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SOCIAL SECURITY CHECKS MISSING THIS MONTH


gringal
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Both of our Social Security checks failed to arrive at our bank where they are automatically deposited on the 2nd or 3rd of the month.

We both received our annual "are you alive" letters at our house and mailed them back through Handy Mail weeks ago.

Who shall we call about this??

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The same thing happened to us. We call Schwab who told us their compliance was sending us a list of questions. Schawb said that they tried to reach us which is a lie.. Something is up if you are not banking with Schwab. Probably some new rule to prevent retirees to wash their ss money

. We were told our accound had been blocked and that we could withdraw money but not deposit.. Pretty scary.

Social security Guadalajara is toobusy to answer the question as they have many requests  ...

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6 minutes ago, bmh said:

The same thing happened to us. We call Schwab who told us their compliance was sending us a list of questions. Schawb said that they tried to reach us which is a lie.. Something is up if you are not banking with Schwab. Probably some new rule to prevent retirees to wash their ss money

. We were told our accound had been blocked and that we could withdraw money but not deposit.. Pretty scary.

Social security Guadalajara is toobusy to answer the question as they have many requests  ...

We have our checks deposited at Banco de Inversion (formerly Actinver).

I tried calling the number Bisbee Gal gave and it went to a high pitched tone and finally cut off.  I called from a land line.

Anyone have another suggestion?

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T¿UODATE 

 

Schwab tells us it is a routine questionaire that needs to be answered.. If you are not with Schwab I would talk to the manager at your bank.  They tell us that it is a know your client program... the interesting part is going to be if that program is not just for schwab,,

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Gringal I will let you know about the questionaire.. I would speak with Actinver at this point to find out if they have blocked your account, If you are not with Schawb , it is obviously bigger than schwab ..Schwab tells us that all we have to do is anwer the questions.. I will send you the questions , we can see if Actinver has the sam requirements and then we will know who is behind this.. Ask Actinver if you can deposit and withdraw at this time..

 

If the phone is overloaded at SS Guadalajara there must be other people with the same problem..

 

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3 minutes ago, bmh said:

Bsbee There is only one way to reach SS right now , it is to email and get an appointment via email and that is what we did..

 

I have heard that you have to arrive at the office by 7:00 am and wait for hours to see a representative.  I hope that isn't the case.

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Gringal I do not think it is going to be a problem

 

The questions are

Did you inherit your wealth From whom when etc,,

If your money comes from work. Name of company number of years worked there. etc..

If your money comes from the sale of realestate or business.. date of sale name of people you sold to..etc...

Then the account will be unblocked.. My question is where is our SS money,,,

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bmk is correct.The program is actually known as KYC (Know Your Client) which is part of Basel III bank compliance program in part designed to eliminate money laundering and depositing of illegally gained funds into the mainstream banking networks. Publicly, Basel III is touted as a global, voluntary regulatory framework on bank capital adequacy, stress testing, and market liquidity risk. It was agreed upon by the members of the Basel Committee on Banking Supervision in 2010–11, and was scheduled to be introduced from 2013 until 2015; however, changes from 1 April 2013 extended implementation until 31 March 2018 and again extended to 31 March 2019. Most banks are finally becoming fully Basel III compliant.

For those in banking or financial services industry, there is actually a very substantive form that must be filled out by the client.

Rumor is that Basel IV is being drafted now.

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18 minutes ago, bmh said:

SS has not answered our request for appointment. We received a note saying ..we have many requests , your request will be answered  in its turn  or something like that.. Good luck to us..

Geesh.  It's been so many years since any of those events happened that they are asking questions about, that it would be very problematic to answer them correctly.

Meanwhile, my husband just left to go to Banco de Revision (aka Actinver) to talk to them about it.  When he returns, I'll  report what he finds out.

All this, this morning, added to a plumbing problem!  Bad Day.🤬

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Here's the scoop for people who are having their checks deposited in a Mexican bank.  My husband just returned from talking to the bank.  It seems that all the SS checks for here are held up due to a big computer problem with the intermediary bank across the border in the U.S. which sends them to the Mexican bank and the problem will be resolved without any action on our part.

