Banco Económico S.A. was founded in December 1989 by a group of businesspeople from the Santa Cruz, Bolivia area who wanted to create a bank that would meet the needs of small and medium-sized businesses, which had needs that were not being met by traditional banks.
The bank was established as corporation on May 16, 1990. The bank, which was headquartered in Santa Cruz, began operating on February 7, 1991.
Banco Económico provides an award-winning training program for small and medium-sized enterprises which emphasizes social responsibility and the use of sustainable technologies
It offers an investment management service known as Mesa De Dinero (Money Table) to its personal and business banking customers.
Banco Económico offers its individual customers loans, credit cards, mortgages, time deposit accounts, savings accounts, debit cards and checking accounts.
Bank accounts accept US dollars and bolivianos.
The bank will exchange foreign currency and perform international bank transfers.
Customers can pay utility bills by direct debit.
They can use the bank to pay into their pension funds or to make minimum withdrawals from their retirement account.
Banking can be done over the internet and via cell phone.
Business customers of Banco Económico can have loans, credit cards, debit cards, savings accounts, checking accounts, and time deposit accounts.
Businesses can have lines of credit.
Banco Económico allows business customers to deposit foreign checks into their accounts. It will exchange foreign money and perform international transfers.
Banco Económico offers a variety of insurance products, including life insurance, accident insurance and insurance against grave illnesses.
The bank has an insurance product that covers the theft or loss of a debit card and will pay for your medical expenses if you are assaulted while at an ATM. It will pay for any additional life insurance expenses that are associated with the assault.
Educational insurance will pay school or university fees for a child in the event of the death of a parent or guardian.