Stanford Bank Reopens In Panama

Mid-February last year we put some money on deposit with Stanford Bank in Panama. 

Two days later (no kidding), the bank ceased operations. 

Both the management of the bank and the government of Panama have maintained ever since that Stanford Bank Panama had nothing ever to do with the fraud perpetrated by Stanford Financial Group mastermind Robert Allen Stanford. Still, the Panama bank was caught up in the panic that followed the allegations against Mr. Stanford...and had to close its doors. The bank's assets (including our deposit) were subject to an administrative hold. 

In the 15-plus months since, we and other depositors have been assured by the Panamanian banking superintendent that the Panama bank would be reopening...only no one would commit to when. Meantime, our money was off-limits.

"You opened an account where?" friends have chided us again and again, with broad grins. "You'll never see that money again..." 

I was inclined to think they might be right. 

That is why I'm pleased today to be able to report that Stanford Bank Panama reopened yesterday as Balboa Bank! As promised, all assets on deposit with Stanford Bank Panama are now on deposit with Balboa Bank. And (hoorah!), starting this week, they are again accessible by account-holders. 

Lief went this morning to the Balboa Bank branch in Punta Pacifica to request a new checkbook. First, yes, the bank is open. Second, yes, our funds are there. We can collect our new checkbook on Friday. 

Further, we're assured our money on deposit has been accruing interest these past many months. We await details of the current balance with interest.

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• The Benefits Of Banking Overseas