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Multibank Foreigner Annual Charge

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jac1700
  5/1/2015 21:42 EST

Can anyone comment on the new annual $250.00 charge that went through our Multibank account on April 30th.?

Someone mentioned they are the first to start this fee that shows up on the bank statement as "COMISION POR CUENTA EXTRANJERA".

Can it be reversed if you prove you are a resident (pensionado) or if you have the Cedula-E (Extranjero/Foreign)?

Are they trying to force us to get out of their bank? What's up with this new charge?

panamaexpat
  5/1/2015 22:02 EST

That someone is a bank officer? Sounds like not. Suggest you go in person to Multibank preferably with a Spanish speaking friend or interpreter, and ask the question directly to a bank officer. I haven't heard about this new fee.

Additionally, do you use their Debit Card? Could that not be their annual fee for the use of such card?

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jac1700
  5/1/2015 23:48 EST

An expat property manager in Coronado told me her account was debited for $250.00

I have had this account for several years without charges except for a Visa card that I pay $6.57 a month.

This is a chequing account and it is also a 'Foundation', but I have never seen a charge of this size.

jac1700
  5/2/2015 08:19 EST

The young prop. mgr. in Coronado who told me her account was debited for $250.00 has a basic account with Multibank.

pfergy
  5/2/2015 10:19 EST

My wife an I just returned to US from Boquete, where we tried to open an account. Not only was there a $250 annual fee, but the minimum balance went up to $1500. The rules seem to change. We will work on getting our visa, then try again.

Jazzmann
  5/2/2015 10:32 EST

We got the same charge on 30 April "Commision por Cuent Extrajera" $250.00. Our attorney set the account up for us. I will Email her and see what she has to say. We have Cedulas as Pensionados. Discuenta Jubilado?

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BoqueteBoy
  5/2/2015 16:52 EST

Announced in 4/27/15 "Aviso Importante" emailed by Multibank to, probably, US-passported clients with accounts triggering bank reporting under FATCA (who haven't opted out of receiving email notices).
No idea if an account opened with an e-cedula would avoid the problem.

panamajames
  5/2/2015 18:21 EST

So what banks are these charges coming from, and are you all Americans who this is happening to? I have many bank accounts in Panama, more than a dozen, and I have not seen anything like that appear in any of my accounts. For those looking for information on how to avoid such charges, email me or PM me and we can discuss ways to avoid such a charge. I heard this was coming.

jac1700
  5/2/2015 20:57 EST

I think BoqueteBoy has the answer. I do not get notices from Multibank. I am Canadian and I know an Australian who was hit with this $250.00

See page 8 of the below URL [ Revisión normativa de cliente con cuenta extranjera / Regulatory Review of Foreign Accounts/Clients (Exento de ITBMS/ITBMS tax not applied) USD 250 Anual ]

https://www.multibank.com.pa/documentos/Nuevo_Tarifario.pdf

It may be a blanket charge to all expats. Maybe some of us are not affected by FATCA and Multibank will relent. We'll see.

jonoyakker
  5/2/2015 21:42 EST

I just checked and they hit me too. PJ, I'll be emailing you to see if I can get it reversed. Otherwise, it's goodbye Multibank!

panamajames
  5/2/2015 23:56 EST

It was so sleazy how Multibank did this. A notice in Spanish to their English speaking customers on April 27th and then on April 30th, before people had a chance to close down their accounts or enquire, they hit everyone en masse, for $250 each. I would like to know if it was each person such as a joint account then $250 x 2 = $500 or $250 per account, like a chequing, a savings, a CD account etc. If it is a one time family fee, people may just suck it up as a cost of doing business here in Panama.

The fact that they are the first to start this fee that shows up on the bank statement as "COMISION POR CUENTA EXTRANJERA", is not a good sign.

If you are considering opening up a bank account here and want to remain FATCA free, let me know..........I am currently investigating this with some banking friends to see if I can gather some intel.........

