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When we move to St. Croix I will be receiving my pension through direct bank deposit. I am considering continuing to use my present bank account, present money market account and present investment account after we move. This would mean using a debit card, ATMs, electronic funds transfers and checks written from the Kentucky accounts. I can do most business with these institutions on e-mail and we will be going to Kentucky for a couple of weeks twice a year, so I can also see them face to face every 6 months or so.
Has anyone else ever done this? Can you see pitfalls that I haven't seen? I hate the thought of starting over with a new bank, especially with what I've heard about the USVI banking system. Or am I being unfair? My biggest concern is how soon after deposit my pension check will be available for use. In Kentucky my payroll check is available for use at 12:01 am of the date issued. Would it be the same at a St. Croix bank?
Some of you retirees, help me out.
Posted : June 5, 2003 6:51 pm
Here is one thing to think about. If you want to write checks in USVI you will need a local bank. So you could open a checking account and keep a small amount of money in it. If you write a check to yourself from your bank in the states it takes ten days to clear. I have had money wired from the states and it takes two days to show up in my account whereas my sister who lives in the states had money wired to her account and it showed up the same day.
Posted : June 5, 2003 11:24 pm
Donna's suggestion is good. Open an account here to keep a small amount of money in, should you need to write a check to a local business - alternatively you could pay by credit card - however should it be a small amount and the vendor doesn't want to take credit card, or if ATM's are down... then you might get stuck; might be a good idea to have a something local. Then keep everything else at your old bank.
--Islander
Posted : June 6, 2003 3:29 am
Banco Popular isn't so bad and they are based out of puerto rico and they have branches in the US so they arent as bad as Scotia. I guess First Bank isn't too bad but they are still in transition from changing from Chase Bank.
Banco has telebank and internet bank and seem to be more professional to me.
Posted : June 6, 2003 4:22 pm
linda we opened a checking account with first bank in stx it is federally insured as is our bank in the states. we will be having our pension checks deposited to it,and as stated earlier you will need to write local checks.we also financed a mortgage with this bank when it was chase and were impressed with their effficency. my husbvand was able to make arrangemnts for the checking account over the phone from the states. we are planning on closing all our acounts herre when we move. feel free to email with any questions?? are we on for the last fri in aug?
Posted : June 9, 2003 2:05 pm
Topic starter
Yep, we're on for the last Friday in August. Did we say where? I vote for Cheeseburgers in Paradise.
We're leaving Lousiville the second week of August, driving to Miami, shipping the cars and then, we're off. I'm beginning to get nervous. But we told our landlord the weekend, so I guess we're really going!!
Posted : June 9, 2003 5:26 pm
