BajaNomad
Not logged in [Login - Register]
Go To Bottom

Printable Version  
Author: Subject: Americans’ Life Savings Disappear From Mexican Bank Accounts
unbob
Nomad
**




Posts: 346
Registered: 8-7-2006
Member Is Offline


[*] posted on 5-24-2019 at 10:25 AM
Americans’ Life Savings Disappear From Mexican Bank Accounts


Not Baja-specific - but certainly of interest to all residents of Mexico!

https://www.bloomberg.com/news/articles/2019-05-23/expats-mi...

[Edited on 5-24-2019 by unbob]




"I'm too young to be this old!"
View user's profile
Lee
Ultra Nomad
*****


Avatar


Posts: 2563
Registered: 10-2-2006
Location: San Clemente, CA
Member Is Offline


[*] posted on 5-24-2019 at 10:49 AM


Quote: Originally posted by unbob  
Not Baja-specific - but certainly of interest to all residents of Mexico!

https://www.bloomberg.com/news/articles/2019-05-23/expats-mi...

[Edited on 5-24-2019 by unbob]


No surprise. Lose your money, sue the bank, go to court. Good luck on that. Never going to happen to me as I'll never have a MX bank account.




US Marines: providing enemies of America an opportunity to die for their country since 1775.

God Bless Chesty Puller
View user's profile
SFandH
Elite Nomad
******




Posts: 4918
Registered: 8-5-2011
Member Is Offline


[*] posted on 5-24-2019 at 11:03 AM


From the link in the article

Monex Casa de Bolsa:

Monex Casa de Bolsa provides financial advisory and services to Mexican and foreign financial institutions. The Company also derives revenues by investing in security, fixed and equity income funds and real estate.

An investment bank, much different than banks like Bancomer.





Want to adopt a mellow Baja dog or cat? - https://www.facebook.com/bajaanimalsanctuary/
View user's profile
chuckie
Elite Nomad
******




Posts: 5819
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline

Mood: Ebulient

[*] posted on 5-24-2019 at 11:44 AM


What Lee said....Learned my lesson.....lost a lil over 50K, Legal Thievery..I may learn slow but I learn good.....
View user's profile
fishbuck
Elite Nomad
******




Posts: 4976
Registered: 8-31-2006
Member Is Offline


[*] posted on 5-24-2019 at 11:54 AM


What about having an account at a local bank? Not life savings but just for functional access reasons. Local access.
Or can a US bank be used for all needs for an expat?




"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.

A clever person solves a problem. A wise person avoids it. – Albert Einstein

"Life's a Beach... and then you Fly!" Fishbuck

View user's profile
DawnPatrol
Nomad
**


Avatar


Posts: 308
Registered: 11-19-2013
Member Is Offline


[*] posted on 5-24-2019 at 12:51 PM


Quote: Originally posted by chuckie  
What Lee said....Learned my lesson.....lost a lil over 50K, Legal Thievery..I may learn slow but I learn good.....


wow.... Chuckie.... that sucks
care to elaborate ? If it is too sensitive to talk about it I definitely understand
Alan
View user's profile
SFandH
Elite Nomad
******




Posts: 4918
Registered: 8-5-2011
Member Is Offline


[*] posted on 5-24-2019 at 12:59 PM


Quote: Originally posted by fishbuck  
What about having an account at a local bank? Not life savings but just for functional access reasons. Local access.
Or can a US bank be used for all needs for an expat?


If you are buying large ticket items or services, it might be handy to have a local account to wire money into from your US bank. Otherwise, an ATM card from a US bank will suffice for routine expenses. Make sure you have at least two cards, in case you lose one.




Want to adopt a mellow Baja dog or cat? - https://www.facebook.com/bajaanimalsanctuary/
View user's profile
JoeJustJoe
Platinum Nomad
********




Posts: 20747
Registered: 9-9-2010
Location: Occupied Aztlan
Member Is Offline

Mood: Mad as hell

[*] posted on 5-24-2019 at 01:30 PM


The title of the article is a little misleading because, " Monex Casa de Bolsa," is mostly a brokerage, real estate, and Forex, financial advisory service, although they do regular banking too, however, from reading the article, it appears the American senior citizens, Howard Haynes, the the 83 year old from Kansas City, like Chuckie, were investing in probably inappropriate risky trading given their age and not watching their accounts electronically. Do people actually wait for their monthly statement by mail?