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llactivities
  5/3/2015 20:12 EST

we looked at MultiBank a few years ago - when I asked who owned the bank - we told it was privately owned by a wealthy senior - a man who resides in Farallon- we did not like the sounds of that- or their membership criteria- so we passed them by and have been with Banco General- for last several years- very happy with their operating Board of Directions and our account operations to date

llactivities
  5/3/2015 20:16 EST

we looked at MultiBank a few years ago - when I asked their staff who owned the bank - who the decision makers were - we told it was privately owned by a wealthy senior - a man who resides in Farallon- we did not like the sounds of that - or their membership criteria - so we passed them by and have been with Banco General- for last several years- very happy with their operating Board of Directors and our account operations to date

volcan357
  5/3/2015 21:10 EST

I think Banco General is the best managed Panamanian bank. I have not tried to open a new account since I became a Panamanian citizen but presumably it should make it easier. The $250 fee sounds like Multibank is trying to take advantage of the need for foreigners to have a bank account in Panama.

PanamaJackie
  5/3/2015 21:22 EST

problem is that Banco General does not have online banking in English. So, it presents a problem for those who are not fluent in Spanish

The $250 fee was waived for my Multibank account because I have a lot of transactions and live in Panama full time...that is what I was told.

jac1700
  5/3/2015 21:35 EST

PanamaJackie - did you have to go in and have it waived or did you inquire about the fee and were told you were exempt for 1 or 2 of those reasons?
..... We don't have many transactions at all, but we have just moved here permanently as of March this year. We are staying in a rental until we move into a condo on June 1st for a long term lease.
..... I would like as much info as possible so I can attempt to have the charge reversed.
.....Thanks

Jazzmann
  5/4/2015 09:27 EST

I checked with our attorney and was advised that it is a charge to "cover" the costs of the compliance paperwork required by the US government. There are no exemptions. The alternative is that many banks in Panama are closing the accounts of foreigners. The notification program didn't work out so well. There is no English option for the Emails and they can't be copied and dropped into the translation program. FATCA costs us money even when "he whose name must not be mentioned" does not make a dime for himself.

panamajames
  5/4/2015 13:29 EST

"Cuenta Extranjera" is defined by the Bank(s) in this case as ANY ACCOUNT of a non=Panamanian in the bank.

In addition, I am advised that the bank account of a Panama Corporation (and I assume Panama Foundation) is regarded as having Panamanian Nationality, regardless of the beneficial ownership........at least that is supposed to be the law.

Regarding FACTA it appears that Banks are using that as the thin edge of the wedge to punish ALL FOREIGN ACCOUNT HOLDERS, regardless of nationality.

I would not be at all surprised if they start with negative interest, just like the European banks are doing now. There are answers to this dilemma if you are serious...........

panamaexpat
  5/4/2015 14:09 EST

Panamajames, what are the answers? There are several expats interested. Please elaborate.

panamajames
  5/4/2015 17:44 EST

Some things I have mentioned like the Corporations and Foundation accounts. I would like to know if any Multibank Corporations have been compromised. I am working with about a dozen folks now, and every situation is just a little bit different. Not one solution seems to be able to fit all persons. I don't think that some of this information should be on public forums anyway. Talk with your lawyer or someone in the know and bring the information here. Talk to your bank managers and see how far and how quickly this is spreading. It is going to take me a week or two to have some solid solutions that we can post publicly. I have solutions that work for me, and some others, and hopefully I can find some great ideas that we can put on a public forum. We have done some letters to the Superintendent of Banks, filed a denuncia already.........We have lots of emails coming in and going out...........

jonoyakker
  5/5/2015 06:50 EST

PanamaJackie, I too live here full time (don't understand how that would make any difference on their balance sheet) But how many transactions do you make per month? That factor I could understand-they love their fees.

panamajames
  5/8/2015 22:58 EST

I spent part of the day at Multibank with some their clients who approached me, and having the $250 charges reversed. If you have an account in good standing and a good relationship with that bank, they have the discretion to reverse the charge. If you let it go by, ignore it, don't notice it, don't care, the charge will stand. This way they still make a bunch of money, yet keep their customers who live here, happy. What will happen next year to this annual charge, is anyone's guess. They were hoping that you were all asleep at the wheel and no one would notice.........They were taking lessons from Martinelli and his treatment of the indigenous here.

jonoyakker
  5/13/2015 22:47 EST

I went to my branch the other day. Because I live and run a biz here, with no income in the States, they will reverse the charge, they say.

panamajames
  5/14/2015 00:13 EST

Good for you Jonoyakker. Couldn't happen to a nicer guy........

dfframe
  5/14/2015 14:29 EST

I visited the Multibank in Coronado today and as I have two accounts there (one of which does not accrue interest) I asked that the charges be dropped. ($500) We are Canadians.

