www.CostaRicaTicas.com

Scotia bank (largest in CR)is now charging $1.50 for each check deposited into your account. I don't know what size checks this applies to.

Doesn't take them long to learn all the tricks from their North American cousins.

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Pura Vida
Only Irish coffee provides in a single glass all four
essential food groups:
alcohol, caffeine, sugar and fat.
Alex Levine

VB the "size" (amount) of the check is likey irrevelent - its a fee based on an action (ie depositing a check) and banks are famous for this

So true re your point ID - banks tradidtionally charged business/commercial customers a slew of fees, while giving consumers toasters for opening up accounts; they charged commercial customers per item deposited, as well as per deposit ticket, and a laundry list of other fees - likely still do - and will continue to do so because you have to realize how a bank makes money; basically 3 ways:

Loans: loan volume is waaaaaay down, on the business as well as the consumer side (you can argue the bank stimulus was designed to get them to loan, and they have not done so; topic for another thread)

Interest Income: every night, banks invest the balances for the banks benefit (not to put too fine a point on it, but their "hook" to business was keep as high a balance as possible, and the fee income will eliminate - or offset - any transaction fees (lets just say this is another of those "good in theory, bad in practice" statements ) The problem is interest income is miniscule - banks brag when they can offer a CD for a year and pay you a whopping 1%

Fees: Banks can fee you to death - regardless of the lending climate, interest rates, fees can be charged - and its a significant way a bank makes money

My question/comment is this $1.50 per check for a paper check? If so switch to direct deposit (Somehow, I suspect most in CR have this, not wanting to wait for mail to be delivered "to the red house 50 meters from the fig tree" - although some could have aPO Box in Miami, and a forwarding service, so a paper check is possible).

If the bank is charging you $1.50 when an electronic deposit hits your account - its too much, for sure - and if its per paper check, switch to direct deposit.

OTOH, while a nusance, how many deposits/checks does the average guy living in CR deposit in the course of a month - Social Security.....Pension/Military/Government retirement - can't be many - you could switch banks, but they are like lemmings when it comes to following each other leads, especcially to make a fee

On my brother's smartphone in the US, he can scan a check directly into his account. See if Scotiabank CR has this app capability and if they charge for it. Agree about direct deposit for normal recurring payments though.
Special to ID: Scotiabank is a North American (Canadian) bank and are among the leaders in reducing their own paper use--this may be a cheesy extension of that plus making them some pfennigs.

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

This is nothing compared to the fees that many banks charge business accounts. Most charge $.20 per hundred dollars for cash deposits.


So if you deposit $1000 in cash, you now have $997.80.

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* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

Sure, correct - you reinforce the point(s) I was making in my post - mostly, consumers in the past were spared a lot of these charges - but no longer.

Still, I'd like an answer from VB regarding is this charge for any deposit, electronic or paper - I suspect paper only (and if so the solution is pretty clear; have the checks deposited electronically; why anyone today would rely on paper is beyond me, especially given the lack of customer service and inefficiency of most banks in Costa Rica, to name just 2 reasons)

All banks now charge fees. $1.50 per check is not that much and I doubt you are having many checks processed through the bank. It's the cost of doing business these days.

Although I don't use Scotiabank, it was a big shock to me on my first couple of trips to see the kind of presence they have in CR. Maybe I should apply for a job with & transfer to SJO, lol.

Kind of lame that they're charging to deposit a check.

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I fart in your general direction. Your mother was a hamster, and your father smelled of elderberries. Now go away, or I shall taunt you a second time!

"Scotiabank de Costa Rica SA owned one hundred percent BNS Group of Costa Rica. This group, in turn fully part of The Bank of Nova Scotia. Scotiabank began operations in Costa Rica in 1995."

While that sounds like Scotia Canada will stand behind Scotia Costa Rica those who had funds in Scotia Argentina sadly learned that is not the case. The banks outside Canada are all franchised and when the excrement hits the rotating device they quickly state that while they find the situation regrettable Scotia Canada has no responsibility.

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Pura Vida
Only Irish coffee provides in a single glass all four
essential food groups:
alcohol, caffeine, sugar and fat.
Alex Levine

Talk about crybabies... is this really a thread about $1.50?

This is a strong reminder about how modern biz works--the profits even if only a sliver go up the ladder while responsibility gets shoved down to the lowest possible level. Ain't it grand.

_________________
"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

What a "Grand" idea. We'll get right on the phone and call GM. We'll tell them to stop making Chevrolet Malibus. Now it's Cadillacs for Everyone !

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

Kind of a false bargain here--I can get according to KBB a 2 year old Caddy for about $23k; a new Chev Malibu goes out for $28.5K. I know which one I'd rather have (the Cad suspension system is so good, it was licensed for use by Ferrari).

_________________
"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

See There ! The working man can get ahead.

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

Let me guess - you're NOT an accountant, right ?

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