Have money in COACECSS, think about this

[Lee Zeltzer]

I received this today, I am passing it on with no comment beyond the source is very reputable.

Dear Lee, 

I have been very concerned for months about the marketing of this Savings and Loans Coop (and have been advising clients who ask, not to make deposits in Savings and Loan Coops) and a client just told me last Friday that they have been outside the Tuesday Meetings. 

The financial newspaper in Panama (Capital Financiero) published a note this week saying that the government entity that oversees Savings and Loans Coops has just intervened COACECSS (which is the one being promoted by this group of Americans in Panama) because of an audit which showed the sustained non-compliance with the law that regulates them and the "financial and administrative deterioration of this Coop which jeopardizes the investments of the Coop". 

 

[mox]

Thank you Ray, I have read many of your posts, you sound like a very informed and intelligent man. I have talked to my advisor about bonds, not sure I want something so structured, I am looking at more of a secured deposit where I can draw the interest every month for living expenses. The forementioned "coacecss" seemed perfect, but like most things in life "if it seems too good to be true, it probably is". Any other options, in your opinion?

[Judy Sacco]

I am very happy with CACECHI credit union in David.  It is just off the main highway across from the big white building where the BMW dealer is.  They have a website.  There isn't much English spoken there, but you can talk to Lily and she will help you.  CDs are about 5%, savings accounts 4%.  It is the credit union for all the university professors, but anybody can become a member.

CACECHI

Also check out CACSA, the little credit union across from the park in Boquete.  They don't seem to have CD's, but they have savings accounts that pay 3-1/2%.

[mox]

thank you Judy. I will look into that.

[Jim Thompson]

I agree with Judy.  CACECHI is a very good credit union in David, and they are only in David.  They have a few locations there.  One is across the road from the Ciudad de David Hotel.  CACSA has a number of branches in Panama and one in Boquete.  Handy for someone local in Boquete.  They are both excellent choices........jT

[Ray]

Instead of directly addressing the concerns mentioned here in this post, again people linked to that coop wouldn't immediately respond in an alleviating manner, that is to say, let the clients know that there's nothing to be concerned about at all and show some evidence for such a statement.

So again, is there any report about how refinancing is organized by COACECSS?

Is there any publication other than 'I wouldn't be overly concerned' or some glossy pictures of some annual meeting?

That was the politically correct addressing.

 

The more straightforward version is:

If in doubt, chuck it out, and leave. Now.

 

[Stephane d'Ursel]

PLEASE, READ THIS CAREFULLY:

GIVEN THE CURRENT SITUATION IN THE RATES MARKET,

THERE IS NO WAY YOU CAN GET A 5% +  RISKFREE !!!!!

The only way one can still obtein this kind of return on deposit is in the loan market, and i guess that everyone by now is conscious that real estate mortgages  and personal loans can be risky...

 

[Johnny Sunshine]

During some times of the year some banks do go up to 6%-6.5%. on C.D's...

[Lee Zeltzer]

Let me know the last and next time that happens

[mox]

Do you know of any specific banks? I find it difficult to find rates on the internet and on thier websites. Thanks.

 

[Johnny Sunshine]

I have noticed that Multi Bank has had 6-6.5% during the first part of the year for a short period of time.  Also the bank branch in Rey and I can't remember the name has rates around 5%.  These rates re usually for 4-5 year CD's

[Ken & Pattie Thompson]

Johnny, I have noticed that the rates at Global have gone down slightly for both savings and CD's in the last couple of months.

[mox]

Stephane, according to the CACECHI website they give %5 on a savings account called Golden Eagle. So indeed they are out there.