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Bank robbery

tehag - 10-30-2009 at 10:00 AM

I am retired in Mexico and my Social Security is auto-deposited into a checking account in the US. I have used a WAMU debit card to get pesos from my WAMU checking account for years. Wamu charged a 1% foreign transaction fee, and the foreign owner of the ATM charged another 1%. Chase took over WAMU recently, and in addition to raising their portion of those 2 fees to 3% they have added a currency exchange adjustment which in my case amounts to a combined total of more than 10%. This is not due to currency price fluctuations, the ratio hasn't moved by more than 2% or so either way from 13.25 to the dollar in some time and is overall pretty stable. This week Chase adjusted my exchange rate to 11.58 for no reason that I can see but pure theft. I called them today and was told, politely, to suck it up and move on. Shame on Chase.

capt. mike - 10-30-2009 at 10:07 AM

WAMU was way better than Chase. i hate chase. they suck.
when chase bought WAMU i feared the worst...and it has come true in my dealings too.

castaway$ - 10-30-2009 at 10:47 AM

Thats why I am reluctant to use the ATM's when I'm in Baja. I know a lot of Nomads recommend it but my experience has been the same when I use my B of A card.

[Edited on 10-30-2009 by castaway$]

Baja&Back - 10-30-2009 at 12:33 PM

Quote:

Originally posted by castaway$
Thats why I am reluctant to use the ATM's when I'm in Baja. I know a lot of Nomads recommend it but my experience has been the same when I use my B of A card.

Look for Santander ATMs. No fee with B of A.

SteveD - 10-30-2009 at 12:51 PM

We always use the ATM at the Calimax at the North end of Rosarito when we stop there to stock up on the way down to our place. The ATM says the charge is 7 pesos but we are charged $1.50 US. This is OK when we are pulling out 2000 to 3000 pesos. Also, the exchange rate has always been very good.

DENNIS - 10-30-2009 at 01:38 PM

I live by the ATM down here and now I have this Chase crapola to be concerned with. I'll have to keep a closer eye on what the costs are, not that I have a lot of options.
My biggest concern now is if Chase will be as possitively responsive when the ATM debits my account for the 6K Ps I've requested and gives me only part or none of my money. This happens here almost too often and WAMU took care of that right away.

MikeLikeBaja - 10-30-2009 at 01:58 PM

I have had "no money" come out of Santander bank machines 4-5 times in 3 different location over 6 years. BofA always credits my account right away and then somehow investigate. B of A has always been great for living in Baja. Dennis......Valentines Day?

DENNIS - 10-30-2009 at 02:16 PM

Quote:

Originally posted by MikeLikeBaja
......Valentines Day?

MikeLickmeBaja.............
No...I'm busy.

Bajahowodd - 10-30-2009 at 02:36 PM

It's not J.P. Morgan Chase for nothing. One of the larger financial companies, and one that did not need a bailout. Must be because they already gouge enough from customers. Yesterday, there was a guy outside the local WAMU/ Chase bank holding a picket sign saying Chase was a crook.
I was wondering. I've heard a story, unverified. Someone I know who was a WAMU customer, now Chase, and is on direct deposit social security, told me that since Chase officially took over, their account is being funded 5-6 days later each month. Supposedly, there is a mandatory last date, but that the funds transfers were always made ahead of time. It makes it appear that Chase hold onto the funds for their own use. Any nomads at Chase who have direct deposit SS?

noproblemo2 - 10-30-2009 at 02:41 PM

We use Wells Fargo, with a balance of "X" amount in your account the fees are waived/re-imbursed. You might check to see if they will do that also.

[Edited on 10-30-2009 by noproblemo2]

David K - 10-30-2009 at 04:12 PM

Washington Mutual (WAMU) was a good bank... the GOVERNMENT closed it down and gave it to Chase to run... Look for things to get worse (like ANYTIME the government gets involved with private enterprise).

I was with Glendale Federal years ago ...which was good, then it changed to CalFed... which was okay... until it became CitiBank and things went to h*%#... moved to Washington Mutual... :no:

BajaBruno - 10-30-2009 at 04:22 PM

I've heard BofA horror stories for years, and I always ask the people who tell them, "Why don't you just change banks?" There are hundreds of banks out there, and I've always found that local banks can do anything the Big Brother banks can do, but with a zillion times better customer service. People always say it is a hassle to change banks. It is, but it's free, and a lot better than b-tching about bad service and usury.

mtgoat666 - 10-30-2009 at 04:26 PM

Quote:

Originally posted by David K
Washington Mutual (WAMU) was a good bank... the GOVERNMENT closed it down and gave it to Chase to run... Look for things to get worse (like ANYTIME the government gets involved with private enterprise).

