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Huge changes at Bancomer


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So I went to the Ajijic Bancomer today to deposit a large USA check into my existing account. The process used to be that I would take the check to one of the managers, they would call to get a special exchange rate which was good for about ten minutes. Then recently they had me take the check directly to the cashier and they would take the check to a backroom to get a better exchange rate.

First the good: 

They've finally implemented a ticket system to wait your turn replacing the physical lines, one of which was for "preferente" and handicap clients. This line was often used as a way to cheat ahead of others, not good

The bad: 

When I went to the cashier today, he came back saying that there was a problem with the system and that I should either come back or wait. hmmmm

I decided to get a cup of coffee in the plaza and return in about a half hour. This time I selected a ticker for the manager and I asked if the problem had been fixed. An hour later listening to hear her make about 6 calls to various people she told me that "due to internal politics" they are only accepting deposits up to one thousand dollars !

whhaaatt ?

She is going to send emails and find out what on earth is going on.

While I was waiting at her desk, two other large deposits had to be denied.

Obviously if this persists, we will be looking for another bank.

Manager was very helpful, but this is something coming from the top apparently. She knows they will lose clients left and right

 

 

 

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 Bancomer check deposit limits are not new and the decision to impose them and the amount seem to be individual bank policies, not a corporate edict.

La Peñita in Nayarit and Bucerias Bancomers had limits 4 years ago. The amounts were different at each branch.

One possibility is the fluctuating dollar to peso exchange rate. When you present a check, the bank calls for the rate which is used for the provisional deposit. Funds are held for 10 days to make sure the check clears. The bank does not receive funds for the check for a couple of days as the paper makes it back to their US correspondent bank. While it is possible for the bank to receive more pesos than they deposited to your account, they could also lose money should the peso have weakened while the check was in transit. That’s just a guess as to what internal politics means. It could also be a purely political statement.

Electronic transactions like wires or services like Xoom are real time so daily fluctuations are irrelevant. Multiva charges $10 US for an incoming wire and 5 pesos to transfer funds (by phone app) to Bancomer.

 

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Yesterday I logged on to my Bancomer account & was surprised that I did not have to use my newly acquired Number Generator? A ihr+ time in Ajijic last week.

Owell there were still sufficient funds to stop at their ATM in Chapala. Well what a mess, people waiting everywhere inside the lobby, out the door, only 3of4 machines working, all locals silently waiting for the single large ATM? So as usual I asked, motioned to those in front of me if they wanted use the vacant machine, all declined. I did the usual logon procedure & punched in an amount over 2,500pesos. This activated a Security Message for me which I could not Translate, the ever attentive lobby assistant explained that I would have to go to a teller. So with no one at the entrance ticket dispenser I approached an unoccupied teller, which was strange as the room was packed? 2 video screens are ceiling suspended giving highly suspect information? The teller had explained that I had to get a number & wait?

Using the machine to get a service ticket was interesting, it visually appeared to require the users credit cart to be swiped in an upward motion with the stripe up. Nope stripe down. The screen had 2 choices, a guessed & rec'd an Alpha Numeric time stamped receipt & waited. 20-25mins later my number appeared & slowly worked it's way down the screen to appear beside 1 of 4 Teller Cage Numbers. I approached did the usual from many years ago Debit card, ID, PIN etc & rec'd my money, some what over the $2,500 limit.

Asking why I was not able to use the ATM she replied that they, the back office managers did not have my telephone number, strange they have my email & use it each & every time a withdrawal is made? She instructed me to take my used ticket back to staff member at the door with upside down stripe. Well the  line up to get in required that I wait for 6/8 people to enter each assisted by the staff member, finally she assisted me gave me back my admission ticket & indicated for me to wait for a back office manager, but this time watch on a different screen. I'm now over the 30min mark have my money & appear to be 20-40th in line as all chairs face the teller cages. My car is parked in a dubious location so I bail, enough is enough for 1 day, there is much more to Mexico than Banking!

 

 

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18 hours ago, traderspoc said:

I use Mulliva bank, across form actinver,  several years when the banks would not Take US checks, Multiva did they had no problem.

yes you will have to wait  4 days to clear if wealth clients

 

 

I had heard a few years ago that it was taking about 3 weeks and you would get the exchange rate of the date the check clearted.  Quien sab?.

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4 hours ago, Sandrita said:

I had heard a few years ago that it was taking about 3 weeks and you would get the exchange rate of the date the check clearted.  Quien sab?.

We called Multiva late today and I think you are correct that the exchange rate is when the check finally clears in three weeks or so, or when they feel like it based on valuation around that time. , Doesn't sound good to me ( trusting a bank to give me a good exhange rate )

 

 

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I get Schwab to take it out of my brokerage cash account, talk to their FOREX department, pay the $25 wire fee, and they buy me pesos and then wire it to my Multiva account at a FAR better exchange rate than the bank would give me. If your bank will take peso deposits by wire, and you have a similar investment acct. in the US, this would save you a lot of money vs. the bank exchange rate, and you would circumvent that whole hassle. 

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Am I missing something? Why do people want to deposit checks? It's so easy to sign up with one of the online currency exchange houses and transfer $ online from your NOB bank to your Mexican bank. And it's not necessary to pay for a wire transfer- it can be done through EFT transfer. 

BTW, I've been using Bancomer, various branches, all over the PV/Bucerias area for about 15 years and never had all these problems people talk about. Online banking not difficult either. Just don't go at lunch hours, or the line-ups will be long if you need to use a teller. I always bring a book.

