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Howard
Super Nomad
Posts: 2346
Registered: 11-13-2007
Location: Loreto/Manhattan Beach/Kona
Member Is Offline
Mood: I'd rather regret the things I've done than regret the things I haven't done.
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Bancomer can go to hell!
Those “thieves” at Bancomer are at it again. I am telling my story so others can be aware of the unscrupulous business ethics.
In November of 2014 I opened a peso account in Loreto and received an ATM card. Orlando (a really nice guy who happened to speak English) told me
that I had to carry a 4,000 peso balance to avoid any monthly service charges. I even wrote that information on the check book that I eventually
received and verified it with him once again, 4,000 pesos. I opened it with 4,000 pesos and never let it get below that figure. I treated it sort of
like a savings account if I ever needed it if my USA bank ATM card didn’t work.
Well, don’t you love it, I went to use the Bancomer ATM card today and it got swallowed up as soon as I inserted it in the machine.
Went to the bank, waited over an hour and was told that the account was closed for having no more funds. It turned out that the new rules are 12,000
pesos and they have been deducted the monthly fee until there was no more money. They would not budge and of course the person I opened it up with is
no longer there. So, I lost my 4,000 pesos. It’s not going to ruin my life but it does tick me off and part of it is the principal of the thing.
The moral of the story, I guess I should have been checking my balance every now and then and not to deal with a bank that changes the rules
mid-stream. It’s their rules so I just might have to just suck it up and pass this warning along.
[Edited on 3-15-2017 by Howard]
We don't stop playing because we grow old;
we grow old because we stop playing
George Bernard Shaw
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Warning appreciated.
"YOU CAN'T LITTER ALUMINUM"
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Mula
Super Nomad
Posts: 1653
Registered: 8-16-2011
Location: San Nicolas y Lopez Mateos
Member Is Offline
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Same thing happened to me with Bancomer - Loreto 11 years ago with $300. Changed the rules . . . ate it up in bank fees. Never Again!
. . . Oh, wait - never say never. . . .
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aguachico
Senior Nomad
Posts: 602
Registered: 3-23-2007
Location: tijuana
Member Is Offline
Mood: logic cannot get thru to the illogical
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thanks for the info
[Edited on 3-15-2017 by aguachico]
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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Me too...Never had a Mexican bank account gain..
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BajaBlanca
Select Nomad
Posts: 13165
Registered: 10-28-2008
Location: La Bocana, BCS
Member Is Offline
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such a rip off !
Les says the same thing happened to him BUT (and talk about putting salt on the wound) he had to PAY MORE to cancel the account.
Good grief.
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
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So sorry to hear, Howard. Unfortunately a pretty common story and why I've never opened an account anywhere in Mexico in my many years here. ATMs
are fairly reliable, I've only had no cash spit out once in over twenty years all told, this in the past month at A Banamex in La Paz. Azteca, our
new bank in town, hasn't gotten high reviews as far as ATMs, and I've not heard of anyone trying to open an account there.
ATMs or Wells Fargo Express Send keep me in zapatos and tacos...
Yes, banks change rules. My friendly little Credit Union is now charging me foreign money fees for ATM withdrawals, on top of the machine use charge.
No notice, either. But they do speak English  so I can complain at will.
reality\'s never been of much use out here...
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Bob and Susan
Elite Nomad
Posts: 8802
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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I checked with bancomer today...I have a peso account
$8000pesos is the min
its been that number for about 3 years
if howard lost 4000pesos he hadn't checked the account for years
if you do that in the usa the govt takes the money for non-activity
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BajaMama
Super Nomad
Posts: 1106
Registered: 10-4-2015
Location: Pleasanton/Punta Chivato
Member Is Offline
Mood: Got Baja fever!!
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Cash is king in Mexico - I don't trust the banks or the ATMs. Yes, I pay $7.50 for the shipping charge from my bank and the exchange rate is a tiny
bit lower than market, but that is still a lot less to lose than if I lose it to fees, etc.
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MitchMan
Super Nomad
Posts: 1855
Registered: 3-9-2009
Member Is Offline
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Yes, Bancomer should go straight to hell.
My experience with them is that their lead personnel are nice, but not very knowledgeable. Their lack of knowledge doesn't seem to bother them at
all. They make no effort to be current, and, for a bank, that is approaching criminal.
When you open an account, they do not tell you about all the "gotchas" and what is worse, about every few months, they come up with more gotchas on
the fly.
If you get preliminary checks that do not have your name on them, but they do have the micr code, Bancomer banks in other cities outside of the one at
which you originally opened the account, will not take the checks. They will close your account if there is no activity for a couple of months. They
will not clear checks and will refuse to pay on checks that are above the average check amount established in the past few months, and the above
average check amount doesn't have to be that much higher than the average.
