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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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Dollar accounts in Mexican banks
Two Mexican citizens I know have closed out their dollar accounts in Bancomer this week and moved the money to accounts in San Diego banks. They say
that dollar accounts are going to end and closed their accounts before it becomes impossible to withdraw the money in dollars.
Also, my TJ home owner's fees were stated in dollars and the reciepts the bank prepared when paying the monthly fees by stamping a form prepared by
the home owner's association had the amount stated in dollars. The bank is no longer accepting this paperwork and is demanding all paperwork have
monetary amounts in pesos. The HOA has issued new forms with amounts stated in pesos.
Anybody know what's going on?
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MrBillM
Platinum Nomad
Posts: 21656
Registered: 8-20-2003
Location: Out and About
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Mood: It's a Zip-a-Dee-Doo-Dah Day
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Deja Vu all over Again ?
It's happened before. Back in the 80s, our best friends and neighbors in Baja would brag about keeping their money in Guaranteed Dollar accounts and
forgoing the added (Huge) interest in the Peso accounts.
Big surprise. When the Crisis hit, the banks paid off ALL the accounts in pesos. Mexcio simply changed the law.
I've always told my wife to simply forget about the money we keep on deposit at Bancomer to fulfill the FM-3 requirements. Assume it's gone and, if
not, we're ahead.
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
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Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by MrBillM
It's happened before. Back in the 80s, our best friends and neighbors in Baja would brag about keeping their money in Guaranteed Dollar accounts and
forgoing the added (Huge) interest in the Peso accounts.
Big surprise. When the Crisis hit, the banks paid off ALL the accounts in pesos. Mexcio simply changed the law.
I've always told my wife to simply forget about the money we keep on deposit at Bancomer to fulfill the FM-3 requirements. Assume it's gone and, if
not, we're ahead. |
We have to withdraw dollars today from our Bancomer account and will post what we find out. All bank accounts are now insured- unlike the last time
though, so I don't think a bank run is in order... yet.
Of course- here I am saying I'll believe what they tell me. They also told me we were getting interest on our accounts and we have triplicate papers
stamped to prove it. The bank still refuses to pay the interest and the VP in TJ (yes, he met with us) told us the branch manager was wrong to promise
it (even though we had it in writing).
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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I closed my Bancomer USD account last year when I'd pretty much drained it for my construction. But while it was open, it WAS an interest-earning
account & I DID receive the amount of interest quoted...HOWEVER, it was based on a calendar month interest schedule, so they
didn't pay interest for the first 3+ weeks; it began accruing on the 1st of the following month. Ditto for my closing it, I took it out mid-month
& interest for that month hadn't posted yet, but by that time the balance wasn't significant enough to be an issue, as it was for the first month
when Bancomer made out like a bandit by withholding interest for 3+ weeks.
It appears that once again, the old "different strokes for different folks" rule is alive & well & subject to individual whim based on whose
advantage is at the top of the heap! "Bait & Switch" is occasionally a fact of life here...hard learned lessons we have no control over! Sadly, this is not something limited to gringos; happens with Mexicans all the time,
but they seem to have the ability to be more accepting of it that we do. Whoooosh, your situation is one I'd talk with PROFECO about...one would
think the bank would have to honor the terms their representative put in writing.
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
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Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by longlegsinlapaz
I closed my Bancomer USD account last year when I'd pretty much drained it for my construction. But while it was open, it WAS an interest-earning
account & I DID receive the amount of interest quoted...HOWEVER, it was based on a calendar month interest schedule, so they
didn't pay interest for the first 3+ weeks; it began accruing on the 1st of the following month. Ditto for my closing it, I took it out mid-month
& interest for that month hadn't posted yet, but by that time the balance wasn't significant enough to be an issue, as it was for the first month
when Bancomer made out like a bandit by withholding interest for 3+ weeks.
It appears that once again, the old "different strokes for different folks" rule is alive & well & subject to individual whim based on whose
advantage is at the top of the heap! "Bait & Switch" is occasionally a fact of life here...hard learned lessons we have no control over! Sadly, this is not something limited to gringos; happens with Mexicans all the time,
but they seem to have the ability to be more accepting of it that we do. Whoooosh, your situation is one I'd talk with PROFECO about...one would
think the bank would have to honor the terms their representative put in writing. |
All in all- the missing interest amount is still less than our CFE bill for a month... yikes, dooh. They do know us by name at the bank now though
from this- that may not be a good thing either. We save all paperwork- so maybe someday we'll figure out what happenened. They did fire the guy that
made the bogus promise to us- so maybe he was doing worse things to others, I doubt it was over our incident.
