Panama Credit Union update

Day 332 (Dia trescientos treinta dos) - Thursday (Jueves)

A visit to the credit union yesterday resulted in a few paperwork changes and interest rate downgrades. As expected the credit union now requires as much paperwork to open an account as the banks in Panama do, if anything it is just a nuisance but no big deal. The credit union used require basically nothing, you were in and out in a few hours, not anymore, and I think with good sound reasoning. Banks in Panama are pretty strict when it comes to outsiders like us to do business with them and they require a lot of information, well evidently the credit union got busted by the government here on NOT doing the know Your Customer paperwork like the banks and they got called on it. A few months of wrangling and sorting through this mess at the credit union has finally started to clear and low and behold - MORE PAPERWORK IS REQUIRED.

On to the interest rates, the rates have dropped 1/2% for example, a 1 year $100,000+ CD will yield 7% not 7.5%, not too shabby. Actually the interest rates are what their own members have been getting since 2005, us non-members had a special deal for a 1/2% more BUT no more we now get the member rate only BUT, my bank offers no where near this interest rate how about yours?

Disputes from folks over withdrawals has caused the biggest ruckus over the credit union, here's the deal on that - the credit union here in Panama is made up of local Panamanians, we as outsiders are invited into the credit union as non-members and they are not used to how we move money around especially in big chunks, so they have put rules in on how to get your money out, sounds silly I know but if you follow the simple rules then they are harmless at best.  For instance, $500 daily withdrawal limit at the teller, kind of like the ATM withdrawal limit at the banks. If you want more than that then you will need to fill out a form or write them a letter telling them so, thats all. If you want a large denomination check then write them a letter, send it via email and within 3-4 weeks (yes 3-4 weeks) they will have your check, again sounds silly but all we have to do is plan.

I for one use the credit union for the interest rates not to make regular daily withdrawals like I do at the bank so these rules are no big deal to me, others evidently used it as a regular bank and why not think that way, but got pissed when they couldn't get the amount they wanted when they wanted it - so plan people, thats all.

Thats my update take it for what it is worth, I'll keep my 7% thank you very much...