There are all kinds of stupid things like that. Not worth it.
Professional standards in Baja for all professionals and for government agency personnel are very low. I can tell you that if my Mexican lawyers,
real estate agents, accountants (including CPA's) and contractors were in the USA, they would all have lost their licenses at the very least, have
been fired, or subject to criminal charges for being grossly negligent and incompetent.
The one very peculiar thing about the Mexican so-called professionals is that their lack of knowledge, lack of curiosity in their own profession's
updates, lack of proactivity, and lack of overall performance doesn't bother them in the least, personally. From my point of view, I consider that
trait immoral.
One thing that I do now, is not pay for anything in advance, make them sign an agreement that I draft with well defined expected results, specify
clearly their liabilities and responsibilities, specified milestones and dead lines with penalties, or I move on...no exceptions.
[Edited on 3-15-2017 by MitchMan]
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MitchMan
Super Nomad
Posts: 1855
Registered: 3-9-2009
Member Is Offline
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Quote: Originally posted by Bob and Susan  | I checked with bancomer today...I have a peso account
$8000pesos is the min
its been that number for about 3 years
if howard lost 4000pesos he hadn't checked the account for years
if you do that in the usa the govt takes the money for non-activity |
In the USA, unclaimed property escheats to the state after 7 years. Annual information returns are required by companies that have unclaimed property.
The companies have to do good faith efforts to locate you if they have your funds or value. After it escheats and is paid to the state, you can
always go to the state to retrieve your funds/value. No 'statute of limitations' on that.
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Bob and Susan
Elite Nomad
Posts: 8802
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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actually its 3-5 years in the usa...
then... the bank ONLY has to send a letter
then...the state takes the money and the bank account is drained
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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Something similar can happen with Mutual Fund accounts in the USA, also. If you don't initiate any owner-activity within your Mutual Fund acct.
(withdrawals or deposits) for several years, they can, and will turn over all the assets to the State where you live as an "account abandoned"
situation. They do send you a letter to this affect ( I just got one from Gabelli Mutual Funds), but if you miss it, or ignore it----your assets
could be gone to the State and the account closed----poof! We are talking thousands of dollars--------poof, gone!!! It pays to move money around
from time to time lest you end up very discouraged and poorer. Getting it back from the State is possible, of course, but a huge hassle, I hear.
Beware!!!
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Hook
Elite Nomad
Posts: 9006
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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The only reason to have any dealings with Bancomer is because you are forced to. It applies to insurance, trusts and banking.
We've given up our Mex bank accounts. Just too many rule changes that lead to fees.
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norte
Super Nomad
Posts: 1163
Registered: 10-8-2008
Member Is Offline
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I can't believe how many of you guys don't pay attention to your bank accounts. hat is the real problem. why get mad at the bank for your
inattention to your own money.
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surabi
Ultra Nomad
Posts: 3090
Registered: 5-6-2016
Member Is Offline
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I've had a Bancomer account for about 10 years, and while they did change the minimum balance without notice several years ago, I was only dinged for
1 month's service charge because I actually PAY ATTENTION. Other than that, I've had no problems with them. and their "Libreton" account is still a
4000 peso minimum.
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pacificobob
Super Nomad
Posts: 2237
Registered: 4-23-2006
Member Is Offline
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i have several bancomer accounts. i don't have a problem understanding how it works. i do understand it is not identical to my banks in the US. like
lencho stated, its not kansas.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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We don't have Banks in Kansas, Jesse James done held em all up...
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Terry28
Senior Nomad
Posts: 824
Registered: 8-25-2007
Location: S.Calif mtns.
Member Is Offline
Mood: Thirsty
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Here is my experience. I have had a Bancomer account for 20 years in Rosarito...hardly ever used it. Maybe once every 2-3 years. I went to the Bank
in Rosarito last week to close our account as we now have permanent residency and no longer need it...Our account was locked due to inactivity....if
your account is not used for 3 months or more they lock it for your protection. I saw a bank exec., got it unlocked and closed it. It held all of
$240 USD. It had been unused for 3 years....not closed, money not confiscated and no extra charges....All in all a pleasant experience.....
Mexico!! Where two can live as cheaply as one.....but it costs twice as much.....
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aguachico
Senior Nomad
Posts: 602
Registered: 3-23-2007
Location: tijuana
Member Is Offline
Mood: logic cannot get thru to the illogical
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My account is good. It's a 10-20k emergency fund. Pulled 5k out last fall. 10k is still there. I got hit by banamex. I watched a guy curse their
entire staff when banamex raised the minimum and decimated the accounts with fees.
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