Banking & Bills

Chase is no longer here. FirstBank now operates out of their former offices. Honestly just can't remember what happened to Chase - maybe Ronnie remembers. Can't answer your question about billing from a second home here to a primary stateside home definitively but, as a business owner here I do NOT accept stateside cheques and most businesses here don't. The clearance time is one of the problems. Another? Well, years ago I accepted a cheque from a middle-aged gentleman who seemed to have impeccable credentials and showed me all sorts of ID, including Federal government- and the check eventually bounced and all the info imprinted on the cheque turned out to be bogus! It was under $100 but I learned my lesson very quickly!

Your best bet is to open up a bank account here.

STT Resident,

Thanks a ton. We were just there the end of May and didn't even really pay much attention. I am so glad I asked because I assumed that it was still there and this could've created a ton of problems.

I will go back & re-read everyone's recommendations on where to get set up.

Do the phone & WAPA accept cashier's checks?

Again thanks!

Deb

I'm keeping my stateside bank - my employer does not do direct deposit, but I am overnighting?priority mailing my money (money order) to my bank for deposit. Then I just use my Debit card. I have stuff set up on automatic bill pay out of the bank up in the states - so it will just be easier. Besides - I've found banks here don't keep the same hours as my job and it is tough to get there during banking hours.

Dear Linda from Michigan,
I don't know whether it was a typo but it got me chuckling when I read, "...overnighting?priority mailing..."

Priority Mail is a hoot here and I wish you luck. I've had stuff sent to me Priority which has taken three weeks to reach. Seems there's no point kvetching about it as one is told that Priority isn't actually guaranteed - I guess you have to read the VERY small print.

Your plan may well work for you and is certainly a good suggestion - but the banks here do have automatic deposit and withdrawal systems and I still think that anyone who's spending a good proportion of their time here is better off with a local account, particularly when it comes to paying tradespeople such as plumbers, electricians, etc.

Deb, I don't know if WAPA and Innovative accept Cashier's Checks but would presume that they do. Best to call and ask.

Thanks Linda & STT resident. My initial thought is that I think we'll probably go with Banco Popular. There is a branch here in Dallas (so I can open it up locally) and they have online banking.

Deb

Deb,
We use Banco Popular. When we came here, they were the only ones doing on-line banking. Now most of the banks do. We've had very good luck with them.

I suppose when you are independantly wealthy like I am, you don't care if the $4. priority mail you bought takes as long to get to the states as the $.37 stamped envelope!

LOL!

My residual income gets direct deposited - and the ATM fee at 1st Bank is only a buck. No big deal! I just plan ahead. Like when you live at the top of the hill - you plan what you might remotely want at 2 am when you wake up hungry so that you can have it. I would rather plan ahead then realize I am out of something and have a 15 minute drive to get to the store to find out they are out of it! That's just getting down the hill!

Gotta love island life! Thank God for mail order and automatic replenishment!

Linda

We also use Banco Popular and pay WAPA bills (for example) online. BUT, we DO always keep our WAPA bill with a little cushion on the balance ....just in case something gets screwed up...which happens; from time to time.

I did want to add that Banco Popular now has VISA debit cards. Many places except VISA and my card even if they don't take debit. It is a whole lot easier. Also our rent checks have to be from a local bank because of the amount of time it takes to clear. We did still keep a stateside bank as well.

Teresa

Does Banco Popular have a web site? What other banks are available on STX ?

Hello bjmpac,

Banco Popular - http://www.bppr.com/welcome.html

http://www.vibank.org/members.html lists banks in the VI.

--Islander

In addition to full banking services, FirstBAnk also offer's debit cards and I am told will soon be rolling out an on-line Banking/bill pay system that will surpass Banco's in bill pay capabilities. They have offices at several locations on STX.

We use FirstBank as our primary bank then ACH a fixed amount each month to our Bank of America accounts in Missouri - done in a day. Much better than sending checks and waiting weeks.

The choice is based on your individual situation. If you are moving here forever then it makes sense to open a local account. If you are going to work for a local company are small business that does not offer direct deposit it might make sense to open a local account. I have not because I dont need it. I have direct deposit into my Bank of America account. I write one check a month to my landlord and pay the rest on line with BofA. The check I write my land lord by the way typically clears my account in 3-4 days so not much of a lag time. I use my debit card all the time for air miles and BofA does not charge me ATM fees for being an Advantage customer and also Scotia Bank is affiliated with BofA so does not charge ATM fees and most of the FirstBank ATMs on St. Thomas do not charge me for ATM withdrawls.
Worst case I would of opened a local account with a couple hundred bucks to open cable, WAPA accounts but if you have a long lasting relationship with a stateside bank with lots of activity flowing in and out, I would not recommend changing it.

We have been here 3 1/2 yrs and have kept our Chase Manhattan account, although we also have a local bank account. We kept our NYC Account only because they do all our investing, and we have a very long relationship with them.
Having a local account does help you to get established here, and you can always close it out should you decide Island life is not for you. So, it really is a matter of what's convenient for you.

I have a condo on STT. Pay all bills (mortgage, association dues and WAPA) with my NYC Washington Mutual account without a problem. Do have to send with enough time to navigate the US Postal Service to the USVI. WAPA offers an online payment option which comes in handy when in a time crunch. Don't have phone service on island.

David, as you state, the check clears your account in 3-4 days, but guess what, the banks here hold stateside checks more than 7 working days, which means at least 10 days, although collected from your account already! Good reason why not to take stateside checks for rent!
You can pay bills online to most accounts but Innovative. They will take your CC over the phone and set up autopay for you if you like.

RL

Ronnie,
When I said 3-4 days I meant that is how long it takes to clear my landlords account at Banco Popular. Evidently they do not hold his deposits but that might have to do with the amount of money he has at their bank. If the Banco Popular was holding my rent check for that long I would simply set up a automatic transfer from my BofA account directly into my landlords account which would happen instantly the same day every month.

Re priority mail: I live in sandiego and just received a bottle
of st johns cologned sat morning the 9th of july - was shipped thursday afternoon 7th July from St. John. Doesn't sound like this is typical but i guess it happens...

David, I am still waitng for checks to clear that I have deposited on June 27th and 30th as well as July 5th!! I guess First Bank needs my money more than I do.

RL

Well, looks like we'll be using FirstBank after all. I found someone there who is doing all my legwork before our next trip to "clean up" our condo...utilities transfers, open checking account, etc. I have a 2-week gap between closing & our next trip. She highly recommended FirstBank and sent me all the paperwork to get it done.

Starfish - you're saying that you do all your bill paying with stateside checks for your condo. We were under the impression that after the initial deposits, we had to use a local account for them to take the checks. Interesting???

Deb