There must have been a recent change, in ATM withdrawl fees here, in Panama. I recently started getting a “Cross-Border Fee Assessed” for all withdrawals made at ATMs. This is new for me as I haven’t received it in the last 5 years.
When I asked my Credit Union, about this new charge, I was told that it was attached by the bank controlling the ATM and was nothing new by my credit union. I just looked at my credit union account and Banco General and HSBC ATMS have both given the same charge of .008 per $1. So a $200 ATM withdraw now costs $201.60.
If you recall a previous post about Peter Gordon Vs. HSBC, then you may be interested in the new discussion that is filling some of the Yahoo Groups. In a Yahoo post called “Peter Gordon Case Exposed to the world
I am not familiar with International Problem Solvers, but their website contains URLs to both a English PDF and Spanish PDF report entitled “A Legal Crisis – Expatriates in Panama”. The report discusses two cases that are currently before the Panama Supreme Court.
I think that anyone that is living in Panama, moving to Panama, considering moving to Panama, or has been aware of either of these two cases will be interested in reading the reports. There is a lot of visibility to these types of problems because of the Internet. The power of the Internet makes it easier to track the progress and outcome of the problems as well.
I have been interested in the HSBC case because the bank I have used since I moved to Panama is Banistmo and it was acquired by HSBC. The Peter Gordon case has given me reason to reflect on the possibility of using a different banking institution.
In the past I was told that the building next to TGI Friday’s was going to be Banco Banistmo. Since that time, HSBC acquired Banistmo and it appears from this sign that it is going to be a HSBC branch.
I was out paying bills today and this construction is going on next to Cable & Wireless so I took the photo. Now that I look at the photo I see both Banco Cuscatlan and Panabank. So are these two different banks sharing the same building? I don’t know, but it seemed strange to me.
I won’t translate it for you, but you can use a translator such as Google to get a good idea of its content. This is the first I have heard of this issue making its way into the Panama Press.
Here was the previous Chiriquí Chatter post on this subject.
If you don’t typically read the comments on posts, you may have missed a comment on the Chiriquí Chatter HSBC post by a watchdog site that monitors HSBC. This site apparently picked up on the HSBC vs. Peter Gordon lawsuit and published a notice on their site
Once upon a time, a long long time ago, there used to be a contributor in many of the Panama Yahoo groups by the name of Peter Gordon. All of a sudden he quit posting. Recently, Don Winner explained why Peter had become so mute.
It appears that Peter Gordon had complained about the service he was given by HSBC on many of the Yahoo groups that he participated in. When the dust settles, maybe the full story will come out. However, for now, it appears that HSBC (according to Don Winner’s article) is suing Peter Gordon to the tune of $5,000,000. As Don says, “Holy Crap, Batman”.
This case will bear following. It is getting a lot of coverage on the Panama Forum Yahoo group. Many are wondering why a company the size of HSBC would go to such extremes over a few complaints on some Internet Yahoo Groups.
Another post related to the same subject can be found in the Noriegaville News. I hope HSBC wanted the type of publicity they are going to get by this action.
I had mentioned that the construction that was going on next to TGI Friday’s was a new Banistmo Bank location.
Today was a good day to take a photo.
This second photo is a cropped close-up from the first photo and shows how they supported the flooring for the second floor when they poured the concrete.
If you have wondered what is being built next to TGI Friday’s, I was told that it is going to be a Banistmo bank. I think they have picked a good location.
If you are a Banistmo client then it looks like changes are a coming.
HSBC has boosted its Latin American presence with the $1.8bn (£1bn) takeover of Panama’s Grupo Banistmo.
For the full article, click here.