# Banamex USA



## cedray (Jul 6, 2015)

I have received the notification letter from Banamex USA that social security transfers are cancelled as of Sept.1 2015. This confirms the news reorts that Citigroup is closing Banamex usa. 

The letter states that we should look for "alternative arrangements prior to the account closing date Sept. 1."

No reponse from the Federal Benefits Bureau at the embassy yet. 

Unless Citigroup takes over very quick, social security retirees will be without funds in Sept. 

Anybody have updates or other info????


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## lagoloo (Apr 12, 2011)

cedray said:


> I have received the notification letter from Banamex USA that social security transfers are cancelled as of Sept.1 2015. This confirms the news reorts that Citigroup is closing Banamex usa.
> 
> The letter states that we should look for "alternative arrangements prior to the account closing date Sept. 1."
> 
> ...


I was in the first wave of people whose accounts at Banamex USA were closed last year. No reason given to anyone.

Here's what you do:

Open an account at a Mexican bank.

If you are a resident of Mexico, contact the Social Security office nearest you in Mexico. Ask them for the forms to change your direst deposit bank and to change your address. If they are kind, they will email you the forms. If not, you'll need to go there in person, early, and wait to see them in person.

Fill out the Social Security forms with your actual Mexican street address and request that your checks be deposited to the Mexican bank.

Go to the bank and have them fill out their form (they'll have the one you need) and they will send them to the SSA.

Do this promptly and there will be no delay in getting your next check deposited.

Worked for me. Good luck.:fingerscrossed:


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## mr_manny (Nov 22, 2013)

Is Banamex only closing accounts associated with US SS Deposits?

Is this only a Banamex thing...or will other Mexican banks be following suit?


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## TundraGreen (Jul 15, 2010)

mr_manny said:


> Is Banamex only closing accounts associated with US SS Deposits?
> 
> Is this only a Banamex thing...or will other Mexican banks be following suit?


What is Banamex USA? Are those branches in the US with dollar accounts. Does all this discussion of account closing have anything to do with Banamex Mexico peso accounts?


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## citlali (Mar 4, 2013)

yes nothing to do with Banamex Mexico.


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## lagoloo (Apr 12, 2011)

TundraGreen said:


> What is Banamex USA? Are those branches in the US with dollar accounts. Does all this discussion of account closing have anything to do with Banamex Mexico peso accounts?


Now here's the mystery: Banamex Mexico is *owned by Citibank *and is one of their most profitable banks. Nevertheless, it is operated separately and if one's account in Banamex USA is closed, the Banamex Mexico account stays open. I have that exact situation, so I'm still keeping enough in my Banamex Mexico account to pay monthly bills with cash from their ATM machines (no charge). I don't know if they can accept direct SS check deposits. They probably can. 

Frankly, I was so pizzed off when they closed our account at Banamex USA for no reason (which had been "linked" to the Banamex Mexico account for ease of funds transfer) that I didn't feel like handing them my direct deposit SS checks. I opened an account at another Mexican bank for that purpose.

All of this is in the "go figure" category.


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## chicois8 (Aug 8, 2009)

My Banamex USA account was not closed in the first round of closures so when I saw the subject coming up again and not receiving a letter i called and they said ifI did not receive a letter do not worry about my
account being closed..I do not have my SS or pension checks directly sent to Banamex USA and only use it as a backup ATM while in Mexico...


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## lagoloo (Apr 12, 2011)

chicois8 said:


> My Banamex USA account was not closed in the first round of closures so when I saw the subject coming up again and not receiving a letter i called and they said ifI did not receive a letter do not worry about my
> account being closed..I do not have my SS or pension checks directly sent to Banamex USA and only use it as a backup ATM while in Mexico...


Just curious: Is Banamex USA aware that you live in Mexico, or are you using a real U.S. address with them? (Not a P.O. Box)

So far among people we know who have been cancelled, the common denominator has been the address used for the bank statements, etc.


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## ensenada bill (Jun 15, 2015)

Some months ago I received a message from Banamex USA requesting I call them about my account with the Bank. Basically the questions the service rep. asked dealt with my US citizenship, place of birth, residence, etc. So far I have received nothing further from Banamex.