DK: your comment suggests that govt was to blame for changes to WAMUs fees :?:

the govt got involved to save banks that were too big to fail :!:

you forgot that bankers caused the problems, and you were brainwashed to believe govt caused the financial melt down

DK: turn off the radio before your brain completes its transformation to mush :lol:

No Friend of B o A ..But

Fred-o - 10-30-2009 at 04:28 PM

B of A has "done me wrong" many times, however.......

Yes, you can use your B of A ATM card at any Santander ATM without fees. (On either end) You can also use Scotiabank ATM's, but they are few and far between. Only two in Ensenada at their bank locations only. Not in merchants stores like Santander.

edited note:
Santander Serfin

Santander Serfin is the third largest financial group in Mexico. It has 970 branches and more than 1,800 ATMs in the country. Santander Serfin is part of Santander Central Hispano (SAN.MC, STD.N), which is the largest financial group in Spain and Latin America, and the second largest in the Euro zone by market capitalization. Founded in 1857, it has a presence in 40 countries with more than 9,000 offices and US$450 billion in managed funds.

[Edited on 10-31-2009 by Fred-o]

Bajahowodd - 10-30-2009 at 04:29 PM

Once again, David, you step on your tongue. However retail customers felt about WAMU, the simple fact is that the had become inundated with sub-prime loans which was their bread and butter. (is that a "good" bank?). Their stock value plummeted from $36 a share to 45 cents a share. For weeks, they were feverishly looking for a buyer. Yes, the government got involved, but the fact is that Chase paid nearly $2 Bil for the bank and has managed an almost seamless transition. The alternative would have been for the bank to be seized by the feds. Remember that all this happened right after the run on IndyMac bank. A run on Wamu was imminent, and it would have been ugly. So your ridiculous post is just that. Whether folks are going to hate Chase, the fact is that the government's involvement in this acquisition actually saved tons of money and assuaged many people's fears. I just hate it when you jump into stuff with your Fox News mentality, when you do not have a clue.

castaway$ - 10-30-2009 at 04:39 PM

It may be true that Santander doesn't have a fee but where are they? are they in BOLA, Mulege, Lopez Mateos, you can't always count on finding anything in the small towns we like. Plus mikelikebaja's story, is the hassle worth it when your on vacation and supposed to be having a goos time.

David K - 10-30-2009 at 05:01 PM

>>> it's not worth arguing with ******* about the facts... <<<

[Edited on 10-31-2009 by David K]

mtgoat666 - 10-30-2009 at 05:10 PM

Quote:

Originally posted by David K
The GOVERNMENT forced banks to lend money to unqualified borrowers, who had no means to pay it back... had no business buying a home... It was GOVERNMENT blackmail...

DK: I find it comforting to know that when it comes to current events I can count on you to post absolute nonsense. At least you are reliable. Keep up the good work!!!!!

Bajahowodd - 10-30-2009 at 05:13 PM

The government did not close down WAMU, David. WAMU was a basket case headed for a bank run that hadn't been seen since the great depression. Maybe you ought to re-read my post. WAMU was belly up. The government in the form of the Fed provided a short transition to a situation where a viable bank, Chase, who did not have a real presence in much of WAMU territory, was able to negotiate a purchase for nearly $2 Bil. The bank was never seized. It was more of a matter of providing assurances. No one lost their money and the government didn't have to take over failed bank. It was an actual success story. What part of that do you not understand? Chase probably does suck as a retail bank. I'll likely look to move my money from them. But, David, this happened during the Bush administration. You likely know that I'm no fan of Bush. But the Fed got this one right. And the Dems in congress had NOTHING to do with it. You really need to change the flavor of Kool-Aid you drink, and stop watching Fox News.

David K - 10-30-2009 at 05:20 PM

Oh sure... Wamu closed/ changed owners on purpose... nobody made them do it! :lol:

Who is drinking Kool Aid? Too much MSNBC or CNN or CBS or ... :rolleyes:

MikeLikeBaja - 10-30-2009 at 05:27 PM

It is amazing how smart you flaming libs are. Stay in the states and continue to ruin it. Stay away from me here in Mex.

Bajahowodd - 10-30-2009 at 09:22 PM

Yup. It must have been liberals that drove WAMU to the brink of insolvency. It must have been liberals that drove the stock price fom $36 to 45 cents. Could not have been greedy inept management. No doubt.

LaTijereta - 10-31-2009 at 07:58 AM

Quote:

Originally posted by tehag
I called them today and was told, politely, to suck it up and move on. Shame on Chase.

Back on-point.. Have you looked into Banmex/ Citibank relationship for Loreto. It was my undertsanding that there are no ATM fees charged when withdrawing funds in Loreto.