[Edited on 1-22-2009 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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rob
Senior Nomad
Posts: 509
Registered: 10-19-2004
Location: Pacific Coast, BCS
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For bank-related issues, a better (and more powerful) ally than PROFECO is CONDUSEF, a federal watchdog with real teeth relating to consumer problems
with financial organizations.
In La Paz, Sr. Carlos Bucheli at 01-800-999-8080 or 123-4812, fax 123-4813 swiftly got the attention of Bancomer officials in Mexico City when they
dragged their feet on refunding $6000US when my ATM card was cloned (I must add that locally, Bancomer were very supportive).
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Bajajorge
Ultra Nomad
Posts: 2604
Registered: 10-13-2005
Location: Topaz Lake, NV/San Felipe
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Bancomer will close your account if there is no activity for 6 months. It
happened to me 2 years ago. Lost $67.00. Not much, but it is several cases of
cerveza. 
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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| Quote: | Originally posted by Bajajorge
Bancomer will close your account if there is no activity for 6 months. It
happened to me 2 years ago. Lost $67.00. Not much, but it is several cases of
cerveza.
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Bajajorge, are you talking USD account...or peso account....OR BOTH/EITHER? Checking and/or savings?
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MrBillM
Platinum Nomad
Posts: 21656
Registered: 8-20-2003
Location: Out and About
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Closed ?
I'd have to believe that the closing would have something to do with the nature of the account and the amount on deposit since MOST Bancomer accounts
opened to satisfy FM-3 requirements don't show any activity.
My Bancomer account had NO activity for six years prior to this month and the only activity then was to increase the deposit to meet the new FM-3
requirement.
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ckiefer
Nomad
Posts: 258
Registered: 12-12-2007
Location: LaJolla
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I think Bancomer has increased it's minimum account balance which could be the reason your account was closed. Sorry about the beer though, I know
how you feel.
| Quote: | Originally posted by Bajajorge
Bancomer will close your account if there is no activity for 6 months. It
happened to me 2 years ago. Lost $67.00. Not much, but it is several cases of
cerveza.
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DianaT
Select Nomad
Posts: 10020
Registered: 12-17-2004
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| Quote: | Originally posted by MrBillM
I've always told my wife to simply forget about the money we keep on deposit at Bancomer to fulfill the FM-3 requirements. Assume it's gone and, if
not, we're ahead. |
Confused?? Are the requirements you are fulfilling the one showing a certain amount of money and income? We do not have a Mexican bank account and
it has not been required for our FM-3s or for their renewals.
Or, is this one of those "things are different in different areas"
Diane
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Mulegena
Super Nomad
Posts: 2412
Registered: 11-7-2006
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FM-3 y cuentas en banco
Never needed a Mexican bank account for an FM-3. Got one for FM-2, peso or dollar and balance at my discretion.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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| Quote: | Originally posted by jdtrotter
| Quote: | Originally posted by MrBillM
I've always told my wife to simply forget about the money we keep on deposit at Bancomer to fulfill the FM-3 requirements. Assume it's gone and, if
not, we're ahead. |
Confused?? Are the requirements you are fulfilling the one showing a certain amount of money and income? We do not have a Mexican bank account and
it has not been required for our FM-3s or for their renewals.
Or, is this one of those "things are different in different areas"
Diane |
jdtrotter, in La Paz, Immigration accepts my statements from Washington Mutual. Actually, I've used
Bancomer statements some years, Washington Mutual statements other years & I seem to recall I used a combination of the two at least one year! In my personal experience there's no requirement to have a Mexican bank account,
just that you can prove you have the minimum monthly amount SOMEWHERE!
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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
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Mood: muy amable
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Never Again!!!
"Fool me once, shame on you- fool me twice, shame on me"
I had a dollar account back around 1980- about $10k (U.S. dollars) in the account.
Absolute, bulletproof, bonafide government guarantee,
"We will never, ever, no way devalue your dollar account"
OOOOPPPSSSS!!
