Al Berca Posted August 18, 2015 Report Share Posted August 18, 2015 A friend NOB has a fairly significant sum in an account there. The account was frozen by Actinver when it began enforcing FACTA. Friend was told he needed to make a personal appearance to re activate account. Could not be reopened any other way. Friend has not done so. At what point is he facing the possibility of losing his funds to Actinver? Would appreciate it if only people with some knowledge of this process would respond. Thank you. I have not been successful in getting a straight answer from Actinver account executive or management. Link to comment Share on other sites More sharing options...
lcscats Posted August 18, 2015 Report Share Posted August 18, 2015 Have friend send you or someone a Limited power of attorney (by limited to this issue) and that should slow them down if they are trying to steal the money. They will probably still say no but it will slow them down and go hire Spencer the lawyer or someone with a little bit of spine to fight them. Have document translated into Spanish to stop the first wall that they will put up. Link to comment Share on other sites More sharing options...
lakeside7 Posted August 18, 2015 Report Share Posted August 18, 2015 I think you can visit the office and speak directly to the Manager who will give you first hand what the issues are and how to resolve them.... Link to comment Share on other sites More sharing options...
lcscats Posted August 18, 2015 Report Share Posted August 18, 2015 Problem is without a power of attorney person has no right to speak to bank about some other persons account. Person has tried talking with no or inconsistent answers according to original post. They are stalling hoping person will go away. Link to comment Share on other sites More sharing options...
Ferret Posted August 18, 2015 Report Share Posted August 18, 2015 Actinver is not one of my favourite banking institutions...Lloyd's was. That said, your information needs to be updated at least once a year...passport number, address, signature etc....not sure what FATCA has to do with it when we're Canadian. It's just a requirement. Depending on how much money is involved, it may be a worthwhile endeavour to fly down, update the information and then close out the account (i.e. have it electronically moved to the banking institute of your choice). Assuming of course that the person to whom this is happening is mobile. Contacting Spencer to organize this, if the person can't do it themselves, is a really excellent idea. Link to comment Share on other sites More sharing options...
Al Berca Posted August 18, 2015 Author Report Share Posted August 18, 2015 You and me both, Ferret. Every time I walk into that place I break out into a cold sweat wondering what they are going to make me endure this time. Having gotten that out of my system, if information needs to be updated at least once a year, my question is what can happen to it if it is not? It has been frozen since June, 2014 and account holder is in no position to travel or do a POA at this time. Link to comment Share on other sites More sharing options...
johanson Posted August 18, 2015 Report Share Posted August 18, 2015 I have had only the best of luck and service with Actinver. I have had an account or two there since 1997, when it was called Lloyds. Did you know that you have to check your balance at least once per month on line and that if you don't open the account at least once per month, you need to go in or phone or something to get a new password before you can check in on line again? I hope your problem is as small as that, but it doesn't sound that way. Link to comment Share on other sites More sharing options...
artsnob Posted August 18, 2015 Report Share Posted August 18, 2015 It got toooo complicated for me,so, I moved my account elseware Link to comment Share on other sites More sharing options...
lakeside7 Posted August 18, 2015 Report Share Posted August 18, 2015 Actinver is not one of my favourite banking institutions...Lloyd's was. That said, your information needs to be updated at least once a year...passport number, address, signature etc....not sure what FATCA has to do with it when we're Canadian. It's just a requirement. Depending on how much money is involved, it may be a worthwhile endeavour to fly down, update the information and then close out the account (i.e. have it electronically moved to the banking institute of your choice). Assuming of course that the person to whom this is happening is mobile. Contacting Spencer to organize this, if the person can't do it themselves, is a really excellent idea. A lot of banking regulations have changed since it was Lloyds, stuff that Actinver has no control over. As an example..Intercam has now implemented a new "hang around and wait until we get permission" when doing a non USD transaction. The Inercam office must be the worst for service. They always seems to be short 1 cashier or reception person..sorry to hi jack post...but living in paradise is taking more time and complication and stress, than back in the "good old days" Link to comment Share on other sites More sharing options...
El Saltos Posted August 18, 2015 Report Share Posted August 18, 2015 I have had an account at MultiVa for over 10 years. There has not been a single issue concerning my accounts, check cashing, wire transfers or anythin in all that time. They have a copy of my passport and RP and nothing else. e.g. no SS#. I do not have to "update" anything annually. Sheesh. Link to comment Share on other sites More sharing options...
tomgates Posted August 18, 2015 Report Share Posted August 18, 2015 I had an account there and not active since 2009 and nothing bad happened. Closed it a couple months ago. Link to comment Share on other sites More sharing options...
Ferret Posted August 18, 2015 Report Share Posted August 18, 2015 I doubt if anything "bad" is going to happen. The reality is that you (Tom) were here to do it yourself and provide the information and signatures that they needed to close the account. We set up for beneficiaries on the Actinver account too...but that info is also outdated now. Lloyd and (to a lesser extent) Actinver provided a service to foreigners when there were no other options. They used to give great interest too.(40% in 1996)...a pittance now. Now, we only use the Banking machines and life is much simpler. What has happened to the OP should be a wake up call to anyone who banks down here...plan for the unexpected. Everyone's needs are different and we haven't "needed" Actinver for a long time now. Link to comment Share on other sites More sharing options...
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