Is there a Wells Fargo in Puerto Rico?

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BBVA Compass used to have some in PR but that website is dead now, so it looks like they pulled out of PR. So Bank of America, Chase, Citibank, Wells Fargo are not in PR.

Also, who is a good choice for a safe deposit box?

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 03:19 PM

8,241 posts, read 11,750,406 times

Banco Popular is also in New York/New Jersey (40 branches), California (20+), Florida (20), and Illinois (12). I'm sure I have seen Banco Popular in various of states listed, but except for a branch or two in Florida, don't remember seeing them anywhere else.

https://www.popularcommunitybank.com...community-bank

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 04:27 PM

12,028 posts, read 8,483,595 times

Originally Posted by PR Newcomer

Is there a Wells Fargo in Puerto Rico?

Are there banks in PR that are also in the mainland USA? I'd like to be able to use 1 account that covers both PR and the 48 states.

Bienvenido a Citi Puerto Rico
There is a Citibank in PR, but that is limited to corporate accounts only, not individuals.

BBVA Compass used to have some in PR but that website is dead now, so it looks like they pulled out of PR. So Bank of America, Chase, Citibank, Wells Fargo are not in PR.

Also, who is a good choice for a safe deposit box?

Yes, and most homes have running water and electricity.
Is there a Wells Fargo in Puerto Rico?

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 04:37 PM

5,790 posts, read 4,627,914 times

Originally Posted by Julian658

Is there a Wells Fargo in Puerto Rico?

Yes, and most homes have running water and electricity.

Is there a Wells Fargo in Puerto Rico?


When I told my chiropractor that we bought a vacation home in PR, he asked, "Do they have plumbing in Puerto Rico?" My husband said that I should have told him, "Naw, they have outhouses for all those big luxurious hotels." What cracked me up was this guy is a DOCTOR-which means college degree.
Is there a Wells Fargo in Puerto Rico?
I guess a college degree doesn't mean having BRAINS!!!!

Cat

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 04:42 PM

49 posts, read 227,191 times

I don't get your response, Julian.

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 07:53 PM

12,028 posts, read 8,483,595 times

Originally Posted by PR Newcomer

Is there a Wells Fargo in Puerto Rico?

I don't get your response, Julian.

Is there Internet in PR?

I was asked that question the other day by a Puerto Rican born and raised in New York?

Is there a Wells Fargo in Puerto Rico?

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 09:44 PM

8,241 posts, read 11,750,406 times

The OP is not asking if there are any banks in Puerto Rico, but any bank firms from the mainland USA. The reality is that the Puerto Rican banking system is composed mostly by Puerto Rican banks and the only commercial bank with branches in Puerto Rico and on the mainland appears to be Banco Popular.

According to the Asociacion de Bancos de Puerto Rico, the 11 banks in Puerto Rico's banking sector (including corporate banks such as Citi) are (click on their names to go to their website):

Arca International Bank
Banco Popular de Puerto Rico
Banco Santander Puerto Rico
Bancolombia Puerto Rico International
Bancredito International Bank
BBO International Private Bank
Citi
Doral Bank
FirstBank de PR
Oriental
Scotiabank de Puerto Rico

As for what happened to BBVA and a few other banks:

Canada's Scotiabank (NYSE: BNS) and Puerto Rican banks Popular (Nasdaq: BPOP) and Oriental Financial Group (NYSE: OFG) bought R-G Premier Bank, Westernbank and Eurobank, respectively.

The three failed banks accounted for about 30% of Puerto Rico's total deposits at the time of their closing.

And in June last year, Oriental agreed to buy Spanish bank BBVA's (NYSE: BBVA) Puerto Rican unit for US$500mn in cash.

The merger with BBVA Puerto Rico will help Oriental become the third largest bank by assets on the island.

The Puerto Rican banking sector now has seven commercial banks compared to 11 at the end of 2009, with Popular maintaining the largest market share with 40% of total deposits.

Fitch forecasts more consolidation in Puerto Rican banking industry

It also appears that the Banco Popular presence on the mainland is going to be reduced.

Popular Inc. said its U.S. unit agreed to sell regional operations in California, Illinois and Central Florida to three separate buyers, in an effort to concentrate on its key U.S. markets in the New York and South Florida regions.
...
Popular Inc., Puerto Rico’s largest bank, is selling nearly half its mainland U.S. branch network as it looks to boost profitability and strengthen its ability to repay a government bailout.

Popular Community Bank to Sell 41 Branches

More bank industry reports here (click on the sentence to go to the website and see the reports):

Our Quarterly Banking Industry Reports are designed as a tool for top executives to get a quick, yet deep understanding of the banking industry in Puerto Rico and Dominican Republic.

Hope this helps.

Is there a Wells Fargo in Puerto Rico?
06-20-2014, 10:21 PM

49 posts, read 227,191 times

Originally Posted by AntonioR

Is there a Wells Fargo in Puerto Rico?

The OP is not asking if there are any banks in Puerto Rico, but any bank firms from the mainland USA. The reality is that the Puerto Rican banking system is composed mostly by Puerto Rican banks and the only commercial bank with branches in Puerto Rico and on the mainland appears to be Banco Popular.

Hope this helps.

Yes that helps tremendously! Thanks for taking to time to make such a detailed response. Glad your reading comprehension skills are excellent too. My original post was clear on this. "Are there banks in PR that are also in the mainland USA? I'd like to be able to use 1 account that covers both PR and the 48 states." Yes, I was asking which banks, if any, have branches BOTH in PR and the mainland. Of course I know PR has banks. I was hoping one of the major mainland banks like B of A, Chase, Citibank, Wells Fargo would also have PERSONAL/CONSUMER branches in PR.

Is there a Wells Fargo in Puerto Rico?
06-21-2014, 07:45 AM

529 posts, read 1,025,468 times

Although Banco Popular has branches in the U.S. they function as two separate institutions. Up to 2014 the accounts in both banks were kept separate and you can't even use their ATM machines without being charged a rate.

Santander, which is a huge Spanish bank is a bit more integrated. They just adjusted their ATM machines to work in the U.S. and Puerto Rico without charging you foreign transaction rates like many other banks do. However you can use their ATM machines if you have a U.S. Account but can't do any other kind Of banking, Figure that one out.

Isn't it strange that Puerto Rico is charged Foreign transaction rates?

Like I've said before , coming to Puerto Rico is like going to Venezuela or Costa Rica , certainly not Florida or Arizona.

Are there any US banks in Puerto Rico?

Citibank NA is the first North American bank to be established. The focus of Citibank NA (Puerto Rico) is to provide foundation building investments and to offer sophisticated financial products to the locals.

Do they have a Wells Fargo in Puerto Rico?

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers.

Where is Wells Fargo located?

Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally.

How many states have a Wells Fargo bank?

Wells Fargo Private Bank has offices in 33 states and the District of Columbia. Our offices are staffed by relationship managers ready to address a complete range of wealth management needs. If you don't see a city near you listed, please call us at 1-888-715-0380.