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More good things are coming: In today's Yahoo Finance news, check this out:

http://finance.yahoo.com/news/fidelity-bans-u-investors-overseas-230700640.html

You feeling like your U.S. Investment houses aren't giving you LUV? I recommend this article, since it is pretty straightforward about what we can expect .

Wow. While the funds that were interviewed say they won't make any expat sell their holdings, not being able to exchange between funds can have that same effect. If you find yourself in a fund that you think isn't performing as well as others, you can no longer 'transfer' or at least that's what I THINK they're saying. In other words, you would have to sell off share, pay taxes on it.

This article is particularly scary as this discussion of investment accounts seems to be in the beginning stage now and it's hard to predict where it ends up. It doesn't (or I missed it) say if by 'investment' accounts they also mean 401K's. Again, scary stuff.

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Maincoons--Why do you persist in voicing your political comments. As a moderator, you know better, but everyone knows you want the last word. Then we'll be cut off after you've had your say.

Lexy

Lexy, I simply stated a fact that is consistent with and germane to Gringal's post. And as per usual, I mentioned no names or political affiliations and leave it to the reader to determine who was running the Congress and White House at that time. Thanks to Gringal, you don't even have to look it up.

I have a suspicion that those who protest so loudly at having this fact stated bear some responsibility for who was in charge of everything and passing legislation like this back in 2010. As time goes on and one thing after another surfaces from that time, I am glad to know that I am not one of those folks.

And I'll ignore your inappropriate and inaccurate personal attack--this time.

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I am confused, Now you are saying no mexican banks will cash a US check for cash back? or they will not take a check for deposit? too much back and forth off subject I guess. Not sure if this is the thread that is confusing everyone banking at Banamex, because gal working there said a lot of there expax clients are asking her if they can put a US check in there account there. She said they take U.S. checks and always will.

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What I would like to know, (and maybe one of our politically minded pundits has the answer) is: Is anyone in Congress of either party lifting a pinkie to get FATCA repealed or changed? IMO, we're being left twisting in the wind and nobody cares.

As far as Banamex MX is concerned, I'm going to wait until all the smoke clears away in a few months to ask them any questions about what they will do in the future. Their tight relationship with Citi leaves some doubt in my mind.

And, as all the news coming in keeps getting worse, the doubt grows deeper.

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Gringal: Why should US politicians care about expats? We're easy to write off. Many of us don't vote, don't follow politics. There's no sympathy for us among many US citizens, so it's not like US pols feel they have to help us out. We are indeed the poor stepchild.

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Gringal: Why should US politicians care about expats? We're easy to write off. Many of us don't vote, don't follow politics. There's no sympathy for us among many US citizens, so it's not like US pols feel they have to help us out. We are indeed the poor stepchild.

Exactly. They don't.

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2012 US Senate elections had Senate seats auctioned-off for an average of $10.4 million each to the winning bidder.

($18 million total spent by all sides per seat.)

How can the "winners" get the money to pay for their winning bid - even in supposedly-safe gerrymandered districts?

Senators and Reps "meet with" an average of 18 to 24 lobbyists per workday - that they will publicly admit to.

Koch Bros. and other billionaires, their PACs plus the new "citizen" corporations spent $5.8 billion on House and Senate races, plus another $7 billion on presidential 2012 races.

Just how do a few 1,000 US expat's interests fit into that math?

http://www.cnn.com/2013/07/11/politics/congress-election-costs/ et al

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Why, its the worst government money can buy! And they really are equal opportunity sell outs.

In our house, we refer to it as the Donkephant.

Good post, Snowyco.

:D

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Easy to solve. Stop all campaign contributions. The only money a candidate can spend is in a Treasury check. Politicians who are caught receiving money or goods from any source other than the Treasury are charged criminally. That makes politicians work for the people and not lobbyist.

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Way off topic. About time to shut this one down, eh? :-).

No kidding. Nothing like throwing all the stones to beat a subject to death.

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Lexy, I simply stated a fact that is consistent with and germane to Gringal's post. And as per usual, I mentioned no names or political affiliations and leave it to the reader to determine who was running the Congress and White House at that time. Thanks to Gringal, you don't even have to look it up.

