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Bancomer Minimum Balance to Avoid Fees


Alpha1

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21 hours ago, Mostlylost said:

According to BBVA Mexico's website  a simple debit account is $4000 minimum to avoid a monthly fee.

That is what I've been told some time ago, however I've heard that it has been upped to $8000. I haven't had any luck finding this portion of the website, could you please send a link to it? Thank you.

 

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You should probably log onto the BBVA portal select your checking account and then click show account details. It is in that section where you can find the name of the your checking product. Mine showed MAESTRA PARTICULARES apparently no longer offered. A search showed that the minimum for this type of account is $8,000 with a $410 fee assessed for dropping below the minimum.

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4 hours ago, Alpha1 said:

That is what I've been told some time ago, however I've heard that it has been upped to $8000. I haven't had any luck finding this portion of the website, could you please send a link to it? Thank you.

 

https://www.bbva.mx/personas/servicios-digitales/banca-por-internet.html

Click on menu in the upper right corner   Then under products  cuenta de debito then click on the type of debit you have,. ( most people have libraton premium)

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19 hours ago, Mostlylost said:

https://www.bbva.mx/personas/servicios-digitales/banca-por-internet.html

Click on menu in the upper right corner   Then under products  cuenta de debito then click on the type of debit you have,. ( most people have libraton premium)

Libretón Premium

 

 

$2,000.00

 

Monto de apertura

 

However I know that the latest information was that the minimum balance for a no fees was 4,000.

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13 minutes ago, Upfront said:

curious myself. why the fascination with his reason. none of our business

The account is to have the convenience of paying bills and as a second source of cash from another account at a different bank. BBVA also has an investment account which allows transfers to the cash (minimum) account that pays interest, so as to maintain the minimum account balance when required.

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The basic account allows 4 no charge withdrawals per month. After that there is a charge for each withdrawal, starting at $25 and later $50. (unless you want to go to a branch and wait to visit the cashier to get money) 

 I guess if you can't afford to keep $4000 pesos in an account (like many poor Mexicans) it is an option put to me it would seem to be  like stepping over a dollar to pick up a dime.  

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I wonder what is the advantage to having a BBVA account as. I only have one bill a month to pay-Tecel and that is paid automatically with one of my credit cards. I live in Jocotepec and get cash from the HSBC ATMs in San Antonio from my Canadian account. I don't pay any ATM feee. It is much more convenient to get to the HSBC ATMs versus BBVA as I rarely walk around Ajijic. Just wondering. I suppose I could get a BBVA credit card but I already have 2 CC from HSBC. What am I missing?   

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It all depends how your life style is..  travel a lot and need to pay people in Mexico so for me the BBVA account is very useful.Yesterday I bought a pieceof furniture and the store did not accept any card so I transfered money directly to their account from my house. I had the employees down south to open a Bancoppel account and I can pay them via transer to their account every month, There is a lot of reasons why a bank account works for me here. The CC card I do not yse but  have t when I travel..If you have what you need with HSBC why would you even worry about another bank?

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Lifestyles... Just a few uses that work for me.....

My BBVA card allowed me to buy my major appliances with 12-18 months to pay interest free.  Meanwhile I was earning interest on my money.

I bought a Domino's pizza and got a discount by paying with my card because of a promotion a few days ago.  Right now there are other promotions available.

My BBVA card offers a virtual card for on-line purchases that is only good for a few minutes to protect from on-line fraud.

My account allows me to send money to someone who can withdraw it from a BBVA ATM with a special code.

 

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7 hours ago, cedros said:

I wonder what is the advantage to having a BBVA account as.

Same as having bank account anywhere. I use my debit card to pay for purchases so I don't have to carry a bunch of cash around or hit ATMs. I transfer $ from my Bancomer acct. to my daughter's and grandkids' Bancomer accts. for birthday gifts. I run a small business and customers deposit $ in my account for their projects. I order some materials online for my work by transferring $ from my account to theirs. I earn money in pesos. I pay my Mexican taxes online.

Do you really think every foreigner who lives in Mexico is retired, with all their money in some out-of-country bank and has no reason to have a bank account in the country in which they live?

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Agree with mudgirl except for one thing.

Every expert says to never, never, never pay for things with a debit card. Your whole account can be drained by fraud and the bank will take a long time to verify your claim... in the meantime you are out all the money because it was a basically a "cash" transaction. If the bank verifies your claim then they replace the money in your account. 

Use a credit card.     If fraud occurs the bank freezes the contested charge(s). The merchant who accepted the card receives no money. After the bank investigation if your claim is valid they just eliminate the contested charge(s) 

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1 hour ago, Mostlylost said:

Every expert says to never, never, never pay for things with a debit card.

I've been using debit cards to pay for store purchases for the past 40 years and never had anything fraudulent happen. I always check my receipt as well as my bank account transactions after. Bancomer sends a text alert to my phone every time a transaction happens on my account. The only time I ever use a credit card is to pay for airline tickets online.

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2 hours ago, Mostlylost said:

SNIP.....   Every expert says to never, never, never pay for things with a debit card. Your whole account can be drained by fraud and the bank will take a long time to verify your claim... 

This is a pretty skewed look at the subject IMO, First not EVERY expert says that these days and suggesting that one's WHOLE account can be drained is a stretch as is the idea that it WILL take a long time to verify a claim.

As an anecdotal comment.... I recently had my debit card 'hacked' for two minor charges back to back. Within 2 hours my Bank's Fraud division sent me both a text and a phone call asking if I made the purchase.  I said 'no' and they immediately cancelled the card. Next morning I called my bank and later that day they had concluded that it was fraud and put the money back. Of course I had to wait 10 days for a new card but that would have happened with a credit card also. Now that's in the US so I have no idea if it would be different using a Mexican bank's debit card. 

 

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This is from the US Federal Trade Commission site.  Keep track of your accounts!!  Set up alerts on all your cards for any usage; check your card's use on line and review your statements.  Also regularly confirm the physical location of your cards, especially those you don't use very often. 

While $50 is the max you are on the hook for with credit cards, for debit cards it all comes down to WHEN you report fraudulent use.   

No idea what protections you may (or may not) have with MXN credit and debit cards.  

Credit Card Loss or Fraudulent Charges

Under the FCBA, your liability for unauthorized use of your credit card tops out at $50. However, if you report the loss before your credit card is used, the FCBA says you are not responsible for any charges you didn’t authorize. If your credit card number is stolen, but not the card, you are not liable for unauthorized use.

ATM or Debit Card Loss or Fraudulent Transfers.

If you report an ATM or debit card missing before someone uses it, the EFTA says you are not responsible for any unauthorized transactions. If someone uses your ATM or debit card before you report it lost or stolen, your liability depends on how quickly you report it:

If you report: Your maximum loss:
Before any unauthorized charges are made. $0
Within 2 business days after you learn about the loss or theft. $50
More than 2 business days after you learn about the loss or theft, but less than 60 calendar days after your statement is sent to you, $500
More than 60 calendar days after your statement is sent to you. All the money taken from
your ATM/debit card account, and possibly more; for example, money in accounts linked to your debit account.

If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you.

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