Frequently Asked Questions
Being well informed is parte d, that's why we want you to be to answer any doubt you could have or clarify anything you need related to our products and services. Learn everything you need from this list of frequently asked questions.
Personal Banking Frequently Asked Questions
- What do I need to open an account?
In general, to open a new account you will need the following documents:
- Contact address and telephone
- Date of birth
- Social Security
- Valid identification (Diver's License, Passport, or other official identification document)
- Where can I open an account?
- You can visit any Doral Bank branches accross the Island. For your convenience, some of our branches open on Saturdays. Find your nearest branch on our locator here.
- How much money do I need to open an account?
- Depending on the type of account, you can open an account as low as $1 for the Doral Kids and up to $5,000 for the Doral Money Market account. We have an account for every need.
- What other services do I get with a Doral Bank account?
You can have unlimited free access to the following services:
- Telephone Banking by calling 787.749.7000
- Internet Banking through www.doralbank.com
- Free Direct Deposit
- Free Doral Banking Card (except for Doral Kids, Doral Boom and Doral Savings)
- Do I have to pay for the check order?
- Yes, the customer will paid for the check order and it will be debit to your checking account.
- What do I need to do for a check reorder?
- You can send directly the reorder form through the mail, drop it in any Doral branch or online through www.doralbank.com
- What is the difference between a Doral Banking Card and a ATM Card?
- Both cards are debit cards, which means that the balance used for purchases or withdrawals is deducted directly to your account. The main difference is that the Doral Banking Card is a Visa debit card, therefore is accepted anywhere in the world Visa is accepted.
- What type of transactions can I do with de Doral Banking Card, that I can't do with the ATM card?
- With the Doral Banking Card you can use it internationally for your purchases everywhere Visa is accepted. Since it is a Visa Card, you can use it to make travel and hotel reservations, shop online and pay in more than 180 millions of establishments where Visa is accepted.
- Do I need a pin number for my Doral Banking Card?
- You may need a pin number for your card only for cash withdrawals. However, you may sign the purchase slip when you use it as payment method for your purchases.
Credit Card Frequently Asked Questions
- What is an annual percentage rate (APR)?
- The annual percentage rate (APR) is the cost of credit on a yearly basis expressed as a percentage. It reflects interest rate plus any finance charges.
- What is a periodic rate?
- The periodic rate is a rate of finance charge that may be imposed by a creditor on a balance for a day, week, month, or any period of a year.
- What is a prime rate?
- The prime rate is a fluctuating rate of interest determined by an individual bank to used in pricing short-term loans. The Wall Street Journal's published prime rate is often used as the index in a variable credit line such as a credit card.
- How can I make a payment to my Visa credit card account from a Doral Bank?
- By mail with the account statement
- Online through www.doralbank.com
- Through TeleDoral at 787.749.7000 / 1.877.d doral1 (336.7251)
- At any of our branches
- How can I change my address, phone number, and email address?
- You can change your address, phone number and e-mail address through a customer service representative at TeleDoral by calling 787.749.7000 / 1.877.d doral1 (336.7251) or at any of our branches.
- Is my credit card information safe and secure on the Internet?
- Yes.your credit card information is safe and secure online.
- Can anyone else see my account information?
- No, nobody else can see your account information. Only you can access it using your personal ID and passcode. Unless you share your ID and passcode, no one can access your account information online.
- What if I think my credit card number is being fraudulently used?
- Call a customer service representative as soon as possible at 787.749.7000 / 1.877.d doral1 (336.7251) or visit any of our branches.
- What if my credit card is lost or stolen?
- Please call us at 787.749.7000 / 1.877.d doral1 (336.7251) or visit at any of our branches as soon as you discover your credit card is missing. If your card is lost or stolen, you should immediately report this to Doral Bank and notify all of the participating merchants with whom you've set up automatic bill payments.
- If my card is lost or stolen, am I responsible for any of the unauthorized charges?
- Doral Bank offers you 100% Protection Againts Fraud, so you will not be responsible for unauthorized card transactions if they're reported promptly.
Mortgage Frequently Asked Questions
- What is a mortgage loan?
Mortgage loans are offered for the following purposes
- Buy a primary residence
- Acquire a second home
- Refinance your actual property
- Acquire a property for investment purposes
Mortgage loans usually offer lower interests than the current market interest rate and provide tax benefits that other loans do not offer. The interests of most mortgage loans are tax deductible.
- What is a conforming loan?
- Conforming is a loan sold in the secondary market, and therefore needs to comply with certain requirements imposed by investors. The maximum quantity to be financed is established by the investors
- What is a non-conforming loan?
- A non-conforming loan offers you more flexibility since the conditions for approval are not subject to the requirements of the secondary market. The maximum quantity to be financed with this type of loan is set by Doral Mortgage.
- What requirements are necessary to qualify for a mortgage loan?
Every mortgage loan is evaluated individually by the bank. However, there are some basic requirements to qualify for a mortgage loan:
- You must present evidence of the source of income:
- Current employment pay stubs or pension payments
- If you are self-employed, or a business owner, you must document a 2-year history by providing your income, based on your tax returns and / or financial statements
- You should have available funds to cover the down payment and the closing costs. You should be able to demonstrate their source.
- You must present evidence of the source of income:
- What kind of documentation is needed for a mortgage loan application?
You must complete a loan application and provide the following documentation:
- Last two employment payment stubs
- Last two Bank account statements
- Property Legal Description
- Property Cadastre Number
- Purchase and Sale Agreement For the property (if it applies)
- What should I do with the notification of the payment for CRIM?
- It is important that you provide this document to the bank that lends you the mortgage before the expiration date. You can bring it to a Customer Service Department or to any Doral branch. This payment is part of your monthly mortgage payment and bank¹will paid it to the CRIM.
- How do I know if I can afford a house before I apply for a loan?
- You can even apply for a prequalification form from a Doral Mortgage by phone or in person at any Doral branch. This process will determine the amount that you can afford.
- Are all types of mortgage loans tax deductible?
- Mortgage loan interests for primary and secondary residences, home equity loans and second mortgages are tax deductible.
- What is the difference between a mortgage loan and a personal home equity loan?
- A mortgage loan allows you to purchase a property and a personal home equity is a loan with lower interest than a personal loan, guaranteed by the property you already brought.
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