Cooperativa de Ahorro Y Credito Microempresarial Sucre.  The short name is Co-op. This is the local cooperativa where we have an account.  San Clemente and San Jacinto have no banks, I was told that there is a Barrio Bank of Guayaquil but I have never seen the business open that has the Barrio Bank so having the Co-op so close is very nice for us.

The bank is located on the main road into the town of San Jacinto. They have an ATM and are open 7 days a week, talk about convenient.  Currently this coop is not national and there are four locations the one here in Jacinto and one in Cherapoto, Portoviejo and Rocafuerte. To open an account all you need is your passport once the bank goes national you will be required to have a cedula to open accounts. Their CD rates are unbelievable from $600 to $1,000 a one year CD yields 7%, 1,100 to 5,000 is 8%, from $5,100 to $25k is 9% with anything over $26k at 10%. They do have 3 month as well as 6 month CD’s at lower rates.

Sonia has been wonderful to work with. While opening our account they will open Google Translate and have you type your questions/answers.

NOTE: Some banks and cooperativas in Ecuador are insured by COSEDE ( please check to see if you cooperativa or bank are on this list.

15 thoughts on “COACMES

    • Yusuf, my understanding is that this co-op is not nationalized yet. Until it is nationalized they will accept accounts without a person having a cedula…I am not sure of the rules for other co-ops you will need to ask around. If they are nationalized you will be required to have a cedula but if you have an account already with this co-op you will be grandfathered in from what I have been told. But like Xica stated in her comment, a co-op can close up and you can loose your money…we are taking that risk because there is no other bank in this area the closest would be Portoviejo or Bahia… Nancy

  1. Please be careful. Many oficina these small coops go out of business overnight anda they aren’t regulated orden controlled by the national banks Superintended

    • Xica, we understand that a cooperativa can have issues and go out of business, that is a risk that we are willing to take because there are no banks in this area. The closest would be in Portoviejo and unlike the US there is no insurance even with one of the big banks if something happens…This co-op is currently making application to go national and again is the only option in town right now. Nancy

    • Hi John, I know we felt the same way as you. But as one of my other readers pointed out these cooperativas can close their doors at any time and there is no insurance like in the US to cover your savings…it is a leap of faith that they will be open long term. Thanks for reading and giving your comment. Nancy

  2. We are natives natives of San Jacinto residents of Boston and for many years we have money in policies getting good benefics and we have full confidence in the cooperative, because its members are natives sons of the town and they ensure the safety of its citizens’ money for the town’s development. San Jacinto is a paradise to retire and live comfortably with an enviable quality of life compared to other countries for its economy and its political stability. ..

    • Letty, thank you so much for your comments. We are enjoying the benefits of having the cooperative so close, so convenient. I agree with you that this area is paradise, will you be coming back to EC when you are ready to retire? Thanks for following our blog, Nancy

  3. Hola Soy José Ortega de nacionalidad española y vivo en san Jacinto desde hace 11 años. Desde hace 10 años estoy colaborando en esta Cooperativa COACMES, que esta en pleno crecimiento, pues debo de informar que ya son 6 las oficinas de que se dispone. Aclarar también que para abrir una cuenta se puede hacer con pasaporte no es necesario cédula. En cuanto a la estabilidad de la Cooperativa y el miedo a que pueda cerrar debo comentar que esta funcionando desde hace 20 años y esta controlada por la Superintendencia de Economía popular y solidaria, por lo que su seriedad esta demostrada, aunque para quien le interese todos los datos contables están a disposición de cualquier socio que lo solicite, gracias por su apoyo, abrazos

    • Sorry no new comments on COACMES. If you have questions John and Mary MacDonald, blog name “Living it up in Ecuador” are living in San Clemente, EC and they will be happy to find out anything you want to know about COACMES or anything else. Best of luck, Nancy

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