Costa Rica Banks Closing Your Account Without Notice

Long time members of WeLoveCostaRica.com will know that I rarely – or more accurately, never – have anything good to say about banks…

But my complaints about banks are not limited to Costa Rica.

The last time I was in Scotland – where I was BORN ferchrissake – they would not open an account for me because I do not have a permanent address in Scotland!

Getting back to Costa Rica, in the last few weeks of May 2011 one major bank beginning with the letters C-I-T-I has closed hundreds of accounts because they believed they did not have the up to date information about the account holder.

Banks here may also close your account due to “lack of activity.”

They don’t warn you in any way, they don’t try to send you a letter, they don’t try to email you, they don’t try to telephone you and they don’t try to obtain the information, that would the logical thing to do…

They simply close your account, wait for you to find out and go visit the bank to try and get it activated again.

The Spanish they use when you visit the bank is: “Tenemos que actualizar sus datos!” which means “we have to update your information.”

Any money you have in the account is safe but you might not have access to it until you have satisfied their request for up to date personal information.

One of the reasons we all love Costa Rica is because of the more laid back lifestyle… Many things are left until mañana which is OK and makes for a pleasant, lower stress and more relaxed lifestyle however, it’s not compatible with speedy and efficient banking service that we may have become accustomed to elsewhere…

I am not kidding when I say that I always get faster responses to the emails I send and the telephone calls I make to my banker in Zurich than I do from my main Costa Rica bank in San José less than 2 miles away!

And most of the time, the guys in Switzerland are fast asleep when I email them.

So if you have a bank account in Costa Rica, you might want to think ahead and contact them to make sure that they have all your up to date information.

Even if you know they already have it and you know nothing has changed, confirm your home and cellphone numbers, your mailing address and physical address and ask them if there’s anything else they need…

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Written by Scott Oliver, author of 1. Costa Rica Real Estate Scams & How To Avoid Them, 2. How To Buy Costa Rica Real Estate Without Losing Your Camisa, and 3. 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.