thompson626
9/17/2010 00:37 EST
We work with Credit Unions in Panama, COACECSS in particular. You send your funds directly to the bank so it is very safe and secure. You have to be there in person to sign up. There are no fees for you because the Credit Unions pay us a finders fee. We have a contract with them. One bank in Panama failed many years ago and it was an American bank, Stamford, not a Panamanian bank. Panamanian banking authorities found out that they were not following Panamanian banking laws. The bank was shutdown and all of the depositors received their money back. I remember the Disa Bank some thirty years ago, and whether it was an actual failure or just a closure, who remembers? But does it really matter today? Credit Unions have been around Panama for 70 years and never a failure or financial problem with any of them. They are too conservative. The interest rate starts at 4% and works up to 8.25% depending on the length of time you decide to lock it in, and the amount you invest. Minimum lock in is 6 months. Minimum investment is $5000. E-mail me for all the details and I can start you off on your road to doing your due diligence. panamajames@gmail.com Thanks. jT
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Volunteer
From: Panama
10/24/2010 23:36 EST
12 banks have failed in Panama. The last one was DISA. 8.25% is not provided by any legitimate bank.
Obviously, this is a SCAM.
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thompson626
11/3/2010 09:46 EST
4% to 8.25% is offered here in Panama. This is definitely on the level. The credit union that offers this is called COACECSS located in Panama City with branches all over Panama. You have to attend the bank in person to get a CD. You cannot do it on line. There is no one that invests your money other than you and the bank or Credit Union employees, no in between persons. If you want detailed information, contact COACECSS yourself or I can give you information in English that you can follow up on. panamajames@gmail.com .....jT
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thompson626
11/3/2010 12:45 EST
One American bank failed in Panama. It was not a Panamanian Bank. The one bank that has failed in Panama was Stamford Bank, and due to Panama banking regulation all depositors got their money back. To read more check out http://www.centralamericadata.com/es/search?q=Stanford+Bank+(Panam%C3%A1)%2C+S.A. It's in Spanish. You will need a translator program. I remember the Disa Bank some thirty years ago, and whether it was a failure or just a closure, who remembers? But does it really matter in today's economy? If that was the latest one that closed it's doors, we have nothing to worry about. People can search Google “Bank failures in Panama” and all you will find are articles raving about how strong Panamanian banks are. What specific banks in Panama have closed? I am sure we won't get any answer because there have not been any such bank failures. A reminder that there are Credit Unions here in Panama that are non-profit, pay no taxes or shareholders, and that they do pay 8.25%. Some even pay 9% on retirement funds. Look up an article in The Visitor / El Visitante Page 14 of the Oct 29 to Nov 4 edition in Panama. Our company offers an additional .250% on some deposits. E-mail me at panamajames@gmail.com and you can do your own due diligence. I will tell you where you can start your searches......jT
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rob3162
11/7/2010 16:43 EST
if you need to conduct the original account opening in person do you bring a cashiers check with you or do a wire transfer from the US bank?
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kimbo47
11/8/2010 02:43 EST
You need to go personally to the banks and its not a walk in and i want to open an account. You need a recommendation to the bank from a resident panamanian, you need a letter of recommendation from your bank, you need to describe the origin of the funds and also proof of previous employment or a copy of your income tax.
This is what a bank asked me when I visited them last week. I have no idea about the credit unions but I would be very careful with them. And by the way the banks do not pay anywhere near 4%. So be very careful and do your own investigation. And by the way the CD's are not insured which in my experience means that if the bank fails you may lose your funds. remember a bank is a business and even though regulated they can fail same as any other business.
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Volunteer
From: Panama
4/19/2015 19:09 EST
COACECSS collapsed after English-speaking intermediaries preyed on expats offering them 8.25% CDs on The Visitor.
Stamford Bank Panama closed because of consolidated supervision when the US shut down its US headquarters. However, its Panama branch was solvent and its assets where purchased by the founders of Balboa Bank, despite the objections of Federal regulators who wanted the money to pay off US creditors. Stamford Panama depositors were paid back IN FULL.
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SawMan
4/20/2015 22:35 EST
Banks do fail in Panama and other banks are not always there willing to pick up the pieces (which happens a lot.)
The Superintendency of Banks of Panama ordered the Seizure of Administrative and Operating Control of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. effective at 2:00 PM on Wednesday, 11 March 2015 due to insufficient assets to meet deposits. ES BANK (PANAMA) is currently going through involuntary liquidation by the Superintendent.
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SawMan
4/20/2015 22:38 EST
The following is a link to banks licensed to operate in Panama. If your institution is not on this list, it is NOT a bank and not protected by laws governing banks, capital requirements and regulatory oversight by the Superintendent of Banks:
http://www.superbancos.gob.pa/en/igee-general-information
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PanamaJackie
5/3/2015 21:54 EST
COACECSS is dead. a guy names Jim ( James) in Boquete pushed it hard and heavy at the Tuesday Markets for many years.
You can realistically expect to earn 1.5 to 2.5% interest compounded daily at a reputable bank in Panama.
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PanamaJackie
5/3/2015 21:55 EST
COACECSS is dead. a guy names Jim ( James) in Boquete pushed it hard and heavy at the Tuesday Markets for many years.
You can realistically expect to earn 1.5 to 2.5% interest compounded daily at a reputable bank in Panama.
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