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Bad Experiences with Belizean Banks in general, and Atlantic Bank in particular.
History
Three years I tried to open a checking account with Scotia Bank. "We need a letter of reference from your bank in the US" "Let's see -- you want a letter of reference so I can put my money in your bank. What's wrong with this picture?" "I'm sorry," (Big dramatic paws) "we have our rules."
(Ta-da!)
So, I tried Atlantic Bank. "I want to open a checking account." "No," they said, "You have to be a permanent resident to have a checking account." (Silly me, I thought all it took was a lot of money in the bank!!) "However, " says my helpful new account clerk, "if you start a savings account, it will be a valuable reference you can refer to later." " That's a good thing," I thought.
"OK", I said, "here's $200, Take good care of it!"
An Alarming Incident involving ...<gasp>...my Bank...(Atlantic)
Early in August '01, Pastor Lisa comes to me. "We have a problem. The man who owned our church property has defaulted on his loan. It's gone back to the bank. The bank wants us to vacate immediately, if not sooner." "What's the rush?" I asked. "They need to start renovating, so that they can turn our church into the Atlantic Bank. They've always wanted an address on Fourth Street."
Lisa goes in to action, praying, networking, praying some more. In a week, she has another building. You can see it here. Atlantic Bank, on the other hand, does nothing. It's now March 2002, seven months since they kicked us out of the building, and they still haven't started renovating.
Update: Nov 2004.
While I was in the states for 15 months, Atlantic finally renovated the old
church building. It looks very nice. I still won't bank there.
Recent Events (2002)
Charlotte & I need $200 for a business venture that we're going into, and we are studying where to get it. "Ah hah," I recollect, "I have $200 in the Atlantic Bank, and it's probably accumulated some healthy interest. I'll go close that account (since I don't have any warm feelings for Atlantic since they kicked us out of our building) and I'll get the money."
I go down and tell them I want to close the account. "Your balance is $194."
"Whoa!" "I put my money in your bank for safe keeping and it's going away."
"Sorry, Sir." We charge $6 a quarter for a dormant account. You only earn 5% per year, and that doesn't begin to pay for the dormant charges."
Pass book account; they don't send out any statements. Of course! Why would they want to send me a notice telling me that they're appropriating the money that I entrusted to them (as well as the interest it is drawing.)
Moral: Think twice about putting your money in a Belizean bank, "for safekeeping."
Newest:
(2005) Actually, under the law, non-residents can't legally have a bank
account. How about that??
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