You will probably need to open a local checking account if you are
going to remain in Puerto Rico for some time. Checks from banks
outside the island are frequently frowned upon and, at best, take at
least a week before clearing. Local banks include Banco Popular,
with over one hundred branches throughout the island and abroad, FirstBank, and others. U. S. banks include Citibank. Banco
Bilbao-Vizcaya, and Banco Santander are owned by parent banks from
Spain.
All basic banking services are offered in Puerto Rico, including a growing trend toward electronic banking. Most banks also issue credit
cards and debit cards, with access throughout the island and elsewhere to Automated Teller
Machines (usually referred to as ATH's, a generic name that developed from the initials of the first such system developed in Puerto Rico). Shopping around for
services, for service charges and for interest rates is advisable, as competition is keen between the different banking and financial institutions.
Banks are insured by the Federal Deposit Insurance Corporation. They
are subject to all Federal controls applicable to banks in the United
States of America.
Commonwealth government supervision of banks is done through the
Commissioner of Financial Affairs (Comisionado de Instituciones
Financieras), telephone (787)751-7064.
Tax laws exempt residents of Puerto Rico from payment of income taxes
on the first $2,000.00 per year of interest received from banks in
Puerto Rico. If taxpayers elect to have the bank withhold income
taxes on any amounts in excess of $2,000.00, and remit the
withholdings directly to the Secretary of the Treasury, taxes on
that interest income will not exceed 17%. Ask a tax specialist for
details.
"Asociación de Bancos de Puerto Rico", telephone (787) 753-8630, is a non-profit association of banking institutions doing business in Puerto Rico. Its members include:
Banco Corfinsura Internacional, Inc. Puerto Rico, tel. 787-756-5511
Banco Popular de Puerto Rico, tel. 787-751-9800
Banco Santander PR, tel. 787-281-2000
BBVA Puerto Rico, tel. 787-777-2000
Citibank, NA, tel. 787-753-5555
Doral Bank, tel. 787-725-6060
Eurobank, tel. 787-751-7340
FirstBank de PR, tel. 787-725-2511
R-G Premier Bank, tel. 787-758-2424
Scotiabank de Puerto Rico, tel. 787-758-8989
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