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## joaquinx (Jul 3, 2010)

Banamex USA got caught up in a huge money laundering scam. There were suspect accounts in Mexico and in the US. They close most, if not all, the branches in Texas and other states. If you were clean and still got your account closed, it was because you got caught in the clean-up.


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## chicois8 (Aug 8, 2009)

lagoloo said:


> Just curious: Is Banamex USA aware that you live in Mexico, or are you using a real U.S. address with them? (Not a P.O. Box)
> 
> So far among people we know who have been cancelled, the common denominator has been the address used for the bank statements, etc.


Iagoloo, One of the items BanamexUSA wanted from me to open my account was my Mexican address although I do have a US address and no Banamex account in Mexico..So I can not transfer monies between the US and Mexico,only withdrawal monies from Banamex ATMs..


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## lagoloo (Apr 12, 2011)

chicois8 said:


> Iagoloo, One of the items BanamexUSA wanted from me to open my account was my Mexican address although I do have a US address and no Banamex account in Mexico..So I can not transfer monies between the US and Mexico,only withdrawal monies from Banamex ATMs..


We opened our Banamex USA account with California Commerce Bank before it was taken over by Banamex USA, and we used the only address we had, in the U.S. This was just before we moved to Mexico. 

Just FYI, we learned that if you had that account and later opened a Banamex Mexico account, you could send them a letter requesting that the accounts be "linked" so that you could transfer money in the US account to the Mexico account with an email or phone call, free. This was an attractive feature. It would be available to people like you who have the US account.


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## chicois8 (Aug 8, 2009)

Iagloo, yea same for me 2007 when I opened with Cal Commerce in LA, but I had to send my CFE,Water and Tax receipt copies to LA.. Transfers were available if I had a Banamex account but was not free because the exchange rate for the transfer was terrible .......Like I said to me it's just a backup incase something would happen to my citi or schwab cards.........


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## cedray (Jul 6, 2015)

I finally got thru to a supervisor at Banamex usa regarding the cancellation of my social security account. I told them that I was 78 years old and dependent on my social security funds and more importantly, that I could not open a new bank account in Mexico as my income was not enough to qualify for an FM2 status which is one of the requirements. 
The supervisor responded that she had no information she was allowed to give and all they could say was that it was a "bank decisión". I then asked for an extensión of the closing date of my account and she responded that she would investigate, but it probably be for no more than 7 days!

I then contacted the SS office at the Embassy. They said to open a Mex bank account, And I said I was not able. I then asked for any other ideas and the response was "good luck".

So thats my story. Anybody know of a good puente to jump off?


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## chicois8 (Aug 8, 2009)

What are the reasons you can not open a Mexican Bank account, how about Activer (sp).......?


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## joaquinx (Jul 3, 2010)

cedray said:


> I could not open a new bank account in Mexico as my income was not enough to qualify for an FM2 status which is one of the requirements.


FM2 and the FM3 have both been replaced with the Residencia Temporal. You should be able to find a Mexican bank that will open an account for you. 

Have you tried since you went from FM3 to RT?


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## Isla Verde (Oct 19, 2011)

In 2009 I was able to open an account in Mexico at Santander while holding an FM3. I would imagine that someone with a RT visa would be able to do so today.


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## lagoloo (Apr 12, 2011)

I was able to open a Mexican bank account when first moving to Mexico on the RT visa (FM3), no problem.
This was with Banamex Mexico. I also have an Actinver account. Have had good service.

I think all of us who were kicked off the Banamex USA accounts were given the same reason: Bank decision, but we did have at least a month to get our Social Security checks deposited elsewhere.


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## Isla Verde (Oct 19, 2011)

cedray said:


> I finally got thru to a supervisor at Banamex usa regarding the cancellation of my social security account. I told them that I was 78 years old and dependent on my social security funds and more importantly, that I could not open a new bank account in Mexico as my income was not enough to qualify for an FM2 status which is one of the requirements.
> The supervisor responded that she had no information she was allowed to give and all they could say was that it was a "bank decisión". I then asked for an extensión of the closing date of my account and she responded that she would investigate, but it probably be for no more than 7 days!
> 
> I then contacted the SS office at the Embassy. They said to open a Mex bank account, And I said I was not able. I then asked for any other ideas and the response was "good luck".
> ...


What sort of visa do you have?


