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Thread: Banco Trasatlantico - Panama

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    Re: Banco Trasatlantico - Panama

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

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    Re: Banco Trasatlantico - Panama

    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?

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    Re: Banco Trasatlantico - Panama

    Quote Originally Posted by alloway View Post
    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?
    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?

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    Re: Banco Trasatlantico - Panama

    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

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    Re: Banco Trasatlantico - Panama

    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

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    Re: Banco Trasatlantico - Panama

    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

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    Re: Banco Trasatlantico - Panama

    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.

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    Re: Banco Trasatlantico - Panama

    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.

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    Re: Banco Trasatlantico - Panama

    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.

    Quote Originally Posted by alloway View Post
    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.

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    Re: Banco Trasatlantico - Panama

    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.

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    Re: Banco Trasatlantico - Panama

    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

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    Re: Banco Trasatlantico - Panama

    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.

    Quote Originally Posted by alloway View Post
    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

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    Re: Banco Trasatlantico - Panama

    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.

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    Re: Banco Trasatlantico - Panama

    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.

    Quote Originally Posted by alloway View Post
    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.

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    Re: Banco Trasatlantico - Panama

    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.

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    Re: Banco Trasatlantico - Panama

    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!!!!

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    Re: Banco Trasatlantico - Panama

    Quote Originally Posted by alloway View Post
    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.
    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

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    Re: Banco Trasatlantico - Panama

    Quote Originally Posted by tompoker View Post
    I cant find anything out online HELP!!!!
    No one can, from either the Dominica or Panama angle. Although there's nothing about Banco Trasatlantico on the site, you might want to monitor it over the next few days as it seems to provide quite a bit of news. Dominica News Online | The most popular news site in the Commonwealth of Dominica

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    Re: Banco Trasatlantico - Panama

    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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    Re: Banco Trasatlantico - Panama

    There is the Dominican Republic next to Haiti and the Island of Dominica further south, this one looks like the Dominican Republic.
    Snoras to File for Protection Today After State’s Seizure - Businessweek

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    Re: Banco Trasatlantico - Panama

    tompoker we have an account and all transactions have been frozen for over a week. They keep saying they are looking for a solution, but it does not look good as they are just buying time. As for Panama not worried about their reputation, in the old days that might be true but with internet i.e. this thread I cannot understand why the Govt. along with Dominica govt. and other banks in Panama would not just pick up the loss. It is a very small one and they could turn it into a positive by saying look how stable we are, this bank was in failure but nobody lost any money. Their loss will be far greater as far as investors not being jittery. There will be a snowball effect for the other banks in Panama. It does not make any business sense in these days of internet.

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    Re: Banco Trasatlantico - Panama

    you might find something here ....Superintendencia de Bancos de Panamá

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    Re: Banco Trasatlantico - Panama

    Yes, they are trying to wash their hands of it but in the end they cannot. Dominica is a different country but they are still a branch owned by Banco Trasatlantico in Panama. Same logo, same company. If Dominican branch fails, Panama Banco Trasatlantico has to pick up the tab or fail themselves. It is only around $20 million all together, it is ridiculous if this cannot be picked up and resolved.

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    Re: Banco Trasatlantico - Panama

    Thanks for the replies, couple of other questions, will it make any difference if I go to Dominica next week and ask for the money, how long can they actually stop us from transfering the money out

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    Re: Banco Trasatlantico - Panama

    Well what difference would it make. If they have frozen everyone I am not sure what that would do but all the power to you. If you get any results from that, I will meet you there! I think that you should write all the banks in Panama and Dominica convincing them, that it is in their best interests that someone pick up the tab. This is not a huge bank and someone can come to the rescue, as the loss in general for investment and having confidence in other offshore banks is a much bigger risk.

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    Re: Banco Trasatlantico - Panama

    Are you convinced then that we will lose all the money. What annoys me most is the lack of info sent to me by the bank.

    I have had nothing only an email saying dont worry about the deposit

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    Re: Banco Trasatlantico - Panama

    I really do not know. I am not in the banking industry, nor an economist and like yourself have no idea how these types of situations work. It seems unimaginable to lose all the money but at this point it seems logicial because they are not allowing access to any funds for an entire week and you would have to ask, how is that even possible. I understand your annoyance because when the news broke about Snoras we called them and they assured us that Snoras has nothing to do with them, that they are just the intermediary bank. They had a legal obligation at that time to allow for fund transfers. All these banks fall under some regulation body and Dominica is even a member with IMF, so I am not sure how any of this was legal and I would think some body has to pick up the loss, if they do not, there is some legal means that probably can be taken. Banks fall all the time but depositors are given time to retrieve some of their funds, or they are paid out a portion. In this case, not even a penny was retrievable. They should have resolved this on Friday but they did not and that is a problem.

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    Re: Banco Trasatlantico - Panama

    Ok thanks, yes I am very annoyed and frustrated, sorry if it came across at you, both in the same boat.

    So now what do we just sit and wait, can we call anybody on Monday FCK this is pissing me off!!!!!!

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    Re: Banco Trasatlantico - Panama

    Quote Originally Posted by tompoker View Post
    What annoys me most is the lack of info sent to me by the bank.

    I have had nothing only an email saying dont worry about the deposit
    These two things are the sings that the situation is rather severe. On 30th of Nov. when we notified the bank about the delayed wire (no info from bank about suspended operations) our account manager just asked for a wire confirmation and pledged to inform us asap the funds are credited. Not a single word that they have stopped all operations. Two days later in a phone conversation we got "dont worry". Will consider getting a lawyer as this smells like a cheat.

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