There is a sucker born every minute, and senior citizens, because many of them are too trusting, and have built up nice nest eggs, are often a target.

Had the savings been in an actual Mexican bank account, they would have been covered up to the equivalent FDIC insurance in Mexico, called IPAB, and they cover savings account, checking accounts, debit cards, and a few other financial instruments up to a limit. If you have more than the Mexican banks, limit, put you money in another bank, like a US bank.

I know what people are thinking that everything in Mexico, is 3rd world, but Mexico banking in not one of them. With the exception of Mexicans liking to deal in cash, and are prone to be robbed with large amount of money. Mexican banks, are first world, and can rip off people, or screw people, as good as banks in the US or Europe with legal scams.

In the US if you're Schwab, account loses money from unauthorized trades or hacking, your brokerage SPIC insurance, may not save you. You will have to prove the trades were unauthorized and you were not just scammed. So it does take time for even Schwab, to make your whole again.

My bet the Mexican banks/brokers will settle with the ex-pats that lost money, but it will take time, and if they don't make take care of their clients, they could lose their ability to bank around the world.

My feelings if you put all your eggs in one basket,( one bank) and are not watching that basket, online often, then you probably deserve to be ripped off, or inconvenienced while they try to trace what happened to your money.

Of course, you could leave all your money in a US bank, and have bank employees rip you off with high commissioned fixed or variable annuities, while they try to get you to keep all your money in one bank only.








View user's profile
grizzlyfsh95
Nomad
**




Posts: 220
Registered: 1-8-2010
Location: East Cape
Member Is Offline


[*] posted on 5-24-2019 at 04:22 PM


Had ID theft couple of years ago. Us banks covered the losses. Mexican (Bancomer) did not. Told us to just suck it up. Thieves cleaned out checking and savings. We keep minimal balance in a checking account not, and do not use debit cards.



The harder I work, the luckier I get
View user's profile
bajatrailrider
Super Nomad
****




Posts: 1338
Registered: 1-24-2015
Location: Mexico
Member Is Offline

Mood: Happy

[*] posted on 5-24-2019 at 04:28 PM


Why would you put life savings in a Mexican bank. bankcomer the worst. Mexican next door had account with bankcomer. Someone got hold of his debit card number cleaned out his account. He sued bankcomer won they had to give all money back and all legal fees.
View user's profile
JoeJustJoe
Platinum Nomad
********




Posts: 20747
Registered: 9-9-2010
Location: Occupied Aztlan
Member Is Offline

Mood: Mad as hell

[*] posted on 5-24-2019 at 06:10 PM


Quote: Originally posted by grizzlyfsh95  
Had ID theft couple of years ago. Us banks covered the losses. Mexican (Bancomer) did not. Told us to just suck it up. Thieves cleaned out checking and savings. We keep minimal balance in a checking account not, and do not use debit cards.


Maybe Bancomer, didn't find your story credible since you claim the ID thieves cleaned out both your US and Mexican bank accounts.

How did the hackers gain access to your mutiple accounts in both the US and Mexico? Did they get a hold of your computer or email? Are you sure it's not someone like an ex-wife?

Usually they get one debit or credit card and gain access to one account and if ID thieves get your Social Secuirty number they just get credit cards using your identity and then go on a shopping spree and then it takes time to clean up your credit.








View user's profile
chuckie
Elite Nomad
******




Posts: 5819
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline

Mood: Ebulient

[*] posted on 5-25-2019 at 04:26 AM


The size of this theft is pretty amazing,,...7.3 million cases so far....and 18.9 BILLION Pesos in value, gone missing
View user's profile
BajaBlanca
Select Nomad
*******




Posts: 11029
Registered: 10-28-2008
Location: La Bocana, BCS
Member Is Offline


[*] posted on 5-25-2019 at 04:50 AM


Les really had a hard time when we first moved here. It took us two months to open up an account. Once done, fees took all his money and there was no way (at the time) to see online what was happening. I bet he was one of the fastest clients ever to shut down an account (and he had to PAY to shut it down)!