I have a suspicion that those who protest so loudly at having this fact stated bear some responsibility for who was in charge of everything and passing legislation like this back in 2010. As time goes on and one thing after another surfaces from that time, I am glad to know that I am not one of those folks.

And I'll ignore your inappropriate and inaccurate personal attack--this time.

It is disingenuous of you to claim you "mention no names or party affiliations." It's clear where you stand and on whom you are placing blame--and those are the kinds of political remarks that we on this board are asked not to make.

I made no "inappropriate and inaccurate personal attack" on you--this time or any time in the past. And don't expect to in the future. I know the rules.

Gringal has repeatedly said on this thread that with her the facts on FATCA are what they are. Right now we have to deal with them.

Lexy

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OK, so today a female ExPat claiming there is no longer any check cashing in Mexico of any USA check. Is this accurate or not? Reading through all the crap is tiresome.

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OK, so today a female ExPat claiming there is no longer any check cashing in Mexico of any USA check. Is this accurate or not? Reading through all the crap is tiresome.

If you will have the patience to read through the various posts on this and other forums, you will find that some banks are cashing U.S. checks.

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Actinver stopped, Intercam will continue until August 31st

HSBC stopped cashing foreign checks, they told me last week. I could not even deposit it and wait for it. She said it was policy related to new laws. I was trying to cash a Euro check.

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http://www.thefiscaltimes.com/Articles/2014/07/04/IRS-Crackdown-Offshore-Tax-Cheats-Comes-Price

The Foreign Account Tax Compliance Act, or FATCA, became law in 2010. It requires financial institutions worldwide to report holdings of "U.S. persons" worth more than $50,000 to the IRS.

Those institutions the IRS deems non-compliant could face a withholding tax of up to 30 percent. The law was designed to go after scofflaws that hide money in overseas accounts, and the IRS expects to collect $7.6 billion over the next decade because of it.

Overseas wealth managers are reportedly dropping American clients, expats are being denied basic banking services, and foreign companies are reportedly less willing to employ Americans — all out of fear of not complying properly with the complex new tax regulations, and the cost of tracking and monitoring FATCA-liable accounts. The number of expats renouncing their U.S. citizenship is also up substantially in the time since FACTA was announced.

Edited by moderator to remove political content link

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Google FACTA, it is what the us wants and what you are seeing are the banks in Mexico and other countries are doing in response.

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Guest bennie2

lloyds says they still dont know about the future. looks like the banks want those transfer fees! its oneworld onebanking system. its all about $.

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It's easier to just wire the money (once you set it up with your US Bank or Brokerage account) than trying to deposit a US check. And when I wire the money, be it from B/A or my linked Merrill Lynch Brokerage account, I do not pay a wire fee. ( You have to have a certain minimum balance in those linked accounts to get these no fee transfers and I don't know what it is)

I don't know about other institutions but with Actinver my exchange rate is not that good if I wire my funds to their bank, but it was very very good and close to the daily spot rate when I sent it to my Actinver stock broker, where I have an account perhaps of medium size.

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Warning others of impending doom is not political activity. From what I read in the internet, it seems as if August 1st may be the cut off date for many financial institutions to cash US originated checks. I guess we will find out if that is true soon enough.

Be prepared. Stock up on the local currency. Make investments in Mexico that will pay you in Pesos. Move money while you can. Buy a safe and stock it with enough currency to last until the system works a way out of this.

Also, be aware that what happened in the past may not be valid in the future. You may have had no problems, but you may have them soon. And remember, the person working the teller line is probably the last to know the bank's future policy.

Good luck.

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Gosh I have been here since 1997, and almost never got my money from up north by cashing a US check. I haven't for years. In fact for so many years that I can not remember when I last did so. Rather, I either wire the money or use an ATM machine. So far I have checked with my branch manager at B of A in Seattle and with Aurora (Spelling?) at Actinver in Ajijic. They hope the check cashing situation is temporary and have heard nothing about any US efforts to stop me/us from wiring money or using the ATM machine

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The U.S. needs money and it wouldn't surprise me if the U.S. isn't trying to get expats to move back home so SS and other pensions are spent in the U.S.

Since Mexico has the largest U.S. expat population I wouldn't put it past the U.S. to be behind the INM financial rules to discourage U.S. citizens from moving to Mexico.

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