Why Nicaraguans Don't Use Banks

Submitted by fyl on 20 May, 2008 - 16:35.

Some will say it is because they don't have any money but I don't think that is the only reason. About 35 days ago I went to BDF to get a bank reference letter. In the process of doing it they said that "my references were out of date" and I needed to update them. Now, as I had been banking there for over four years, it seemed pretty unimportant to me whether my references were up to date or not.

I mentioned that. One of the "problems" was that one of my references was a company which is not a real person. Um, yeah and the letter was signed by the president. I happen to know her and she seems pretty real. Now, I am sure the issue was that I opened the account in the days when they had some crooks working there. I mentioned that and the woman just smiled. Ok, nice, I need to give them new references because they screwed up.

The woman gives me three forms (I only need two references) with instructions about one color ink, no whiteout, must have a cédula, must have a fixed phone line, and I needed to bring them back within 30 days. Whatever.

I got one reference immediately. I know a lot of people that either don't have a fixed phone number or a cédula but I had two good options. Unfortunately, one was living away from her phone number while her house was being worked on and the other just went into the hospital. So, I waited—for about 35 days. Trotted to the bank with the paperwork today.

I sat down waiting for one of the customer service people to become available. Amazingly, a bank person came over to me and asked what I needed. I explained I just wanted to turn in the forms. She looks at them and explains:

  • The first one is expired because it has been over 30 days. Expired? They wanted the form so they could call and verify the information. WTF?
  • They both are not useful anymore anyway because they have changed the form they use.

I mentioned that I guess I would have to go open an account in a different bank and left. And I will. In fact, I would have right then except I didn't have my bank book with me so I could take out the money.

Note that I went to Bancentro just to see what it would take to open an account there. Two references and the usual stuff. I tried to convince them to accept the BDF reference forms but she said I would have to get them on paper without BDF at the top.

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NIcaraguans don't use banks because banks suck

Submitted by tlme01 on 24 May, 2008 - 01:32.

This is my experience with BDF , Carretera Norte branch in Managua. On my last visit, I opened a bank account and take me five hours to do it. I was there a day before, call them to make sure that everything was OK, just need to come with my cousin on her day off because she has to sign on the account with me. It was Tuesday at at 9:00 (not the busiest day of the week). They had three employees attending clients, none of them was available until it was 11:00 am. Then a young woman starts asking me questions and going through all the paperwork. Then, went to check with someone (really was asking her friend to get lunch for her). Around 11:30 begin entering the data on her computer. I have asked my references to be at home at least until noon time and expect the call. She got the first one, no problem (stay home mom). The second is a friend with home based business, she say he is not at the office. She step out, call the lunch place and confirm her order, step out again and go to chat with a co-worker. I call my friend to his cell and ask him about it, actually he never left and she never called him. I told her that my friend is available (by this time is 12:30 pm). She talk to him and find out that the lettter that she and someone else review before did not matches - the cedula says Carlos Jose and the letter say Carlos J. I ask her for the manager, sorry - our manager is at lunch and does not have an assistant. I ask her how we can fix it, I need to have it done today because I am flying back tomorrow. She says, I need to have the correct letter or I cannot open the account. I call my friend and he agrees to come to the bank. I ask her if it is OK, since she already call him and verified the reference. She said, let me ask. Comeback a few minutes later and say my manager say it is OK (Ooops manager was there). My friend comes and we do a new letter that he signs. Them, she is unable to find the form on her computer. I used to work in banks an ask her, on which screen you are, Ooops, she was on the Loans screen, not on the new accounts screen. Finally, she got it complete, prints, sign,etc. It is 1:30 pm, she runs the deposit with the cashier, returns, gives me the ATM card, prints the code, give me her last recommendations and finally we are out. It is 2:15 pm, we are upset and hungry but the damn bank account is open and hope never have to do it again. Now, I can understand why Nicaraguans don't use banks Nicaraguan bank employees are so inept, square minded and many other things. Then, why Nicaraguans sould waste their time using Nicaraguan banks,

Old joke

Submitted by mjt on 21 May, 2008 - 23:34.

There is an old joke in Honduras that goes something like, "If a real bank ever opened in Honduras then all the other banks would go out of business -- then maybe we could pay off the national debt because there would be only one thieving outfit not 100". Or, something like that (it doesn't seem that funny when I see it typed up here...). Anyway, a while back a new bank did open in Honduras, Banco Cuscatlan (I notice they operate in every C.A. country, except Nicaragua, but I am not sure why). There was a push to get special mortgages to people as the loan defaults kicked up last year. It is a hassle like few others. Cuscatlan came in and said 3-4 month average wait for stage-1 paperwork, how about 3-4 days? They started luring countless new customers. As cynical as I am I wouldn't have guessed what happened next: A few leading HN banks joined forces and got powerful political friends to propose a new law that made it illegal to process the paperwork in less than 33 days. Ah, competition.

bank problems

Submitted by parrotheadnica on 21 May, 2008 - 10:02.

I sent checks to a friend, who said the first one was denied because she signed it on the wrong end on the reverse side.

Then the second check was stamped - by the bank - on the back on the wrong end, so now another one has to be sent down.

This is just beyond me.

Got to love the system

Submitted by nicareal on 20 May, 2008 - 18:03.

BDF is calling me for every check I write. They are complaining that my signature is not like the one they have on file. (There is a loop that is now different than when I signed up for the account some years ago.) They keep urging me to come in and give them a new signature sample.

My question is: "Why would I?" As long as they keep calling to make sure the check and the amount are ok I feel much safer!

In any case, the "robots" behind the counter don't like to have to keep calling. Now this is in the SJDS branch only. If the check is cashed in Rivas or in Managua there is no problem.

Like you, I'd love to change banks but since it is a business account it would be a lot of hassle.