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## Meritorious-MasoMenos (Apr 17, 2014)

cedray said:


> I have received the notification letter from Banamex USA that social security transfers are cancelled as of Sept.1 2015. This confirms the news reorts that Citigroup is closing Banamex usa.
> 
> The letter states that we should look for "alternative arrangements prior to the account closing date Sept. 1."
> 
> ...


Tough situation. As I've posted previously here, after investigation before returning to Mexico, I opened a Schwab checking account. I don't know if a U.S. address is necessary but I did this all online or by phone, never meeting any Schwab rep in person. I found the Schwab great for an expat because not only does it pay interest on a checking account, with no minimum needed, but the company also reimburses all ATM fees, both domestically in U.S. and abroad. I therefore don't need a Mexican account and just take out what I need from ATMs, which give the best exchange rate that I've found. And Schwab does reimburse every month for ATM fees here in Mexico.


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## joaquinx (Jul 3, 2010)

http://www.marketwatch.com/story/ci...x-usa-amid-money-laundering-probes-2015-06-01


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## Isla Verde (Oct 19, 2011)

Meritorious-MasoMenos said:


> Tough situation. As I've posted previously here, after investigation before returning to Mexico, I opened a Schwab checking account. I don't know if a U.S. address is necessary but I did this all online or by phone, never meeting any Schwab rep in person. I found the Schwab great for an expat because not only does it pay interest on a checking account, with no minimum needed, but the company also reimburses all ATM fees, both domestically in U.S. and abroad. I therefore don't need a Mexican account and just take out what I need from ATMs, which give the best exchange rate that I've found. And Schwab does reimburse every month for ATM fees here in Mexico.


What sort of minimum deposit does Schwab require to open an account?


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## Meritorious-MasoMenos (Apr 17, 2014)

Isla Verde said:


> What sort of minimum deposit does Schwab require to open an account?


Not sure of that, though their mutual funds require just $100.00 to open an account, versus $1,000 to $3,000 for most others.

But as I stated, also no minimum needed to maintain the checking account. I think most banks offer this only if you have automatic deposit of paycheck, pension, etc. Not so with Schwab. It also has a great help desk. Now that it's set up, I handle most queries with texting live online with a rep in real time, so it costs nothing from Mexico, though both calling in and email are options. They also accept reverse charges on phone calls from outside the U.S. once you do have an account.


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## cedray (Jul 6, 2015)

I found my solution-USAA Bank- world wide banking services by internet only for veterans. Me-
US Navy 1954-58.


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## oaxacaone (Aug 2, 2011)

*Mexico Banking July 2015*

I found this information helpful:
How to Move Money from the USA to Mexico: Checks, Wire Transfers, ATMs | Surviving Yucatan

I have a Capital One 360 account so will try it at Banorte. 3,000 pesos per day isn't a lot but I am in town often so no problem. 

My Mexican friends tell me that Hacienda (Mexico's IRS) is monitoring banks and charge cards very closely. One friend who had a Sam's card which we used let it expire because I charged amounts on it larger than his income.

As best I can tell there are two reasons for BanamexUSA shutting down their Amistad account which so many of us used:
1) They made some shaky loans and the US government is investigating.
2) Many of the folks who had accounts left no balance so it wasn't profitable.

The US government action to try to stop money laundering has only hurt expats but is causing Mexican banks more work. When I opened a Banamex account in Mexico, I was surprised that I had to fill out English IRS forms. Oh yeah, that will really make Mexican banks clamor for our business.


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## joaquinx (Jul 3, 2010)

oaxacaone said:


> As best I can tell there are two reasons for BanamexUSA shutting down their Amistad account which so many of us used:
> 1) They made some shaky loans and the US government is investigating.
> 2) Many of the folks who had accounts left no balance so it wasn't profitable.
> 
> The US government action to try to stop money laundering has only hurt expats but is causing Mexican banks more work. When I opened a Banamex account in Mexico, I was surprised that I had to fill out English IRS forms. Oh yeah, that will really make Mexican banks clamor for our business.


Banamex USA got caught up in some money laundering scams. They have shut down a number of branches mostly in Texas.

That is the Form W9 which is to let the bank know your SSN. They will need that information if at any time you total balances exceed 10,000usd. The big banks have that problem solved. I know that HSBC quickly complied that IRS regulation world wide which includes Mexico. It's not a real problem for banks unless they have some shady customers with very, very large balances or heavy transaction amounts.