They are taking it up with their superiors and will send me an email.
I think it important that everyone that has been charged this sneeky fee should complain to the bank
Don't put it off.

jac1700
  5/14/2015 15:53 EST

dfframe:...........we are Canadians in Coronado also. We have been biding our time gathering as much information as we can.....who did you speak to at the local Multibank?.....per this site, we know that Americans are having this charge reversed - and at the local branches ....we intend to go tomorrow.

dfframe
  5/14/2015 16:11 EST

They have a new English speaking receptionist there now and she directed me to the one English speaking agent that was on duty. I dont have her name although I have dealt with her in the past.

panamajames
  5/14/2015 16:25 EST

I have gone in with a number of people of different Nationalities, American, British, Canadian, Australian, and had them all reversed. It is the people who don't approach them, where they will make their commission to help them pay the cost of FATCA.

abcdef814
  5/14/2015 18:31 EST

Thank you - so appreciate your input on any topic !

dfframe
  5/14/2015 18:44 EST

Too bad you are not in Coronado.
I think it is really important that those affected by this charge by the bank get out and complain.

jonoyakker
  5/14/2015 19:00 EST

In Cornonado, is Nidzia your English speaking agent?

dfframe
  5/14/2015 19:34 EST

Sorry, Can't remember her name.

Any person there that you would recommend?

dfframe
  5/15/2015 13:04 EST

I'm fairly new here and was wondering if there is an ExPat association that could take up this cause with the Superintendent of Banks?

rnykamp
  5/15/2015 13:40 EST

We just got back from visiting our MultiBank branch in Coronado and after the usual wait of about 45 minutes they would not reverse the charge. Unless we were moving here permanently, we would be charged every year. Nidzia also told us that even if we closed our account right then, they would not refund the $250. We told her that if the policy is still in force by next April, we will close the account then and NEVER return even if they change it after that. I think we should start a list of names that agree to all close their accounts before the next renewal charge and let them know we will all go elsewhere for our banking.

dfframe
  5/15/2015 13:49 EST

Count me in on that one!
I can't believe that they would do this knowing that many Expats would take their banking elsewhere.

Sandwhisper
  5/15/2015 13:51 EST

Has everyone been charged that amount yearly? We have not had our money in Multi Bank for a year so we do not know if they are going to do that.

dfframe
  5/15/2015 15:36 EST

Check your statement. Chances are they have debited your account for the $250.
Go to the bank and complain if they have taken this money from you..

donnaclapp
  5/15/2015 19:30 EST

Do you know or have you heard of MultiBank deducting $250 from a C.D.? THAT is a hefty fee! MultiBank wanted to charge me $125.00 to put a second name on my CD....told them NO!!!!!

donnaclapp
  5/15/2015 19:48 EST

Do you know or have you heard of MultiBank deducting $250 from a C.D.? THAT is a hefty fee! MultiBank wanted to charge me $125.00 to put a second name on my CD....told them NO!!!!!

donnaclapp
  5/15/2015 19:48 EST

Do you know or have you heard of MultiBank deducting $250 from a C.D.? THAT is a hefty fee! MultiBank wanted to charge me $125.00 to put a second name on my CD....told them NO!!!!!

jac1700
  5/18/2015 20:38 EST

I went to the Coronado Multibank and Nidzia queried our residency and wire transfers - we don't wire to Multibank, but have been to another bank. She was business-like but very cool........
I contacted a customer client agent in the Santiago branch I met last year. She said that they just had received direction to reverse $200 of the $250 - most likely by the end of the week - due to complaints............When I asked about the $50 balance, she asked me to email in proof of my Cedula (maybe hinted at proof of ownership or rental lease) - we'll see. After receiving my email, she said she would do her best to remove the remaining $50 by taking it to her superiors. That's all I have for now.

jac1700
  5/28/2015 07:23 EST

Check your Multibank accounts. On the 26th., I finally received a reversal of $200.00. I mentioned this reversal directive back on the 18th.

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