We now use numerous American banks and find that his mot having a Mexican account is not an issue at all, ever. When we need larger sums, we simply use wells fargo to transfer $$$.

I have an account that is protected since I am a teacher in the Mexican schools but every so often bizarre smaller sums disappear.




Blanca and Les
Come visit us

http://www.labocanahotel.com
View user's profile Visit user's homepage
Hook
Select Nomad
*******




Posts: 8487
Registered: 3-13-2004
Location: Sonora
Member Is Offline

Mood: Inquisitive

[*] posted on 5-25-2019 at 05:46 AM


I believe Monex is also big in the fideicomiso business. Hope it doesnt affect anyone's trust.

View user's profile
bajatrailrider
Super Nomad
****




Posts: 1338
Registered: 1-24-2015
Location: Mexico
Member Is Offline

Mood: Happy

[*] posted on 5-25-2019 at 06:21 AM


Santander is sister bank of Wells Fargo. I now use Wells Fargo to change dollars to pesos. Then they send free to Santander . Also great ex. Rate better then chase.
View user's profile
JoeJustJoe
Platinum Nomad
********




Posts: 20747
Registered: 9-9-2010
Location: Occupied Aztlan
Member Is Offline

Mood: Mad as hell

[*] posted on 5-25-2019 at 06:47 AM


Quote: Originally posted by chuckie  
The size of this theft is pretty amazing,,...7.3 million cases so far....and 18.9 BILLION Pesos in value, gone missing


Your money may be safer in a Mexico bank, with over 70 percent identify thefts taking place in the US compared to the rest of the world.

BajaBlanca, mentions Wells Fargo, as if it's a safe bank, but if anything moving your money to Wells Fargo, is like going from the frying pan to the fire! No bank in the world committed as many scams on their clients in so many ways as Well Fargo, who has so far paid billions in fines for their scams.

The latest is Wells Fargo, is up to their old tricks.



SAN FRANCISCO, February 6, 2018 – The 2018 Identity Fraud Study released today by Javelin Strategy & Research, revealed that the number of identity fraud victims increased by eight percent (rising to 16.7 million U.S. consumers) in the last year, a record high since Javelin Strategy & Research began tracking identity fraud in 2003. The study found that despite industry efforts to prevent identity fraud, fraudsters successfully adapted to net 1.3 million more victims in 2017, with the amount stolen rising to $16.8 billion







View user's profile
lencho
Junior Nomad
*




Posts: 65
Registered: 1-16-2005
Location: Chan Santa Cruz
Member Is Offline

Mood: Somnoliento

[*] posted on 5-25-2019 at 07:35 AM


Quote: Originally posted by BajaBlanca  
(and he had to PAY to shut it down)!
Sounds familiar: Was this by chance BanaMex?

They're continuing to bill me monthly service charges on an account they drained below zero several years ago. :rolleyes:




"...they were careful of their demeanor that they not be thought to have opinions on what they heard for like most men skilled at their work they were scornful of any least suggestion of knowing anything not learned at first hand".

Cormac McCarthy, All the Pretty Horses
View user's profile

  Go To Top

 






All Content Copyright � 1997- Q87 International; All Rights Reserved.
Powered by XMB; XMB Forum Software © 2001-2014 The XMB Group�






"If it were lush and rich, one could understand the pull, but it is fierce and hostile and sullen. The stone mountains pile up to the sky and there is little fresh water. But we know we must go back if we live, and we don't know why." - Steinbeck, Log from the Sea of Cortez

"People don't care how much you know, until they know how much you care." - Ivan R. Misner, Ph.D

"You can easily judge the character of others by how they treat those who they think can do nothing for them or to them." - Malcolm Forbes

"Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you." - Jim Rohn







Thank you to Baja Bound Mexico Insurance Services for your long-term support of the BajaNomad.com Forums site.







Emergency Baja Contacts Include:

Desert Hawks; El Rosario-based ambulance transport; Emergency #: (616) 103-0262