Banco Trasatlantico - Panama

Discussion in 'Panama Banks' started by pingun, Nov 27, 2011.

  1. pingun

    pingun New Member

  2. licanulla

    licanulla New Member

    Banco Transatlantico Limited (Dominica) has stopped to process incoming and outgoing wire transfers without due notification.
     
  3. alloway

    alloway New Member

    I really do not understand what is happening with this bank. They have frozen everyones accounts for a week now and are not giving any answers as to what is happening or when it will end? What is the main branch in Panama or Panama government doing about this? Is it a possibility that depositors will not get their money at all...is that even possible?
     
  4. BalaBeacher

    BalaBeacher New Member

    A translated Lithuanian article discusses a number of bank failures Antonov and assoicates have been connected with. The article mentioned government insurance for the Lithuanian bank failure(s) so it sounds pretty dire. I'm fairly certain Panama banks have no depositor insurance. But, why isn't this making news locally?
     
  5. nakedguydb

    nakedguydb New Member

    i have heard that panama does not have depositer insurance as we know it in north america FDIC but i have also heard the goverment covers $10.000 EdBower will have more info on this as he seems to follow the banking thing here more than most
     
  6. alloway

    alloway New Member

    It is strange because it is a small branch in Dominica and I do not understand why Banco Trasatlantico Panama would not just cover it for the sake of their name and reputation
     
  7. alloway

    alloway New Member

    Also I am not sure why it has not made the news yet and bancotrasatlantico Dominica website is up and running but I think they may face some heavy legal issues because depositors were told not to pull out their money when Snoras fell because they were not related but then less than a week later when he was arrested account holders tried to take out their money and they could not. Depositor insurance or not, this cannot be legal because they held the money hostage to buy time to what was inevitable
     
  8. pingun

    pingun New Member

    For Stanford Bank in Panama they allowed a 1 day run at the bank before they closed it. After the SEC filing the bank remained open for the rest of the day with ATMs working until the evening. Management said they were not affected by the Antigua headquarters, but the next day they were closed. If the bank supervisors in the Dominican have already closed that branch, then the Panama headquarters will experience a run at the bank on Monday and then be closed for a forced sale or liquidation. Personally I would withdraw 1000 dollars per day over this weekend and then everything but a few bucks on Monday when they open. Otherwise you run the risk of being without access to your money for up to 2 years.
     
  9. alloway

    alloway New Member

    No you cannot do that. The ATM banking cards were with Snoras and they have not worked for more than 2 weeks. You load the bank card, so it works differently. There is no access to the funds unless you wire transfer and this request was made more than a week ago.
     
  10. pingun

    pingun New Member

    The bank in Panama is still up and running and yes, you can use your ATM cards today and tomorrow to get $2000. Then on Monday, if you are lucky, the rest.

     
  11. alloway

    alloway New Member

    People with accounts at the Dominica branch do not have cards with Banco Trasatlantico....the bank cards are with Snoras. You have to login to your account and load the card but A) those cards are not working anyway and B) they have to manually load from your account and they are not doing anything right now, any type of transactions.
     
  12. alloway

    alloway New Member

    So this is the point depositors have not had access to any funds for more than a week and they have not told them when there will be a solution or even if there will be one at all. Worse than that depositors were informed to not worry about SNORAS going bankrupt and any effect so they left their accounts but 5 days later not even a penny could be drawn
     
  13. pingun

    pingun New Member

    That is just standard talk to avoid a run at the bank on top of all the problems they are already in. You need not worry, because you cannot do anything but watch and bitch at this point. In Panama, friends, family and employees will get their money, then they will tell all depositors not to worry. That is how it works. Capiche?

    I will be very surprised if the bank in Panama stays open beyond Monday afternoon. It is also possible that they leave it open but under receivership, but that would lead to massive withdrawals as well.

     
  14. alloway

    alloway New Member

    So you think that the entire bank is going down? Or it is just the branch in Dominica. Really only they are the ones with the large problem and it is not a big deal for the main branch to cover the losses to save their reputation.
     
  15. pingun

    pingun New Member

    In this business you are guilty until found not guilty. The Panamanians might not be aware of what is going yet. Any sensible person would withdraw all funds immediately based on experience with liquidations in Panama as the only reason. It is possible to run a bank in Panama without a single sensible person though so there are options. Management will lie to you when you come for your funds - do not listen to them - or ask them for a personal guarantee with their house as collateral.

     
  16. alloway

    alloway New Member

    Well I do not understand the rational behind that as far as the Panamanian govt. is concerned. I have heard that all they need to cover is around $50 million, that is not much and it would save their reputation regarding investment in Panama which they would stand more to lose if they allow the bank to go under and not pay off depositors. The other banks in Panama would be in jeopardy too because it could snowball.
     
  17. tompoker

    tompoker New Member

    WTF is going on with the Dominica branch, I have an account with them but have been away on buissness for a couple of weeks, came back today to find this thread. I waited for 6 weeks for a card then they sent me an email saying due to problems with Snoras they are looking at another avenue??? whatever I thought now this.

    AM I GOING TO LOSE MY MONEY IN DOMINICA , In the email, it did say not to worry my deposit is safe

    I cant find anything out online HELP!!!!
     
  18. nakedguydb

    nakedguydb New Member

    the owners of the bank will not worry about saving their reputation , because their names are behind the company name and a very short time nobody will remember the bank anyway . why should the panamanian goverment back the deposits ? anyone who has done their homework on banking in panama knows that there is no lender of last resort ( FDIC ) other banks have failed in panama and it has not hurt the reputation of either panama or the other banks . it is sad if people lose money on a default but that is what happens sometimes
     
  19. BalaBeacher

    BalaBeacher New Member

  20. tompoker

    tompoker New Member

    Ok, but is it true about not been able to withdraw where is this information???

    As you can imagine my concern at the moment, above post saying very negative things and I cant find shit out about it
     

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