Panicking Bank Clients Withdrew $9 Million

December 24, 2004

RUMORS that the government would close BAC San José, a private bank with 32 branches in Costa Rica, prompted thousands of bank clients to withdraw savings totaling $9 million in August. BAC officials, as well as the country s top economic officials, said the rumors were baseless and managed to restore calm after a few days of chaos that included, ironically, the mugging of a man leaving a BAC branch with $10,000 in cash he had withdrawn in an attempt to save it from the nonexistent government intervention. Officials chided the public for taking action without checking the facts. BAC San José s executive vice-president Gerardo Corrales told The Tico Times in December that although initial probes showed the rumors began with text messages sent to cell phones from call centers and an Internet café, the perpetrators remain unknown. It was very well done, very well planned, he said of the spread of false information.

You may be interested

With Keylor Navas battling injuries, Real Madrid eyes January swoop for Bilbao goalie
Keylor Navas
176 views
Keylor Navas
176 views

With Keylor Navas battling injuries, Real Madrid eyes January swoop for Bilbao goalie

AFP - December 11, 2017

Real Madrid's first foray into the January transfer market will be to snap up Athletic Bilbao's promising goalkeeper Kepa Arrizabalaga,…

Our High Season Print Edition is here! Here’s where to find it
The Tico Times
450 views
The Tico Times
450 views

Our High Season Print Edition is here! Here’s where to find it

Katherine Stanley - December 11, 2017

In the weeks since the relaunch of The Tico Times on Sept. 1, we’ve been hard at work to reconnect…

Bright Lights Boat Parade inaugurates holiday season in Quepos
Events
523 views
Events
523 views

Bright Lights Boat Parade inaugurates holiday season in Quepos

Elizabeth Lang - December 11, 2017

The Bright Lights Boat Parade marked the official kickoff of the holiday season in the Central Pacific town of Quepos…