# Mexican banks to collect biometric data starting 2018



## eastwind (Jun 18, 2016)

Presented without comment for your information:

https://wolfstreet.com/2017/12/23/next-phase-in-forcing-biometric-tracking-on-consumers/


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## costaricamex (Jul 7, 2017)

Thanks for posting. I will comment: IT SUCKS


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## Zorro2017 (Jan 9, 2017)

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

Thomas Jefferson.


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## lagoloo (Apr 12, 2011)

An implant might work better. Oops; no. Thieves could just excise it from your body.


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## costaricamex (Jul 7, 2017)

Nanny State. Government has to decide what is best for us. Only to use the data to control us.

Glad I will be dead by the time orwell''s and huxleys views are reality.


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## Stevenjb (Dec 10, 2017)

Biometrics, we are not in the 1950s anymore - change happens. How it is used is another issue. There is so much fluidity in the world - good and bad, I can see how keeping tabs on peoples actions might be a good thing. 

Posted from Android using Tapatalk


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## Zorro2017 (Jan 9, 2017)

The more you explore and learn about the Federal Reserve Bank the more it stinks.


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## lagoloo (Apr 12, 2011)

This article was about Mexican banking.


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## eastwind (Jun 18, 2016)

Yeah, the point was a heads up that, if you want to open a checking account after 2017, prepare to leave with inky fingers, and if you've been planning to open one soon maybe get yourself in gear and get it done before the end of the year.


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## lagoloo (Apr 12, 2011)

eastwind said:


> Yeah, the point was a heads up that, if you want to open a checking account after 2017, prepare to leave with inky fingers, and if you've been planning to open one soon maybe get yourself in gear and get it done before the end of the year.


I'm not sure that opening an account before Jan. 1, 2018, will save anyone from the biometric collection maw. First paragraph of the article:

"In 2018, banks in Mexico will face new regulations that will oblige them to collect biometric data (finger prints and iris scans) on* all of their customers*. Whenever a customer asks for a new home or car loan, cashes in a paycheck, applies for a credit card or opens a new savings account, the bank in question will have to request the customer’s digital fingerprints and then match those fingerprints with data against information in the database of the National Electoral Institute."


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## eastwind (Jun 18, 2016)

Well, I'd read the article before I linked it, of course, and I was thinking that most expats wouldn't be getting new home or car loans or cashing paychecks. And since it says open a _new_ account, I figured that meant if the account was already opened they weren't going to go back and make you come in and get finger printed unless you did one of the other things on the list.

But I did miss the distinction between _savings_ and _checking_ account, and the joke about inky fingers was ignoring that it says _digital_. So maybe it won't be required for checking accounts at all, if you take the paragraph literally and assume it's completely accurate.


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## Zorro2017 (Jan 9, 2017)

You must be at least a temporary resident to open a bank account, don't they take your fingerprints during this process? They did mine.


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## Karl Crabkiller (Dec 25, 2017)

I opened accounts at 2 banks last year - one required fingerprints (Banco Azteca) the other required a bank officer visiting my house and verifying my address (Intercam).


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## TundraGreen (Jul 15, 2010)

Zorro2017 said:


> You must be at least a temporary resident to open a bank account, don't they take your fingerprints during this process? They did mine.


I opened a new bank account about a month ago. No fingerprints, just a copy of a utility bill, and a copy of my INE ID card, an half a dozen or more signatures on an electronic gadget.


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## Zorro2017 (Jan 9, 2017)

Zorro2017 said:


> You must be at least a temporary resident to open a bank account, don't they take your fingerprints during this process? They did mine.





TundraGreen said:


> I opened a new bank account about a month ago. No fingerprints, just a copy of a utility bill, and a copy of my INE ID card, an half a dozen or more signatures on an electronic gadget.


No, what I mean't was when you become a temporary or permanent resident they take your fingerprints, so the country already has them on file if they want to link them to bank accounts.


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## citlali (Mar 4, 2013)

Since TTundragreen used his INE card that means he is a Mexican citizen so there are plenty of fingerprints on file in the country.


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## eastwind (Jun 18, 2016)

Yes, the Mexican government already has your fingerprints, probably in an archaic system that doesn't get shared beyond the Mexican government.

This new collection of bio-metric data by the banks is taking it to a whole new level, and your identify information is going to get shared among many more institutions world-wide.