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## TundraGreen (Jul 15, 2010)

oaxacaone said:


> I found this information helpful:
> How to Move Money from the USA to Mexico: Checks, Wire Transfers, ATMs | Surviving Yucatan
> 
> I have a Capital One 360 account so will try it at Banorte. 3,000 pesos per day isn't a lot but I am in town often so no problem.
> ...


It is not just Mexican banks that don't like all the US financial regulations. Some banks and financial houses in Europe will not accept accounts for US citizens because the paperwork is onerous and becoming more so.


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## lagoloo (Apr 12, 2011)

oaxacaone said:


> I found this information helpful:
> How to Move Money from the USA to Mexico: Checks, Wire Transfers, ATMs | Surviving Yucatan
> 
> I have a Capital One 360 account so will try it at Banorte. 3,000 pesos per day isn't a lot but I am in town often so no problem.
> ...


Reason #2 above is nonsense, based on knowing others as well as myself who had substantial amounts circulating through those accounts as well as direct SS deposits.
We were dumped because we live in Mexico. My own account had been in place for ten years. 

"Rumor' as well as some articles on the news has it that their main problem stemmed from some money laundering scams originating in Mexico, and these have been being investigated by the U.S. Govt.


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## joaquinx (Jul 3, 2010)

TundraGreen said:


> Some banks and financial houses in Europe will not accept accounts for US citizens because the paperwork is onerous and becoming more so.


Banks don't do this with a pencil and paper. It's all done on a computer in a few seconds. They can add this regulation to others from ECB and their country's own banking regulations.


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## lagoloo (Apr 12, 2011)

joaquinx said:


> Banks don't do this with a pencil and paper. It's all done on a computer in a few seconds. They can add this regulation to others from ECB and their country's own banking regulations.


"Paperwork" is seldom done anywhere with a pencil and paper. Shall we assume you were joking? 

However, the the U.S. govt. is pushing other governments to do extra work on their behalf. I wonder what the attitude would be if U.S. banks were being required by other governments to put procedures in place to nail citizens of other countries who were trying to avoid taxes?


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## TundraGreen (Jul 15, 2010)

joaquinx said:


> Banks don't do this with a pencil and paper. It's all done on a computer in a few seconds. They can add this regulation to others from ECB and their country's own banking regulations.


I won't argue with you. But I am told by my daughter who has lived in Germany for many years but is still a US citizen, that some investment groups and some banks will not accept her money. The requirements have increased in recent years and some foreign financial institutions are reacting to the changes.


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## joaquinx (Jul 3, 2010)

https://drive.google.com/open?id=0B87Lz8uPeJN1YzA2Q2xBNHBsU1U

This is a list of ALL banks that are FATCA compliant in Excel .xlsx format. Let me know if you have problems or need another format. It's in print format, but can be downloaded in .xlsx


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## lagoloo (Apr 12, 2011)

joaquinx said:


> https://drive.google.com/open?id=0B87Lz8uPeJN1YzA2Q2xBNHBsU1U
> 
> This is a list of ALL banks that are FATCA compliant in Excel .xlsx format. Let me know if you have problems or need another format. It's in print format, but can be downloaded in .xlsx


Little loading problems here, but is there any way to narrow the list to Mexican banks?
Thanks.


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## michmex (Jul 15, 2012)

*Update from the NY Times*



cedray said:


> I have received the notification letter from Banamex USA that social security transfers are cancelled as of Sept.1 2015. This confirms the news reorts that Citigroup is closing Banamex usa.
> 
> The letter states that we should look for "alternative arrangements prior to the account closing date Sept. 1."
> 
> ...



From the article on July 22, 2015 by Michael Corkery, 

"Citigroup said it was in the process of winding down Banamex USA, which now operates only a few branches and holds about $500 million in assets and deposits of approximately $460 million. The bank plans to close its branches in Houston and San Antonio in October. The Los Angeles branch will remain open through the closing process."

