’ve been trusted customers for about 7 years with Global having opened our account in the Boquete branch.  In the beginning we had difficulties with signatures – allegedly our signatures on the checks didn’t match the signature on file.  We sorted this out and went along just fine for the next 5-6 years.  Last month (September) Global Bank bounced three of our checks saying the signature does not match.  I have a copy of the signature on file; and now copies of the 3 checks that bounced.  The signatures are 99.9% the same.  The charge from Global is $26.75 each, plus the payee’s bank charges, all adding up to about $130.00.  Global will not reverse the charges or look into this.  They were adamant on that.  So we promptly closed our accounts and pulled our money out of there.  We never wrote a check we could not back up in funds. 

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Mejor dicho:   El Banco del Gran Juegavivo

The banking ruling agency in Panama is the Superintendencia de Bancos.  http://www.superbancos.gob.pa/en.

 

There is link in this site to file a claim.  Even that the website is also in english I am not sure if you should made the claim only in spanish.  Navigate in the website and try it.

 

Roger

 

 

 

We call them The Bank of No. No, we will not do that. No, you cannot do that. No, we can't give you information. No, we won't refund our mistake. No, No, No. I don't do any business there anymore. I LOVE the people and service at both Scotia and the Caja de Horas.

Elizabeth

It is interesting your good experience with Caja de Ahorros.  I was thinking to open a saving account in this bank.  It is one the most solid bank in the country. 

Yes, Roger, we have had nothing but positive experiences with Caja. AND...it took less than half an hour to open an account with our new E cedulas. I'm glad to hear from you that they are solid.

Elizabeth

 

Panama as a country will dissapear before the Caja de Ahorros go bankrupt.  Even in the worst years of the military dictatorship and in the year of the US Invasion to oust Noriega out of power the bank remained still with no problems.

 

Sorry to hear about this unpleasantness, but great way for them to make a lot of money using your account.
Is it difficult to do business with banks in Boquete? Are there many options for banking locally?
I have been following the FATCA debacle since it passed in 2010, cleverly hidden as part of the HIRE Act.
The latest deadline for foreign financial institutions to comply was recently changed from January 2014 to
July 2014, because the US government has been having problems instituting this mandate. Panama has just as recently signed on this train wreck. It calls for all foreign institutions to reveal information on their clients, privacy be damned. In fact you will probably be the last to know that they are snooping, since no one has to tell you that you are being investigated. All this under the guise of 9/11. Many banks are making it difficult if not impossible for Americans to continue their relationship as clients. If there are no Americans clients, the banks do not have to comply with the rigors
of FATCA. Hold on, if your institution is not compliant with the US, you will automatically forfeit 30 percent of the monies leaving the US destined for your use. (it will be up to you to try to recover those losses come tax day). Good luck with that. Some banks in Panama City are closing the accounts of long term American clients, in order to avoid having to comply with FATCA regulations. Do you think that your bank is trying to cut its losses, and deliberately get you gone, or do you think it is pure ineptitude. I would be interested to know what you think.

"Hold on, if your institution is not compliant with the US, you will automatically forfeit 30 percent of the monies leaving the US destined for your use."

I don't think that's true.  The 30% doesn't apply to individuals, only to banks.  This has been discussed extensively, along with references showing that 30% thing is not true.  I don't feel like looking it all up again, so if someone is concerned, check it out.

Judy, the person whom you are replying to appears to be looking for controversy, in their first 24 hours on the Forum.

Here it is:  The 30% applies to financial institutions, not individuals.

IRS - FACTA

If a foreign bank is not FATCA compliant, the 30% is deducted from the amount of the wire before it leaves the US.  Then the foreign bank gives you the leftovers.

That is not the way I read it.  Can you give a reference for this information.  This is what I found that is the clearest (not much info available is clear):

If you are a U.S. person, you may be asked to complete IRS Form W-9 (Request for Taxpayer Identification Number and Certification) which will be kept on file at your financial institution. You may also be asked to provide consent to your financial institution to provide the IRS with personal and account information.

If you do not complete IRS Form W-9 or provide your consent to disclose information to the IRS, your financial institution maybe required to withhold a tax of 30% on any U.S. source payments1 that you receive and send this money to the IRS. Also, your financial institution may refuse to open an account or may be required to close existing accounts.

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