I know nothing about the situation others have mentioned.  I wonder what will happen if the POTUS makes good on his threat to shut down the government of the border wall isn't funded?  Will our SS checks keep coming?

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Our check is being deposited in the US to a US bank so obviously nothing to do with the intermediary bank and our checks are missing..May be a coincidence that our checks are missing too but it is unlikely.. In our case the bank will solve it after it receives the answers to the questions. My guess is that the US government is sticking its nose in our accounts for a change,, It will be interesting to see how they handle that one with banks outside of the US..

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Tiny ,my huband tells me you are right so that may be the problem who knows.  There are two issues

One who knows where the money is and 2 Schawb is uncer the gun "to know your cutomers" program". We were told the governemnt is cracking down on Latin America so who knows what that means..

In Gringal´s ther eseem to be only one issue right now...

 

 

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Banking issues have been plaguing expats on many levels.  There are banks that insist you open the account in person and have a U.S. address.  This leads to a complicated scenario involving a phony address and often requiring a friend or relative to take responsibility for handling your mail.  Then there are Mexican related banks like the US Banamex that dumped their expat customers several years ago.  Sometimes I get the impression that the U.S. government wants to make life difficult for anyone who has the effrontery to move out of the mother country.🙄  Or maybe I'm getting paranoid.😉

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We have  a US account in the International division of Schwab . There is no phony address no false information. They know where we have the moneyand where we live..and yes we get that impression as well.  They are bloking the account because they want to know where I money come from.. never have they once try to e.mail us to ask the question. This mornng they were fumbling to figure out what the questions wer , we did not answer... It is total insanity..for that they block 2 social security checks?? I wonder if the compliance department is asking Trump and all the other billionaires how they made their money and what businesses they sold and on and on.. No doubts they have accounts in and out of the US too,,,

Yes  I think we are right to get paranoid. 

Why would they restrict our account because they do not know where the money come from? Since when do they have to know where the money from bank account come fromand since when do they refuse Sosial Security check when they know where the money come from?

There has to be more to that story.

 

 

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42 minutes ago, gringal said:

Banking issues have been plaguing expats on many levels.  There are banks that insist you open the account in person and have a U.S. address.  This leads to a complicated scenario involving a phony address and often requiring a friend or relative to take responsibility for handling your mail.  Then there are Mexican related banks like the US Banamex that dumped their expat customers several years ago.  Sometimes I get the impression that the U.S. government wants to make life difficult for anyone who has the effrontery to move out of the mother country.🙄  Or maybe I'm getting paranoid.😉

My impression of this problem with expats and US investment and banking is a side effect of a law, FATCA, that was passed in 2010. The main purpose of the law was to control money laundering. 

It seems like investment companies and banks vary in their application of the law.

https://investorjunkie.com/investing/expat/

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This is relatively new to Canada.  CRS is sometimes referred to as GATCA because it is the Global version of FATCA.  

https://www.tmf-group.com/en/news-insights/articles/2018/april/crs-canada/

Quote

Already a participating signatory to the Foreign Account Tax Compliance Act (FATCA) - the US’s requirement that foreign financial institutions report on foreign assets held by US account holders - Canada has now also signed up to the OECD’s Common Reporting Standard (CRS), and the first reporting deadline is 1 May 2018.

The CRS was developed in response to a G20 request and approved by the OECD Council back in 2014, but it’s only really going live in Canada now, with the first reporting deadline right around the corner. CRS calls on jurisdictions to obtain information from their financial institutions, and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

While both FATCA and CRS operate from a similar desire for transparency across borders - and to make it more difficult to hide assets in a foreign land - CRS is in fact much broader in scope. It relates to Canada’s obligations on non-resident entity account holders from multiple jurisdictions, approximately 100 participating jurisdictions to date. The classification of what makes a financial institution is quite broad, too, and doesn’t just include banks.
 

 

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Our money is in the US so what has it got to do with this?

Because we live in Mexico we are part of the Latin America division but the money is still in the US so I would not say it is hiding in aome dark corner of Latin Ameriamerica and we are still penalized...

 

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