Banks in Costa Rica – The US Patriot Act making things even worse…

In my Banks In Costa Rica – Ten tips article I made it clear that even if you are legally allowed to carry a weapon, it would be unwise to do so while visiting a bank in Costa Rica.

The reason I gave at the time was that: “If are licensed to carry a firearm do not try to walk into a state bank as they check for firearms. The private banks do not check for firearms but do post signs requesting that you do not carry firearms into the bank.”

The other, more important reason not to carry your firearm into a Costa Rica bank which was not given, was that you might be sorely tempted to use it while inside the bank!

But please note that we can’t blame all of this bureaucratic BS on Costa Rica because the biggest part of this ‘nightmare-banking’ service is to keep our puppet masters ‘up North’ happy and comply with the infamous Patriot Act.

If Costa Rican banks want to be able to move US dollars around the world then they have to do exactly what the US demands, just like every other “developing” country.

I wonder if the Chinese will want the same thing after they finish buying up the USA and the UK?

Here are two more “I-can’t-bloody-believe-it” Costa Rica banking stories for you…

Costa Rica Bank #1 BAC San Jose:

I received an email on 2nd July 2009 from my personal banker at BAC San Jose asking me to “justify the movement” of money into my account in July 2008

She wrote:

“For the month of July 2008 you received in your account 1 mixed deposit of US$XXX,XXXX. To us you are a major customer for this reason we request your cooperation to find out the origin and the reason for these funds, this consultation follows the requirements of the 8204 Act with which we intend to comply with the requirements of our regulators.”

My simple response to BAC San Jose was:

I appreciate that this inquiry has nothing to do with you but I find it interesting that I must “justify the movement” of money into my bank account and your bank doesn’t have to justify it’s total lack of competence in looking into this matter even superficially…

1. Your bank – BAC San Jose – gave me a mortgage to buy a home in Santa Ana.
2. When I sold the home, your bank – BAC San Jose – allowed the buyer to assume my BAC San Jose mortgage and …
3. At the closing, your bank – BAC San Jose – gave me a cheque for the balance which was $XXX,XXXX
4. Therefore the “origin” of the funds in question was BAC San Jose and …
5. The “reason” for the funds in question was the sale of a home BAC San Jose and…
6. Obviously someone in your bank knows all about this…

Any more questions?

Brilliant though, eh? A bank initiated an investigation into a payment into a client account clearly not knowing that it was their very own bank that made the payment they are investigating…

It gives you so much confidence doesn’t it?

Costa Rica Bank #2 Banco Improsa:

A good friend of mine has had an account at this bank which I have mentioned in most unflattering terms on previous occasions and he sent me these three separate emails over the space of a week.

Email #1: “Remember our conversation about banco improsa with all the emails about new documentation? well I emailed a reply saying I will make it in before the end of the month. Yesterday I just got word that they actually closed my account and I would need a letter from my attorney to get my money. I was shocked. after 6 years.. they just threw me to the dogs.. WTF????”

Email #2: “So here I am banco improsa in escazu.. after paying my attorney for a personaria. i wanted cash. after 30 min and paperwork they gave me the money. then and you will like this… they tried to pitch me to open up a new account with them LOL I laughed.. and thanked them for making my day. I said. let me get this straight… after 6 years of being a customer of yours… you close my account.. made me spend money to get my money.. and now you want me to open an account with you guys.. typical”

Email #3: “ok.. here is the final funny part-.. the bank account has been closed and all is done.. yesterday I get a phone call from banco improsa explaining to me that if I could please come back to the bank because there seem to be a little discrepancy with my signature on my cedula and the one I signed when I received my money.. meaning there was a slight deviation and I need to come back and sign another document. so once again.. after what they had put me through they want to me to come back just to sign more paperwork. what do you think??? is it me??”

Answer: No! It’s not just him…

If my business could still function I would prefer to move every damned penny out of every single bloody bank account that I have in Costa Rica pay for things in beans, or rocks or ammunition maybe…

Just P-U-H-L-E-E-E-Z-E don’t do anything that means I have to visit, or communicate with any bank.

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Written by Scott Oliver, author of How To Buy Costa Rica Real Estate Without Losing Your Camisa and Costa Rica’s Guide To Making Money Offshore.

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.