Maybe it is time to "move on"..

here are a few atm locators

Dianamo - 10-31-2009 at 08:31 AM

so far, I've had good luck with B of A, just have to go to San Jose del Cabo or La Paz to access.

B of A / Santander locations in MX:

http://locators.bankofamerica.com/locator/locator/LocatorAct...

http://santander.mapasactivos.com/

CitiBank:
http://go.mappoint.net/citibankV2/Index.aspx

Here are the LaPaz locations:
http://go.mappoint.net/citibankV2/Index.aspx

Chase: (note all the disclaimers)
https://chase.via.infonow.net/locator/atm/jsp/InternationalL...

Oso - 10-31-2009 at 09:09 AM

I am also a member of the I hate Chase club. I never had a checking or savings account there but I had a Juniper credit account that I was happy with until Chase bought them out, raised the interest rate and the minute the U.S. Postal Snail was a day late with my payment they grabbed my cojones and twisted hard. When I called to protest I found myself talking to some dot head in Mumbai. I paid off the account and have had nothing to do with Chase since (as far as I know).

toneart - 10-31-2009 at 09:25 AM

There is a Santander ATM machine in the police station in Mulege. I just got cash there a couple of days ago with my B of A ATM card. No charge from either side.

I have always had an adversary attitude with regards to B of A. It certainly is not A.P. Giannini's Bank of America anymore. The only reason for keeping an account there is because of the multitude of ATM machines....convenience! If you use them or their affiliates, you are not charged a fee.

Bank of America and other banks have sold off their credit card operations. They changed my Mastercard and Visa from a fixed interest rate to a variable. I have always had a (low) fixed interest rate because I have never had a late payment. My FICO score is 808. What a disservice!

I also use their "Safesend" service to send money to myself while in Mulege..no charge and it is wired to the Telecom office.

I heard on the grapevine ( maybe while sipping wine) that Chase credit card holders will be getting charged a monthly fee next year if they pay off their balances in full each month. If you cancel them it will reflect poorly on your credit rating. This is probably the way of the near future for all credit cards. They are all scrambling to screw you before Obama's new bank regulations take effect next year. The regulations can't be implemented soon enough to stop the greedy SOBs.

Ask DK...it is probably all the goverment's fault. :lol:

Bajahowodd - 10-31-2009 at 10:26 AM

And before 2006, that other one-party rule was so much better? Actualy, the country I grew up in started changing after the election of Reagan. Started with the firing of the air traffic controlers that basically emboldened industry to think they could run roughshod over workers, move the jobs overseas, eliminate benefits, Etc.

arrowhead - 10-31-2009 at 10:38 AM

I have accounts in Chase (former WAMU) and B of A. Wire transfers from the government to B of A are almost simultaneous. Chase takes about 6 days. Even transfers from a Chase account to a B of A account take over a week. While from B of A to Chase are much faster.

Right now, B of A is the least of all evils.

Bajahowodd - 10-31-2009 at 10:42 AM

Thanks, Arrowhead. I'm thinking that Chase uses the float.

tjBill - 10-31-2009 at 02:59 PM

Do any nomads have good experiences with low fee banks? Like credit unions. Usually the fewer branches a bank has the lower the fees.

bajabound2005 - 10-31-2009 at 06:09 PM

Bank of America -- no fees on either end when you use Santander or Scotia Bank ATMs.

Hook - 10-31-2009 at 07:17 PM

Quote:

Originally posted by Bajahowodd
It's not J.P. Morgan Chase for nothing. One of the larger financial companies, and one that did not need a bailout. Must be because they already gouge enough from customers. Yesterday, there was a guy outside the local WAMU/ Chase bank holding a picket sign saying Chase was a crook.
I was wondering. I've heard a story, unverified. Someone I know who was a WAMU customer, now Chase, and is on direct deposit social security, told me that since Chase officially took over, their account is being funded 5-6 days later each month. Supposedly, there is a mandatory last date, but that the funds transfers were always made ahead of time. It makes it appear that Chase hold onto the funds for their own use. Any nomads at Chase who have direct deposit SS?

This is simply not true. They DID receive bailout money; they just paid it back earlier than expected. Same goes for Goldman Sachs.

I imagine gnukid will have a few things to say about these firms. Expecially JPM Chase. Imagine the combined might of the JP Morgan holdings and the Rockefeller family bank.

pascuale - 10-31-2009 at 10:33 PM

Chase bank is Horrible

fixtrauma - 11-1-2009 at 12:02 AM

We have closed ALL of our Chase accounts. Enough said.

