Banking Update

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  • #625313
    DAVID L.
    Participant

    We have an account with Atlantic International Bank (AIBL) and are in the process of securing a mortgage through them. We were informed about 3 weeks ago that AIBL lost their relation with their Correspondent Bank. This meant that money wires to/from the States to AIBL had stopped. We were informed yesterday, Friday, August 28th, that a new relationship has been established. The wiring instructions will be coming this week (delayed because of Storm Erica). We’ll let everyone know when we receive an update from the bank. David and Lynn

    #625323

    David and Lynn,

    Great news. We just returned from the states and our vacation. I checked they AIBL website and they did not have new instructions up. So I’m glad to hear they have a new correspondent back. I will re-check their website. Ironically, Heritage Bank also got dumped by BofA. So, as I had read, BofA is continuing to drop their correspondent bank role in the Caribbean and Central America.

    Our Belizean lawyer had told us that she believed that Atlantic International Bank would be one of the banks to be able to find a backup correspondent bank. So I am glad that is the case.

    #625563
    DAVID L.
    Participant

    Hi everyone,

    Looks like Atlantic International Bank is back in business with US dollar accounts (wire transfers). I received my new wiring instructions today and this notice a short time later:

    Dear Valued Customer,
    We are pleased to inform you that Atlantic International Bank’s correspondent bank account with BANCREDITO in Puerto Rico has been approved. Please visit our website’s Wire Transfer page to view the new wiring instructions or call our offices for confirmation regarding this email.

    #626094

    Yes, the international wiring instructions are now up on their website.

    #626193
    DAVID L.
    Participant

    And, just as importantly, they work!

    #626228

    Great, David. Thanks for getting back on that issue, as it is a very important one. How long did your transfer take to go through. In the past mine went through within a day, two days at the longest. I have both BZ and US dollar accounts at Atlantic Bank. I’ve always been happy with their service. So I’m relieved they got this worked out. I think the wires will now go through a Puerto Rico Bank first, right?

    I heard recently that BofA pulled their correspondent bank status from Heritage Bank. So, clearly, they are getting out of doing business related to Belize, other than for transfers that go from US dollars into BZ dollars. So all Belizean banks will need to find other correspondent banks going if the BofA was the one they worked with exclusively.

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