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Post by shana on Tue May 27, 2014 3:41 pm

This could happen to you.

I have had two accounts with what started out as California Commerce Bank which later became Banamex-Citibank or something like that and then Banamex USA, although still connected to Citibank. These two accounts were opened almost 14 years ago. My social security is automatically deposited in one of the accounts.

No problems except a few years back when a software problem on their end caused me to lose the ability to use my ATM cards for two months.

Today I got two form letters telling me they have decided to close my accounts as of June 30th. No reason given. I called the bank to ask what the reason for the closing of the accounts. They said they can't give me a reason they can just do it and did.

Thirty days is not even long enough for me to open another account elsewhere and to have my SS sent to it. The bank said they will not accept any deposits after the 30th of June. I have no idea how long I will not be getting a SS check again.

I strongly suggest if you have a Banamex USA account you close it and move on. They are not to be trusted. It could happen to you!

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Post by Pedro on Tue May 27, 2014 4:07 pm

are there no banking regulations to cover this sort of thing ?
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Post by Guest on Tue May 27, 2014 4:16 pm

I just called them and the representative I got said there is nothing bank wide that he is aware of like that going on and I should call back if I get such a letter.  While he is forbidden by law to discuss other accounts he suggested that it may be an individual issue.However, I did receive my statement today and there was nothing unusual in it.

If you are living here full time I suggest going to your Mexican bank of choice and opening an account and then calling Social Security to change your direct deposit information. Of course this assumes that you have a direct deposit made and not a paper check. You did mention the word check in your post.


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Post by shana on Tue May 27, 2014 4:22 pm

People on the other board are writing they have gotten that same letter or were told they would be getting one.
I don't know what the reason is since even the supervisors seem not to know. I think all those who get the letter should write to the Banking Commission in California where the head office of the bank is situated.

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Post by Lady Otter Latté on Tue May 27, 2014 4:57 pm

This is not just you or your bank. Here is just one article I found that illustrates the insanity of the U.S. banking system.

http://www.huffingtonpost.com/brett-king/when-hsbc-closes-your-ban_b_4362504.html
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Post by Guest on Tue May 27, 2014 6:14 pm

Lady Otter Latté wrote:This is not just you or your bank. Here is just one article I found that illustrates the insanity of the U.S. banking system.

http://www.huffingtonpost.com/brett-king/when-hsbc-closes-your-ban_b_4362504.html

When I talkd to a Schwab representative he told me that other banks were divesting themselves of foreign customers. He knew of no reason but it could be because of fraud.

I then called (again) to BanamexUSA on another issue and told her this decision was causing a lot of folks here to be excited. She knew it was happening but did not know the reason. Here is the interesting part. She had the ability to check if my account was to get whacked. Fortunately, it was not.

So if you have not been notified and feel like Damocles, you might call them and have them check for impending doom for your account.

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Post by Lady Otter Latté on Tue May 27, 2014 6:31 pm

I think everyone should call their bank no matter which one they have and ask if their account is scheduled for whacking.
In the blog I posted, the man’s account was closed because his bank was off-loading small businesses that weren’t worth the trouble. Other banks may be doing it because foreign customers are too much trouble and not enough money. Still others may have other (or no) reasons, and apparently they don’t need any. Shana has performed a public service by alerting us to this issue. It is up to each of us to check with our banks as Oso has done.
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Post by brigitte on Tue May 27, 2014 6:57 pm

They may just be closing accounts that are small and not worth the trouble too. It is pretty outrageous that they are not giving people plenty of time to find another bank.
It would be interesting to know if they are doing that to expats or to everyone not keeping a large enough balance o make it wrth it for them.

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Post by Lady Otter Latté on Tue May 27, 2014 7:08 pm

The blogger whose link I posted is in the US. It is not just expats.
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Post by hickton on Tue May 27, 2014 7:53 pm

november last year i recieved a letter from royal bank of scotland saying they were closing my account in 30 days. have been a customer for over 30 years, all be it ex pat for 14. argued for 4 months eventually they admitted they were closing it because it wasnt my main account.. didnt pay bills from it regurlarly. eventually got some compensenation , but according to the uk regulator all banks can close any account with 30 days notice and without reason, seems to be another way for them to make more money. created many problems for me but they didnt give a toss, even though i paid an annual fee.,

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Post by Rosa Venus on Tue May 27, 2014 8:46 pm

Banks blow. And it's getting worse. For those of us who counted on the Bank of America relationship with Santander and Scotia (only reason I ever opened an account with that crap outfit), the introduction of new fees several months ago for using those atms was shitty news. And now this, which is even worse.

