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Panama Banks Check Deposit Regulations - Some of you wish to deposit paper checks into your Panama Bank Account. The banks in Panama do not accept shipments of checks to them directly. The reality is that in most offshore jurisdictions the banks have stopped taking all forms of checks altogether due to fraud. Legally if the bank in Panama accepted deposits in this way it would mean the bank would be depositing the funds into your account for you and this is not allowed.
What is done is you prepare the checks for deposit and send them to us as your agent. We deposit them into your account by sending a messenger to the bank physically to make the deposit for you into your account. They will get a deposit receipt and we will email you a scan of the deposit receipt. You can generally see the deposit on your online banking with 24 working hours. We never accept cash for deposit under any circumstances in any amount. Repeat – No Cash.
What Types of Checks Are Acceptable - Panama banks do not accept money orders from Wal-Mart, Western Union or Supermarkets. They do accept bank checks and cashier checks from recognized banks, credit unions and savings and loans. Swedish Credit Unions are not real credit unions and their checks are not accepted. They do accept checks from persons and corporations.
Checks must be made out exactly in the name of the bank account, which is the exact name of the corporation or foundation. You cannot take a check made out to you and sign it over to the corporation even though you might be the signatory on the corporation. Checks need to be in USD. Checks in Euros are not possible at this time, but you can inquire to see if this has changed.
Panama banks do accept bank wires in Euros. Any sort of draft, check by fax, check by phone and third party checks are not acceptable. The checks must be signed and endorsed. There is no cross border ACH or bill paying online anywhere in the world. Do not send travelers checks as these are considered negotiable instruments even though they are made out to someone.
Summary: All checks must be drawn on USD accounts only. The check must be made out to the corporation or foundation exactly. There are no third party checks accepted which means no payable to endorsements. No non-signature checks allowed. No cash accepted.
How Does it Work – You send to us by courier only the checks prepared for deposit. Do not use the postal service in that it is unreliable. Express Mail is the postal service and they will not deliver to and want us to make two trips to pick it up. We will not do this since it is so time consuming and the package will be returned to you. DHL is the more secure courier, Fed Ex and UPS works too. Have the checks endorsed and prepared for deposit only. Include a deposit slip showing zero cash back, all the funds get deposited so the total reflects the sum of all the checks. Make copies of all for your records please.
Courier all to us at the address we provide to you for this service including your account number with us. We cannot sign for any parcels containing other than paper documents. No hard goods of any sort will be signed for, just papers and documents so use an overnight envelope only, no boxes please. We will not deal with customs and we will not pay any tariffs, thus no hard goods.
Checks must be prepared for deposit. If your customer sends checks to us directly we have no way of preparing the check for deposit in your bank account – we cannot endorse the check and we have no deposit slips. Having your customer send checks directly to the law firm can be done in Guatemala where there is a trust agreement and the law firm in Guatemala is the signatory on the bank account and thus they can prepare the checks for deposit by endorsing them. The easiest way is for you to collect the client checks and then prepare them for deposit and send them to us. Checks must be presented to the bank within 90 days of the date on the check or they become void. Panama banks generally clear USD checks in 14 to 21 days but can take up to 30 days. If checks bounce, after a very few bounce the bank will not accept any checks from you anymore, just wires.
Check Deposit Pricing – We only offer this service for one year paid in advance.
Please be aware that this sounds easier than it is but it can take over 90 minutes to go to the bank, wait online and make the deposit and then return to the office, log it in and send you the scan filing the receipt.
Legal Note – Legally we are not giving you a branch office or even a virtual office. We will only receive correspondence from you under this service program, not your clients, customers, agents etc. To maintain a correct attorney client arms length relationship we cannot be a participant in your activities with clients, customers etc. We can however assist you in your dealings with the banks in Panama.
The purpose of this program is to allow our clients to make check deposits into the banks in Panama, which will not receive the checks directly from the account holder for legal reasons. Your corporation or foundation would still have our law offices as the resident address for receiving official correspondence like renewal notices from the government. No packages, no cash, no travelers’ checks and correspondence from clients, customers, agents etc. are acceptable under this program.
Under the Terms of Service we are not responsible for any losses or damages of any sort relating to or arising from the use of this service program including but not limited to lost checks, damaged checks, bounced checks, expired checks, rejected checks, stop payment checks, fraudulent checks, stolen checks, accounting errors, banking errors from any involved bank, other bank problems or any problems, losses or damages arising from the use of any courier service in regards to this service program. The client agrees to hold us harmless from any sort of damages associated with or arising from the use of this service program.
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