BANKING SYSTEM OF PUERTO RICO

Puerto Rico became part of the United States following the Spanish American War in 1898, with Commonwealth status introduced in 1952. The residents of Puerto Rico are, therefore, citizens of the United States. There is no Central Bank in Puerto Rico, it is the US Federal Reserve Bank which acts as a Central Bank, determining the receivable interest over loans for the banks which are members and regulates Monetary and Credit Policy. Bank deposits in Puerto Rico are guaranteed up to $100,000 USD by the Federal Deposit Insurance Corporation.

All basic banking services are offered in Puerto Rico, including a growing trend toward electronic banking. Most banks also issue credit cards and debit cards, with access throughout the island and elsewhere to Automated Teller Machines (usually referred to as ATH's, a generic name that developed from the initials of the first such system developed in Puerto Rico). Shopping around for services, for service charges and for interest rates is advisable, as competition is keen between the different banking and financial institutions. Banks are insured by the Federal Deposit Insurance Corporation (FDIC). They are subject to all Federal controls applicable to banks in the United States of America.  Commonwealth government supervision of banks is done through the Commissioner of Financial Affairs (Comisionado de Instituciones Financieras).

Some of the banks operating in Puerto Rico:
Banco Popular
First Bancorp
W Holding Co. Inc.
Doral Financial Corp
Banco Santander
R&G Financial Corp.
Banco Bilbao Vizcaya Argent SA
Oriental Financial Corp.