2 State Banks Combine Checking, Savings Services

May 30, 2008

Banco Nacional and Banco de Costa Rica (BCR) signed an agreement this week that will allow customers to cash checks and make deposits – in dollars and colones – at any of the banks’ combined 400 sites.

The policy change will take effect immediately, according to bank officials.

William Hayden, Banco Nacional’s general manager, said the move would reduce operational costs, improve client service and allow state banks to go toe-to-toe with multinational, private competitors.

“It’s a way of competing with them and trying to at least keep us in the market or … keep winning ground in the market,” Hayden said.

BCR’s general manager Mario Rivera said the two banks are satisfied with a pilot program testing the combined savings and checking services. All told, 3,000 checks and ¢2 billion ($4 million) in transactions were processed.

Under the new system, all deposits will hit clients’ accounts in real time. Before, customers had to wait until 2 p.m. the following business day to access their funds.

Internet transactions are not included in the merger.

This is the second step in a three-year-old process to meld Banco Crédito Agrícola de Cartago (Bancrédito) with the other two state banks. The trio has already placed automatic teller machines on the same network.

Two more steps remain before the consolidation is complete, Rivera said. He would not give specifics, but said the banks hope to join credit card and loan payment services in the future.

 

You may be interested

Costa Rica at a glance: top news from the past week
The Alvarado Administration
94 views
The Alvarado Administration
94 views

Costa Rica at a glance: top news from the past week

The Tico Times - May 21, 2018

Newly inaugurated Costa Rican President Carlos Alvarado is closing in on two weeks on the job. Here are some of…

PHOTOS: International Museum Day in Costa Rica
Arts & Culture
109 views
Arts & Culture
109 views

PHOTOS: International Museum Day in Costa Rica

Mitzi Stark - May 21, 2018

May 18 is International Museum Day, and Costa Rica celebrated with 31 mini-museums all in one at the Casa del…

Costa Rica, Panama refuse to acknowledge Venezuelan election results
Latin America
141 views
Latin America
141 views

Costa Rica, Panama refuse to acknowledge Venezuelan election results

AFP - May 21, 2018

Costa Rica and Panama were two of 14 countries in the Americas to announce they would not acknowledge the results…