Money issues have definitely gotten more complicated in the last couple of years. What a pain.

Thanks for the heads up shana. I guess it's time to call my beloved bank. Or have an unnecessary root canal. Toss-up.


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Post by hickton on Tue May 27, 2014 8:51 pm

beware of santander mexico as well. they change things without informing you.only when you enquire about strange fees that show up on our account do you then find out they have changed the rules ..

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Post by Zedinmexico on Wed May 28, 2014 7:45 am

We have had good luck with Bancomer here. Leave the big banks for the larger credit unions in US. CU checks work down here just like my BOA checks. If Pacific Northwest try First Tech Federal credit union. I am sure others will know other credit unions that are consumer friendly in other areas. Don't beg! leave when you can on
your terms since these big banks will terminate you eventually.

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Post by solajijic on Wed May 28, 2014 12:32 pm

Intercam has bank status now and offers all the investment and checking services with debit cards and eventually credit cards. All those personnel speak English and are familiar with NoB banking.


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Post by shana on Wed May 28, 2014 1:07 pm

I keep a peso account in Intercam but Mexican banking does not cover all the bases bases and is expensive.
I have already moved towards opening a Capital One 360 savings and checking account as it is a quick fix but will also open a Schwab account as it wll take more time to do the paperwork and send, send it off and get it opened.
Between the two it will cover me for all possibilities.

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Post by Rolly on Wed May 28, 2014 1:42 pm

After a sleepless night conjuring up various solutions if I should get the boot, I called BanamexUSA this morning and was relieved to learn that I am not on the hit list.
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Post by brigitte on Wed May 28, 2014 8:57 pm

Rolly if you keep money in the bank they will not kick you out, they are not mensos.

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Post by Rolly on Wed May 28, 2014 9:44 pm

brigitte wrote: if you keep money in the bank they will not kick you out
That does not seem to be true. Reports on various message boards and Facebook speak of regular users being bounced. Maybe I was spared because I keep a sizable balance.
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Post by brigitte on Wed May 28, 2014 10:13 pm

Ok when I say you keep money I mean you keep a good balance and believe me it is the reaon they did not bounce you . A good balance or savings or investments with them will protect you from being bounced.
They are in the business to make money, by the way do not be surprised if other banks do the same thing.

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Post by shana on Wed May 28, 2014 10:31 pm

The balance is not the issue. Their letter even states they will pay wire transfer costs to send you off if your balance is more than $10,000.
Conjecture is just tht and not accurate.

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Post by brigitte on Wed May 28, 2014 10:48 pm

So what is the issue? It is not the fact that people are expats since Rolly and others are expats and they are not being told to leave.


The Home land Security rules went into effect several years ago as when we canel our Amex after out ID was stolen we found out that you could not open an account if you were not a resident in the US. People got around by having a US address  so is that the problem?

The banks do not kick out people without reasons they have to have a reason.
Of course they can offer to pay the costs of balances of 10 000 dollars.
How many people have a balance over $10 000  are being kicked out. That would be an interesting thing to find out.
Why would people like Rolly not kicked out and others kicked out?  Both are expats so if the balance is irrelevant what is different between one expat and another?

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Post by shana on Wed May 28, 2014 11:08 pm

They refuse to say anything except that is the bank's decision. It is possible that this is the beginning of more shedding. Who knows.


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Post by Rosa Venus on Wed May 28, 2014 11:11 pm

brigitte wrote: Both are expats so if the balance is irrelevant what is different between one expat and another?

The bank is either making money on those accounts, or it is not.

That would be my guess.
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Post by brigitte on Thu May 29, 2014 7:39 am

Yes, Citi bank has been on their case , thay have been lay offs and cut backs that have been going on, I heard about it last year from Banamex employees so I would guess it is a quesion of money.

It could be that Homeland Security is cracking down on non-residents but the bank would just use that as an excuse, the fact they do not want to say anything is an indiquation that it is an internal decision.

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Post by ra27 on Wed Jun 04, 2014 6:04 pm

Wake up folks-----------Banamex action is due to u.s. law, Foreign Account Tax Compliance Act, which forces over 70,000 banks worldwide to report all info on american customers to the IRS, or face serious consequences. Read about Facta online.

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