Link to the complete article with more about the latest 40 million USD$ penalty.

http://www.nytimes.com/2015/07/23/b...safeguards-against-money-laundering.html?_r=0


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## lagoloo (Apr 12, 2011)

So, if you have an account being closed in September: First, open an account in the institution of your choice which will accept your direct SS deposit. Second, contact Social Security at the office nearest you and either go there or persuade them to send you the paperwork by email. Four pages later, you've informed them of your residence address, among other things. Now, go to the new bank and they will send off the proper form to SS for having your funds deposited there. If you do so promptly, your next check will be where it should be on time. This all worked for me over a year ago.
Finally, face north, thumb your nose or use other appropriate gestures and give a loud raspberry to Banamex USA for the PITA they caused you.


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## oaxacaone (Aug 2, 2011)

A friend advised me this morning that the news reported that BanamexUSA is completely shutting down.


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## chicois8 (Aug 8, 2009)

oaxacaone said:


> A friend advised me this morning that the news reported that BanamexUSA is completely shutting down.


After reading your post I called to confirm this news and the bank representative acknowledge it ....They wanted to charge $25 USD to wire transfer my balance back to my Citi account so I told them just to send me a check, 7 to 10 days, we'll see........LOL


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## lagoloo (Apr 12, 2011)

chicois8 said:


> After reading your post I called to confirm this news and the bank representative acknowledge it ....They wanted to charge $25 USD to wire transfer my balance back to my Citi account so I told them just to send me a check, 7 to 10 days, we'll see........LOL


It took awhile, but it did arrive in a special envelope that cost 'em. Je je.


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## tomwins (Dec 27, 2014)

Meritorious-MasoMenos said:


> Tough situation. As I've posted previously here, after investigation before returning to Mexico, I opened a Schwab checking account. I don't know if a U.S. address is necessary but I did this all online or by phone, never meeting any Schwab rep in person. I found the Schwab great for an expat because not only does it pay interest on a checking account, with no minimum needed, but the company also reimburses all ATM fees, both domestically in U.S. and abroad. I therefore don't need a Mexican account and just take out what I need from ATMs, which give the best exchange rate that I've found. And Schwab does reimburse every month for ATM fees here in Mexico.


We are moving to Mexico next month and spent several weeks looking at many options for banking there. We, too, decided on Schwab High Yield Checking Account and did the application and money transfer into it online. We were in the US and entered a US address. So I don't know if that is required or not. Also it does require a Schwab Brokerage account linked to it. You can open both at the same time. There is no minimum for the Checking but there is a $1,000 deposit required to open the Brokerage Account. Once it is open, we have not maintained the $1,000 balance in the Brokerage account but transferred most of the money over to the Checking account. You don't have to invest any of the money in the Brokerage account.

The reason we chose Schwab HY checking for our banking needs was mainly because we can withdraw money from any ATM in the world and if the bank charges a fee it is reimbursed each month as a lump sum credit to the account. Secondly, their online bill pay got good reviews and we've been using it for six months now and I find it very, very good. 

My experience with the ATM while traveling is awesome. Only once has the card not allowed me to access the account and it was at a BanaMex I tried to use earlier this month (July 2015). I walked across the street to another bank and had no problem. We've been able to withdraw as much as 8,000 pesos at one time and withdraw several times a day from the same ATM or from different ones.

The other step we plan to take is with Santander. We opened a Santander account online here in the US. Once we get to Mexico, we plan to open a Santander MX account and link the two together. That will make it possible to transfer funds between the two and give us the possibility to write checks in Mexico. Because Schwab only gives us access to cash. We expect there will be times when we need to write a check.

I'd deeply appreciate feedback on the plan with Santander as we haven't tried that one yet. From what we've read it should work. Does anyone have experience with this? Are there other options?

Thanks,
Tom


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## citlali (Mar 4, 2013)

I was told the same thing by a couple of French banks. I was looking to open a French bank account and I ended up opening it in my name only to make it easier.
Several banks told me they really did not want to deal with the requirements of the US. Maybe it was just the banches where I was , it was nt in Parisbut I thought that was interesting. I think they would have done it if I had pushed it but my husband was not there either which complicated things so I kept it simple.
By the way I received a 45 page contract after opening an account..I think France beats Mexico when it comes to paperwork..unreal.. I had a bunch of money I wanted to deposit, I thought no big deal ...oh no had to prove what my income was, have an electic bill from Mexico to prove I lived ther eand I do not remember what else..I thought I was having a deja vue...


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