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BANAMEX....who are the chosen?


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I decided to start a new thread with this.

I have been wondering why some people have been chosen to have their accounts closed and others haven't. Surely if we compare enough we may discover differences.

Me for example:

I opened my account with California Commerce Bank in 2003 when I moved to Mexico as a full time retiree. Ironically the account was titled Amistad or Friendship in Spanish.

At first I had my pension electronically deposited to that account. Later when eligible I also directed by Social Security be deposited there.

For 11 years I have lived full time here in Ajijic using the Banamex ATM to get pesos.

In December last year I opened an account with Banamex Mexico in Chapala.

That's my story...just an aging gringo living mostly happy in Mexico. No fraud with me.

Shira has told us she was with Calif. Commerce Bank/Banamex.USA for 14 years, and she does not have a connection to Banamex Mexico.

OK. folks why were we picked?

Could it have been that we live full time in Mexico with no US address?

Perhaps those of you who were lucky to escape could weigh in and see if we can see any red flags.

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Opened our account in 2006 before we moved to Mexico. We have always used a US address on the account. We only have our social security deposits made in this account monthly. We then access the money through ATM's as needed. We will write about 5-10 checks a year from this account. No account at Banamex Mexico. We received the notice of our account being closed. Why?

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I decided to start a new thread with this.

I have been wondering why some people have been chosen to have their accounts closed and others haven't. Surely if we compare enough we may discover differences.

Me for example:

I opened my account with California Commerce Bank in 2003 when I moved to Mexico as a full time retiree. Ironically the account was titled Amistad or Friendship in Spanish.

At first I had my pension electronically deposited to that account. Later when eligible I also directed by Social Security be deposited there.

For 11 years I have lived full time here in Ajijic using the Banamex ATM to get pesos.

In December last year I opened an account with Banamex Mexico in Chapala.

That's my story...just an aging gringo living mostly happy in Mexico. No fraud with me.

Shira has told us she was with Calif. Commerce Bank/Banamex.USA for 14 years, and she does not have a connection to Banamex Mexico.

OK. folks why were we picked?

Could it have been that we live full time in Mexico with no US address?

Perhaps those of you who were lucky to escape could weigh in and see if we can see any red flags.

My husband and I opened our Programa Amistad account in 1991, while still living in Florida. I am one of the 'chosen ones', thus far. I had always used the Banamex in Chapala and later the one in Jocotepec when it opened. I do not know why I was chosen, could it be the bank balance? I´ve always used a Mexican address.

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"Border Woes Go Deeper at Citigroup"

If you put this into Google US the first link has a story about Banamex USA. WSJ [Wall Street Journal]

It explains a lot about their Banamex USA proceedures that are under fire from the US Treasury Dept.

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I transferred money from Chase to Banamex USA and then to Banamex MX. I kept the balance low. I'm sure my account wasn't profitable because I transferred money out the day it arrived in Banamex USA.

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sorry to be a stuck record because it does appear that Banamex USA has problems, but I don't think it has to do with profitability, until someone can prove me wrong, I'm sure this is in large part driven by FATCA and the tighter scrutiny of foreign transactions. If I were sitting in a board room and saw FATCA coming (with potential multi-million $ fines for irregularities) and problems in one of my banks or affiliate banks, I'd probably say "dump them" - and move on, it's just a business decision, better by far to have a few angry expat clients than to have the FED/IRS on my back.

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Banamex had laundering money problems..I bet you that the Regulators went in there and flagged a bunch of accounts for all kinds of reasons not that the people they flagged had anything to do with the problems but auditors get zealous and picky.

The bank probably did a major audit and clean up of accounts for various reasons, not just one reason so good luck about finding out the reason for each person who was kicked out.

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Giltner is right. Banks are limiting their exposure to hefty fines (example: Bank Suisse's recent $2+ Billion fine). Also, the US Justice Dept. took a lot of flak for not criminally prosecuting bankers involved in the banking/credit/mortgage debacle. Bankers may feel vulnerable not just to fines, but to jail time for violating the new foreign transaction laws. DOJ may want to play catch-up with the banking industry over FACTA.

