The Good News is that most banking transactions will continue to be FREE! There are still no in-branch withdrawal fees; no fees for taking out money from the CIBanco ATM; no fees to use your debit card at stores, gas station, etc.; no fees for online banking; and no fees to pay utility bills at the bank.
I met with manager Daniel Marin last week to clarify what the changes are.
To summarize, there are two main differences that will impact both Personal Clients and Business Clients (business clients are defined as Business Accounts and Not-for-Profit accounts such as charities, HOAs, small business – or any account with an A.C. (Asociación Civil).
1. Requirement for a minimum average balance in the account in order to avoid paying a monthly fee.
For Personal Account holders, you are now required to have a minimum monthly average balance of $50,000 pesos (approx. $3,300 USD or $4,000 CAD) in a CIBanco account and/or PRLV or Cedes (fixed term investment, like a CD) in order to avoid paying a monthly fee.
If you do not have that minimum monthly average balance, you will pay a monthly fee of $50 pesos plus IVA (16%), which will total $58 pesos per month.
Seniors are not exempt from this fee.
Business Clients (accounts with an A.C.) must have a minimum monthly average balance of $100,000 pesos (approx. $6,600 USD or $8,000 CAD) in a CIBanco account and or PRLV or Cedes (fixed term investment, like a CD) in order to avoid paying a monthly fee.
Otherwise, there is be a monthly fee of $50 pesos plus IVA (16%), which totals $58 pesos per month.
2. Banking Transaction service fees regardless of your average monthly account balance.
i) Multiple wire transfers per month will incur a service fee
For Personal Account holders, you are allowed to complete 5 wire transfers per month for FREE; after that, each wire transfer will cost $3 pesos + IVA if you do it online; and $15 pesos + IVA if you do it with a cashier at the bank.
For Business Clients, you are allowed to complete 15 wire transfers per month for FREE; after that, each wire transfer will cost $3 pesos + IVA if you do it online; and $15 pesos + IVA if you do it with a cashier at the bank.
ii) Check writing fees
For Personal Account holders, there continues to be NO CHARGE for writing checks, regardless of how many checks written per month.
For Business Clients, you are allowed to write 5 checks at no cost per month; thereafter each check will incur a $10 pesos + IVA service fee.
iii) Cost for replacing Online Banking key fob
For all Personal and Business account holders at CIBanco, if you lose your online banking key fob (which gives you the code to access your account online), you will be required to pay $350 pesos + IVA for a replacement.
The time, convenience, and gas-cost savings of continuing to bank locally in San Carlos will likely offset the new fees for many of us. Click here to learn more about CIBanco and what makes it a better banking experience.
by Sue Fehrle