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mudgirl there is another way that is even easier but it may not be available to some. I have HSBC accounts in Canada and in Laguna mall. I go line at home and just transfer from one to the other. Instant and no charge and a better exchange rate from Canadian dollars to pesos.

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We use our Can or US Bank Cheques at Intercam. Sameday transfer to Bancomer this after establishing a verified account

A much better rate using our XE Money Transfer account to Bancomer directly. Quite a significant increase in Funds Rec'd. The draw back is u wait for the funds to clear. However the more transfers u make the shorter the timing 3 days shortest to date, I recall 5 days when we started. These are both No Fee Transfers.

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On 11/26/2018 at 6:39 PM, ea93105 said:

So I went to the Ajijic Bancomer today to deposit a large USA check into my existing account. The process used to be that I would take the check to one of the managers, they would call to get a special exchange rate which was good for about ten minutes. Then recently they had me take the check directly to the cashier and they would take the check to a backroom to get a better exchange rate.

First the good: 

They've finally implemented a ticket system to wait your turn replacing the physical lines, one of which was for "preferente" and handicap clients. This line was often used as a way to cheat ahead of others, not good

The bad: 

When I went to the cashier today, he came back saying that there was a problem with the system and that I should either come back or wait. hmmmm

I decided to get a cup of coffee in the plaza and return in about a half hour. This time I selected a ticker for the manager and I asked if the problem had been fixed. An hour later listening to hear her make about 6 calls to various people she told me that "due to internal politics" they are only accepting deposits up to one thousand dollars !

whhaaatt ?

She is going to send emails and find out what on earth is going on.

While I was waiting at her desk, two other large deposits had to be denied.

Obviously if this persists, we will be looking for another bank.

Manager was very helpful, but this is something coming from the top apparently. She knows they will lose clients left and right

 

 

 

I tried today to deposit a canadian check which I usually do to keep my balance up. I was sent to a  junior officer to get what he called the bad news no more checks higher than 1000$. I asked a few questions such as how come the bank has not advised customers or put a sign up at the entrance, answer I don't know. Then I asked who ordered this, he said the new government, hmm have not seen any such thing in the news, I do read spanish news. I kind of believe that the bank is trying to squeeze the new government with actions such as those, time will tell.

 

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Has anyone ever gotten an answer from a Ajjijic or Chapale busness person, manager or employee, assuming that they were native to this area, when asked 'Why wasn't a sign posted telling me this after i waited in line for 30 minutes? or "Who was responsible for this decision? or any like question. I has been here near 15 years and I have never once had such a question directly answered. I learned! I don't ask any more. I should make myself even more infuriated?

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Once you settle the banking issues in Mexico among you, take note of the messages suggesting checks are no longer a necessary or desirable form of dollar transfer. I personally use TransferWise, where I get fabulous exchange rates ($20.48 pesos to the dollar today), low fees (about $9 per $2k transfer) and the money arrives in two days. They are London based and run by the man who originally set up PayPal. Just a suggestion, one of the many.

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I  wire my funds from my US B/A owned Merrill Lynch account to my Actinver stock broker (not banker) and the funds are transferred to a dollar account I have at Actinver Brokerage. And then when the exchange rates are good, I authorize the purchase of Mexican pesos. That way I almost always get a great rate of exchange or more pesos to the dollar

Also remember that Actinver offers a slightly better rate of exchange to its brokerage clients than one would get if he had wired the funds to his Actinver Bank Account.

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Lots of great info, Thanks !

I need to find a system that I can setup without making a trip to the states. I only have a Chase bank account there and international transfers require being at a branch in person.

 

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As a rule, unless you know something I don't. the Chase exchange rate suxx. I have had an account with them for 25+ years. Do what you have to while you are here, but when you next return to the States, I'd seriously look at Schwab.

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24 minutes ago, ea93105 said:

Lots of great info, Thanks !

I need to find a system that I can setup without making a trip to the states. I only have a Chase bank account there and international transfers require being at a branch in person.

 

Transferwise works well for such a case, can be set up from anywhere, and the rate is always among the best. 

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Until this week, every couple of months I would deposit one check for 5K from my US bank to my Bancomer account. Although they now have a 1K limit per check--as noted above--yesterday they accepted five checks each made out for one thousand. The teller and I exchanged eye rolls over this new requirement, but it is not as onerous as I originally thought; I can still take care of my regular 5K deposit in one visit.

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  • 3 weeks later...

There is another new change for those using Bancomer credit cards for online purchases.

You now are required to install the Bancomer Wallet app on a smart phone. After logging into the app a new option is present to generate a digital credit card. When you swipe to the credit card you'll now see 2 of them stacked one on top of the other. You must shake the phone (instructions are present showing the motion - left to right) to flip between the real and digital cards. There is a new a new credit card image with a 16 digit number beginning with 4815 and an expiration date different than the physical card. Now it gets interesting.

When making a purchase online you must use the digital credit card number not the physical one. Trying the latter gets you denied. When it's time to enter the CVV there is a little icon on the wallet app that flips the digital credit card front to back exposing the CVV. That CVV changes every time you flip the card and once generated you have about 4 minutes to complete the transaction.

This process is similar to the digital credit card Citibank used years ago for online purchase. Bancomer is different because the digital card is not optional. If your Bancomer card is lost or stolen it can't be used for online purchases. 

Of course there was no notification from Bancomer of the change so after getting denied by Costco, Telmex and Telcel a phone call to support provided the rules and instructions for how to activate the new "card".

I was assured that existing autopays from CFE, Sky and Telecable will still work using the physical card they have on file. Maybe, maybe not.

 

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