Banamex USA-outrageous

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.

ra27, this thread is about BanamexUSA, an American bank headquarted in California which is not subject to the Foreign Account Tax Compliance Act.
This thread is not about Banamex in México which is subject to the new law..

Anyone wish to place a wager on whether or not Banamex USA chose to make this initial announcement involving a portion of their depositors with plans in place to cut more down the road?

Lets face it if you don't have much in the account eventually these banks WILL dump you. If you keep a decent balance or use other services that make the bank some money they will leave you alone.  Join a big credit union in US (credit unions in Canada ?? I don't know) and a local Mexican bank. When BOA dumped us expats we were all set and just started to take money out of our bancomer account. We just let money build in BOA account and write a check (over 5000USD for best rate at my bank) to move it down here.  Seems to work well. Check the small print also.  For example BOA says 1500usd for minimum balance UNLESS you have 400USD or more in direct deposit going in each month. They did not volunteer this information until I asked. So ask if any exceptions to minimum balance rule.

I'm lucky. BofA has always been great with me and never cut me off anything and continues to not charge me anything when I take cash out at a Scotia Bank ATM. Why? well they only want to help people who have a lot of money in their Bank accounts and/or linked accounts.

I don't have much in my B/A accounts, about $7000 plus a $10K CD. But remember that B/A purchased Merrill Lynch and Merrill Lynch has my retirement account. I was able to link the two together showing a much higher total.

These Banks are out to make money and are only going to help those who they can make money from.