As to why some customers have not been axed yet; well, maybe there's a second round of account closures or maybe the algorithm the banks used to determine which accounts to close, hasn't worked quite right.

I do not bank with Banamex but if I did, even if they tell me today that my account is 'okay,' I'd close it in a NY minute.

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Giltner is right. Banks are limiting their exposure to hefty fines (example: Bank Suisse's recent $2+ Billion fine). Also, the US Justice Dept. took a lot of flak for not criminally prosecuting bankers involved in the banking/credit/mortgage debacle. Bankers may feel vulnerable not just to fines, but to jail time for violating the new foreign transaction laws. DOJ may want to play catch-up with the banking industry over FACTA.

As to why some customers have not been axed yet; well, maybe there's a second round of account closures or maybe the algorithm the banks used to determine which accounts to close, hasn't worked quite right.

I do not bank with Banamex but if I did, even if they tell me today that my account is 'okay,' I'd close it in a NY minute.

As one of the "chosen", I've tried to figure the reason beyond simply being expats.

I didn't do any bad stuff, however, on two occasions, I put their fraud division to work....so maybe that's it. The first one was pretty funny. Someone hacked my Mastercard and bought 400 pairs of Alligator shoes at a stand alone store in Colorado. Huh?

The second time someone else hit a Fry's electronics store in the states and went for the best of the best stuff. Both times, the fraud division refunded my money, closed the MC acct and let me wait out the considerable time for getting a new number. PITA.

However, I'm with BWhite. The reason really doesn't matter. After pulling this number on a bunch of their long time customers, I'd be moving to another bank anyway. I know a ratfink move when I see one. May their computers get viruses and their suits dissolve, leaving them in heart design covered pink shorts.

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AlanMexicali has found the answer to what has happened at Banamex USA.

Go to Google and enter the words Border Woes Go Deeper at Citigroup

The whole explanation is in the article.

What it does not explain of course is the action Banamex took against some of us and not others.

I suppose I was picked because for 11 years I have been transferring money from them to me in Mexico. Of course this is how I lived here and I explained this to the person who called me and questioned me for 20 minutes.

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Gosh what a terrible mess, say I from a very small condo in downtown Seattle, immediately across the street from my B of A branch. I am sure glad I had work responsibilities that kept me from moving permanently to Ajijic until last year.

And now I read the above and think I would be afraid to move home (Ajijic) on a permanent basis, something I have been contemplating, now that I can

Shira, it's great to see you posting here again, but I am very sorry that it has to be under these conditions.

PS: I don't post as much as I used to either, I'm just getting lazy :) :unsure:

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I think the US is making it harder and harder for US citizens to live abroad, this with the banking and many of my friends on Medicare/medicaid are now having to get their med in the US since they cannot be reimbursed for meds here now.

In the past years thousands have renounced their citizenship now it is thousands a month.

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I think the US is making it harder and harder for US citizens to live abroad, this with the banking and many of my friends on Medicare/medicaid are now having to get their med in the US since they cannot be reimbursed for meds here now.

In the past years thousands have renounced their citizenship now it is thousands a month.

The last article posted on the Mexico Forum here awhile ago stated almost 3000 people had renounced last year, a record high or 250 per month and is still the record. Usually about 500 per year before so 40 per month.

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Years ago there was a PBS Frontline 1 hour special on tax evasión in the US and Canada. They went to Grand Cayman Island and showed a 3 story small office building. This office was listed as the corporate headquarters to 3500 US corporations and 2300 Canadian corporations. They took the cameras inside and there were possibly 20 small offices per floor. They went into some of the offices and showed tables jammed in setup with fax machines and telephones [100s of them] and a few people faxing until security came and pushed them out the door of the building. Then they went to more office buildings and saw the same thing going on. Then they went to their local Island banks and were not admitted. The whole island business community knew they were there after a few hours and got no one to talk to them while there.

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