Check Printing Fee

[Bud]

We recently had to have some additional checks printed for our primary checking account here in Boquete. I was stunned today to learn that the cost for that "service" was $26.76, and that was for only 100 checks. Without even being a rocket scientist, it was easy to figure out that each check costs a bit over $0.26. Wow!

Add that charge to the $0.10 per check written for processing through the Panama banking system, and each check that we issue costs almost 37 cents just for the clerical function of writing a check.

Our US bank provides pre-printed checks gratis. Such a difference in mindset (or efficiencies?).

The bottom line message here is to pay bills by direct transfer or credit card when possible.

[Bonnie]

That’s one reason I don’t have a checking account. The banks here are thieves and robbers. I wish I felt I could do away entirely with a bank account because the banks  here are a constant source of aggravation.

[TwoSailors]

Not to mention the cost to replace your ATM card or if you forgot your pin number. Yes, they charge for a new pin number!

[Penny]

I closed my Panama checking account when I discovered that they had taken more than $100 out of my account because my balance had fallen too low. In the many months it was too low (by just a few dollars) could they not have sent me an email? The once every couple of years I need to write a check, I pay about $5 for a cashier's check. I also cancelled my Panama bank ATM cards. The fees were terrible.

[TwoSailors]

Are the cashiers check good to use for paying US bills by mail?

 

[Brundageba]

Here's the way I see it.  Banks apparently do not operate as our US banks do...ie: sending a notice of low balance prior to docking $$ out of your account.  As well it's like climbing mount Everest to open an account.  Hey Bill and I had our account with Banco National shut down by them because of minimal activity below their standard.   To open a new account they wanted all documents ( they already had in their possession) all over again and to include translations ( official) and as well a $5000 deposit into this new account.   Ok waaay too many flaming hoops and they are the most obsessive compulsive bank with regard to process we have ever encountered...and SLOOOOW.    We closed our account and stayed with  Multibank and opened another at Scotia.  Although not as attentive as we probably;y should be,we make sure the accounts have enough $$ and activity to keep them open.   It's way too hard to open an account these days and we do believe having an account serves us well....even paying 25 cents a check if we had to.   

[Keith Woolford]

Cheques are quickly becoming pasé as most transactions can be done electronically these days, either online or by card.

People pay for a cup of coffee with their debit card here. 

Folks I know think Scotiabank’s Visa/Debit Card works well as there are no payments to make or interest charges to incur.

Edited September 21, 2018 by Keith Woolford

[TwoSailors]

Great service with Banco General and great easy to use web site for bill paying!

 

[Hil]

I had my account with Global completed and debit card in hand in less than two hours. One statement from my bank in the U.S.(emailed to me printed---acceptable), Ecedula, letter from my lawyer and character reference letter. Times have changed on opening an account. It is much easier now days. The english speaking woman at the bank advised me---do not open a checking account. So, I followed her advice and did the savings account with a debit card. I am so happy to have followed her advice. Very rarely do you see a Panamanian writing a check in a store. I have seen a few but not many. I don't know the numbers but I see Panamanians and foreigners using cash a lot. I use my card for grocery shopping and withdrawing cash (no charge). I deposit one check a month from the U.S. that cost me $10.70 for a foriegn deposit. Really simple bank. And, no minimum requirement in the account. I do some transers to other banks in Panama with their online system. It is easy and has never been a problem and no charge. They actually pay a dividend also!

Edited September 22, 2018 by Hil

[Penny]

21 hours ago, TwoSailors said:

Are the cashiers check good to use for paying US bills by mail?

 

I highly doubt it as the US seems to believe that Panama uses a foreign currency called the Balboa.