Site Meter
Send Us An Email
Panama Guide

Welcome to Panama Guide
Monday, July 28 2014 @ 04:17 AM EDT

Getting Money Out Of An ATM Is Now Officially A Crap-Shoot

Money Matters By DON WINNER for Panama-Guide.com - According to Caterina Duarte, the Marketing Manager for Telered S.A, the company responsible for connecting banks through ATM machines, there are still some problems with an "upgrade" to software deployed yesterday. The company made what she called a "unilateral business decision" to start charging a $3.00 transaction fee for all international transactions. However, she also specified that those fees will not apply to any European accounts. At this moment she said some of the machines are working while some others have not yet been fixed. Apparently the problem has to do with the software that manages the ATM transaction, and they did deploy a fix this morning at 8:30 that corrected the problem on some machines but not all of them. She could not tell me how an individual user might be able to determine (just by looking at it) if any particular machine might work or not, and her advice was to "just try it, and if it's not going to work then you'll get an error message." Duh. She said the are working around the clock to fix the problem, that they are aware of it, and she would send me an email once it has been resolved. When I started pressing her on the "what the hell" issues of charging the $3.00 bucks a pop for every transaction, she said she would be sending me some information they sent to the banks weeks ago. I can't wait. Anyway, in the meantime, you're going to have to try several ATM machines in order to find one that works until they get this cluster un-screwed. What a goat-rope...

Copyright 2009 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.

Share
  • Facebook
  • Google Bookmarks

Story Options

Getting Money Out Of An ATM Is Now Officially A Crap-Shoot | 2 comments | Create New Account
The following comments are owned by whomever posted them. This site is not responsible for what they say.
Getting Money Out Of An ATM Is Now Officially A Crap-Shoot
Authored by: Anonymous on Friday, July 03 2009 @ 02:53 PM EDT

The $3.00 USD charge is considered "Rape, Pillage & Theft"! It is the owner of the ATM that is getting the money and not the bank nor processor. Clients using the ATM should use only the units actually officiated with the bank that issued the card. Something must be done by these 'PIRATE OF PANAMA' that prey on people and take advantage of them.

Getting Money Out Of An ATM Is Now Officially A Crap-Shoot
Authored by: Anonymous on Friday, July 03 2009 @ 03:39 PM EDT

10-years ago I was in Vegas in a casino and (at that time) they charged $5 for an ATM transaction. So banks can charge whatever they want to use their equipment.

To counter the new bank fees in Panama (that I unfortunately experienced on my last trip) I recently opened a Charles Schwab Bank high yield saving account that provides me a VISA debit card. At the end of every month Schwab reimburses me all ATM usage fees regardless where they happen in the world. I also got a Schwab VISA card that waives the customary 1-3% foreign transaction fee (as stated in their contract). Opening an account is free. It was easy to do on-line, but I think you must have a US mailing address and not a PO Box. But after my account was opened I could change my physical mailing address to a PO Box.

Therefore, I am set for my next trip to Panama...assuming Panama can get their technical act together. Geez, how embarrassing is that for them not to run a software test before they implemented this new software? Panama better hurry up or nervous tourists (like myself) may postpone or cancel our trips to Panama. I assume Colombia and Costa Rica don't have the same problems.

Rusty