Background and Financials of the Bank

Is Stern Bank a U.S. bank?
Yes. The U.S. Federal Reserve has classified Stern Bank as a U.S. state bank and has provided it with an ABA routing number.

Is Puerto Rico part of the United States?
Yes. Puerto Rico is an unincorporated territory of the United States and has full access to the U.S. banking system – just like any U.S. state.

How are Stern Bank and Stern International Bank LLC related?
“Stern Bank” is the trading name for Stern International Bank LLC.

Which banks are eligible for an ABA routing number?
An ABA routing number will only be issued to a federal or state-chartered financial institution eligible to maintain an account with the U.S. Federal Reserve.

Are you FDIC insured or insured in any other respect?
No.

Application Process

Do clients need to make in-person visits to open accounts?
In most cases, accounts can be opened without requiring that the client visit our offices in Puerto Rico.

Can I visit the bank personally?
Yes, the bank accepts appointments in Puerto Rico. In some cases, it’s possible to meet with our authorized representatives in other countries.

My application was rejected – May I receive explanations for the rejection?
We apologize, but under U.S. regulations and legal guidelines, we cannot share with you the reason for the rejection nor provide you with further information about our risk & compliance committee’s decision. Our decision is final.

What is the timeline for setting up my account?
Once all documents have been provided, the Onboarding Department usually reviews the application within three business days. (All corporate and identification documents, which may cause a delay to your application if you do not have these readily available, are required.)

Do documents need to be notarized or apostilled?
Official translations must be notarized.  Stern can accept documents in English and Spanish without notarized translations. Documents in other language will usually require official notarized translations.  Stern Bank usually does not require apostilled documents.

 

Eligibility of Clients and Restrictions

Does Stern Bank accept cryptocurrency or open accounts for firms that transact in cryptocurrency?
No, as it is prohibited by the Bank’s Compliance Policies.

Does Stern Bank have any country restrictions?
As a U.S. bank, Stern Bank is subject to restrictions put in place by the U.S. Department of Treasury, as well as certain countries restricted by the Bank’s Compliance Policies.

Are there any limits on how much money I can transfer?
Limits are set on an individual client basis.

Product and Services

What type of currencies can I hold?
Stern Bank opens accounts in USD, EUR, and GBP.  Stern Bank can also provide unique IBANs for EUR.

How does Stern Bank make payments?
Stern Bank makes payments via SWIFT, Fedwire, and SEPA.

Does Stern Bank provide debit or credit cards?
Stern Bank will introduce debit cards this year (2019).

Does Stern Bank provide personal accounts?
Stern Bank will introduce personal accounts this year (2019).

Do you provide a savings account?
No, but Stern Bank can offer time deposits. Please contact your Customer Service Representative for further information.

Do I have access to an online account?
Yes, through the online account customers can view balances and transfer money between bank accounts, set up account alerts, and access online statements over a secure platform.