Bajahowodd - 11-1-2009 at 11:44 AM

Hook- You are correct. I did misspeak about not taking bailout funds. However, I believe the rest of my post was correct. JP Morgan Chase paid $1.9 bil to the FDIC to acquire WAMU, and in addition to the assets, assumed $176 bil in home loans, many of which were troubled. They repaid the Tarp money last May.

durrelllrobert - 11-1-2009 at 12:01 PM

Quote:

Originally posted by noproblemo2
We use Wells Fargo, with a balance of "X" amount in your account the fees are waived/re-imbursed.
Don't know how much "X" is but I'm with Wells Fargo and have never heard of such a thing as reimbursement for ATM fees. Was this automatic or do you have to call them and b-tch and moan? :?:

bajalou - 11-1-2009 at 12:05 PM

I've been with Wells Fargo for years and have never have had ATM fees waived or reimbursed. They charge the same ATM fee if I use Banamex in San Felipe or Bank of America in Albuquerque.

Tell me how to get this done.

[Edited on 11-1-2009 by bajalou]

durrelllrobert - 11-1-2009 at 12:09 PM

Quote:

edited note:
Santander Serfin

it has a presence in 40 countries with more than 9,000 offices and US$450 billion in managed funds.

[Edited on 10-31-2009 by Fred-o]

AND ONLY 4 PARKING SPACES AT MAIN BRANCH IN ENSENADA :fire:

bajasammy - 11-1-2009 at 02:32 PM

Hey durrelllrobert!

We hate that too! And then there's a bus stop to really make things interesting!

We try to avoid the branch as much as possible and use the ATM at the Commercial Mexicana.

Hook - 11-1-2009 at 03:31 PM

Quote:

AND ONLY 4 PARKING SPACES AT MAIN BRANCH IN ENSENADA :fire:

We find the Santander ATM on the inside of the Modelo Agencia on the outskirts of Guaymas VERY convenient.

Bajahowodd - 11-1-2009 at 04:57 PM

So, I guess we should all go there? :biggrin:

movinguy - 11-1-2009 at 10:54 PM

Quote:

Originally posted by bajalou
I've been with Wells Fargo for years and have never have had ATM fees waived or reimbursed. They charge the same ATM fee if I use Banamex in San Felipe or Bank of America in Albuquerque.

Tell me how to get this done.

[Edited on 11-1-2009 by bajalou]

It's called a PMA account - but you need to have multiple accounts with them and/or carry large balances.

I don't use Chase (the 'new guy in Calif)...

Mexray - 11-2-2009 at 12:49 AM

...but if it takes about a week to get your SS direct deposit into your account, I'm sure they fall all over themselves to make sure they debit your account the next day for any checks or debit card transactions your make!

Have you ever seen a 'poor' bank operator in your community?

[Edited on 11-2-2009 by Mexray]

Mexitron - 11-2-2009 at 05:49 AM

Why not open a checking account with a Mexican bank? Keep enough money in there for your ATM withdrawals and put the rest in a US bank. Or is there something about banks in Mex I don't know......?

monoloco - 11-3-2009 at 06:28 PM

Quote:

It's called a PMA account - but you need to have multiple accounts with them and/or carry large balances.

We have the PMA account also and have never had an ATM fee from them. You also get free stock trades.

Hook - 11-5-2009 at 06:11 PM

Quote:

Originally posted by Mexitron
Why not open a checking account with a Mexican bank? Keep enough money in there for your ATM withdrawals and put the rest in a US bank. Or is there something about banks in Mex I don't know......?

The problem is replenishing the mexican account in a fashion that doesnt cost an arm and a leg. Wire transfers tend to be expensive and I have never heard of anyone being able to perform an electronic fund transfer across borders. An EFT (my credit union's term) is a very different type of transaction from a wire transfer, at least in the banks and credit union I deal with. There is no charge (at least from my CU to my B of A account). There is a daily limit of, I believe, 3000.00 US. A true wire transfer between financial institutions can cost anywhere from 30-100 dollars, depending on the institution.

Also, many are leery of the safety of money in a Mexican bank, in terms of failure. Probably not a big issue now that so many former Mex banks are largely owned by international banks.

And then there is the issue of a sudden devaluation of the peso reducing your holdings. I have read that even though people had supposed "dollar accounts" in Mexican banks during the 1994 devaluation, they weren't honored. They lost money overnight.

Still no charges using the B of A/ Santander two step. Some had indicated they were coming but we have seen nothing in our statements about this.

Seriously, anyone living in the US would be foolish not to investigate joining a credit union. They are just a joy, compared to a large bank. Many belong to a co-op network of ATMs in the US and other foreign countries that charge no fees among members. And, for the same fees or less that most banks charge, you can still use the big Cirrus/Star/Maestro network as well.

[Edited on 11-6-2009 by Hook]