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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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So, I guess we should all go there?
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movinguy
Nomad
Posts: 257
Registered: 3-19-2004
Location: Chula Vista, CA and Tijuana, MX
Member Is Offline
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| 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.
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Mexray
Super Nomad
Posts: 1016
Registered: 8-30-2002
Location: California Delta
Member Is Offline
Mood: Baja Time
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I don't use Chase (the 'new guy in Calif)...
...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]
According to my clock...anytime is \'BAJA TIME\' & as Jimmy Buffett says,
\"It doesn\'t use numbers or moving hands It always just says now...\"
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Mexitron
Ultra Nomad
Posts: 3397
Registered: 9-21-2003
Location: Fort Worth, Texas
Member Is Offline
Mood: Happy!
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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......?
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monoloco
Elite Nomad
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
Member Is Offline
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| 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.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| 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]
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