Big devaluation, change the law,
TILT!!
Adios ten grand.
If you believe them, then call me, I can make you a much better deal....
TRUST ME>>>>>>
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by Mulegena
Never needed a Mexican bank account for an FM-3. Got one for FM-2, peso or dollar and balance at my discretion. |
I wasn't asked for a bank account for the FM-3 but I did have to show proof of the income to support myself (or something like that). I used a bank
statement though- it was easier.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
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| Quote: | Originally posted by thebajarunner
"Fool me once, shame on you- fool me twice, shame on me"
I had a dollar account back around 1980- about $10k (U.S. dollars) in the account.
Absolute, bulletproof, bonafide government guarantee,
"We will never, ever, no way devalue your dollar account"
OOOOPPPSSSS!!
Big devaluation, change the law,
TILT!!
Adios ten grand.
If you believe them, then call me, I can make you a much better deal....
TRUST ME>>>>>> |
That must have stung a bit. Haven't they created the mexico eqivalent of a FDIC- up to $100K? Still- I se your point.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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MrBillM
Platinum Nomad
Posts: 21656
Registered: 8-20-2003
Location: Out and About
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Mood: It's a Zip-a-Dee-Doo-Dah Day
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Getting Down in the Weeds
There is NO requirement to have a Mexican Bank Account.
However, in our case, it was a matter of convenience. When we were renewing in the USA each year, we would bring a notarized statement from one of
our banks stating that our amount on deposit was always above a certain figure. No problem.
When the Consulate ceased processing renewals, we went to an agent in San Felipe. At that time, they were strictly enforcing the wording that said
you needed a U.S. statement (in Spanish) and signed by the Secretary of State (not simply by a notary public). Probably an effort to encourage
depositing the minimum or more ($1500) in a Mex Bank. Worked for us. The small amount of money involved was preferable to the added hassle of doing
it otherwise. This year, the minimum "supposedly" went up to $2000 USD. Again, not a big deal, so why worry. BTW, I also heard that the minimum had
been expressed in Pesos at $19,500, which at today's rate, would have been only the original $1500 USD, so I really don't know what the truth is.
What I do know is they said that's what they want and it was OK by me. After all, we're not talking about a fortune here.
I've also heard from others that the "requirement" for a Spanish statement signed by the applicant's Secretary of State is not necessarily required
depending on who and where the renewal is done. It is in the wording of the law, though.
As with many things bureaucratic, my course is usually to do that which doesn't impact my time and efforts more than necessary. That's why I've
"almost" Always taken the Mordida route (when offered) over the years. I'm not out to change a foreign country's way of doing business. I'm only
interested in what benefits me the best.
I'll leave the Crusades to others.
[Edited on 1-26-2009 by MrBillM]
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
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Mood: gone fishin'
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| Quote: | Originally posted by Woooosh
That must have stung a bit. Haven't they created the mexico eqivalent of a FDIC- up to $100K? Still- I se your point. |
yes they have its called Instituto para la proteccion al Ahorro Bancario
website link:
http://www.ipab.org.mx/
according to the front page of this website accounts are insured for up to $400,000 UDI's. $400K UDI's = 1,683,129.20 Mexican pesos
[Edited on 1-26-2009 by flyfishinPam]
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
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Mood: gone fishin'
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| Quote: | Originally posted by MrBillM
There is NO requirement to have a Mexican Bank Account.
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as with everything pertaining to immigration here in Mexico the requirement is up to the person granting the visa..in Loreto many people have had this
requirement put on them while some others have not. It just depends.
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La_Paz_Banker
Newbie
Posts: 3
Registered: 8-11-2008
Location: La Paz B.C.S.
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Good morning everybody
My name is Blanca Corral I am working in Bancomer in the Preferred Customer unit I am sure that some of you know about this services is a bilingual
services that we provide in Bancomer and specially for you, about this rumor of dollars account, that’s NOT TRUE we are NOT closing the dollar
accounts, Bancomer is a very strong bank and we don’t have any changes about this kind of accounts, we still offering peso and dollar accounts and
also we continue changing us to pesos and changing travels checks and all the services there is not any change about this
If you have any question please feel free to contact me
b.corral@bbva.bancomer.com
Regards
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