So arguing that the cat is already out of the bag is correct as far as it goes, but ignores the difference between the cat being out of the bag but in the house and the cat being out of the bag and down the street and gone.


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## lat19n (Aug 19, 2017)

Post 9/11 I received my US Mariner's Captains license. That required extensive paperwork, an in person interview, background check, and collection of just about all bio-metric information excepting sperm. I'm pretty sure the information collected is now distributed worldwide. I'm fine with all that.

I am soo tired that every year our Mexican financial institutions ask us to renew the information they already have on file. If a thumbprint or iris scan will cut down on all that - go for it.


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## chicois8 (Aug 8, 2009)

Maybe just another reason I would never have a Mexican Bank Account...........but will gladly use their ATM's.......


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## lat19n (Aug 19, 2017)

chicois8 said:


> Maybe just another reason I would never have a Mexican Bank Account...........but will gladly use their ATM's.......


Perhaps we are the biggest fools on the planet - but we just picked up another CETE today - 6 mos - 7.53%. But - I have made mistakes in the past. But - do you think Mexico is in any worse shape than the US ?


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## TundraGreen (Jul 15, 2010)

lat19n said:


> Post 9/11 I received my US Mariner's Captains license. That required extensive paperwork, an in person interview, background check, and collection of just about all bio-metric information excepting sperm. I'm pretty sure the information collected is now distributed worldwide. I'm fine with all that.
> 
> I am soo tired that every year our Mexican financial institutions ask us to renew the information they already have on file. If a thumbprint or iris scan will cut down on all that - go for it.


I have had Mexican bank accounts for 10 years. I can't remember ever having to "renew the information". What is that all about?


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## costaricamex (Jul 7, 2017)

lat19n said:


> Perhaps we are the biggest fools on the planet - but we just picked up another CETE today - 6 mos - 7.53%. But - I have made mistakes in the past. But - do you think Mexico is in any worse shape than the US ?


Why would taking 7.53% for only six months make you foolish? If anyone has Pesos expenses why not get this higher interest rate. The questions come in when talking about how many dollars to exchange for pesos since then you have pesos devaluation or valuation to consider as well. (if main earnings are in dollars) 
I do wonder though if that 7.53% is correct? What bank pays that high for six months if I may ask? 

I heard about CETES DIRECTO which evidently is a way to invest directly with hacienda and cut out the banks. That appears to pay today 7.46% for six months

http://www.cetesdirecto.com/servlet/cetes/inicio

Has anyone had any experience with this cetes directo setup? If so is it easy to set up a connection between any bank and this cetes directo and move the money back and forth easy and also would they deposit interest monthly into an acccount?

I buy what they call I guess cedes not cetes at scotia bank for my Mexican adopted mom and she gets the interest paid monthly. She is on a small pension so I try to help her.

If we could do it through this other cetes directo and make 2 points more interest it would be better. 

Happy New Years to all!!


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## lat19n (Aug 19, 2017)

costaricamex said:


> Why would taking 7.53% for only six months make you foolish? If anyone has Pesos expenses why not get this higher interest rate. The questions come in when talking about how many dollars to exchange for pesos since then you have pesos devaluation or valuation to consider as well. (if main earnings are in dollars)
> I do wonder though if that 7.53% is correct? What bank pays that high for six months if I may ask?
> 
> I heard about CETES DIRECTO which evidently is a way to invest directly with hacienda and cut out the banks. That appears to pay today 7.46% for six months
> ...


The Bank of Mexico has an auction every Tuesday. You can find the results of the most recent auction (yesterday) here.

Banco de México

Yes we have a CetesDirecto account. It was a little more difficult to setup than a regular Mexican bank account. I do not remember the name of the agency we had to visit - but it is the same place that handles government payrolls. I'm sure you can find the info on the CetesDirecto website.

7.53% is the 'annualized' rate for a CETE which matures in 6 months. You can also find BONOS, UDIBONOS etc at the site. When something matures they will withhold 0.6% interest. Transferring monies from/to our Mexican bank is easier than executing an online SPEI transfer at the bank.

You do need to remember that when you have Mexican investments you very likely will have more work to do at US tax time.


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## costaricamex (Jul 7, 2017)

Thanks for the detailed response. Great info. So annualized must mean that they do deposit the interest every month so for example the money can be used for expenses?

No problem on the taxes witheld. Seems reasonable at 0.6%. Thats fair.

I dont have to worry about the tax filing thing although its important for others. I just gifted some money to my Mexican mom which is invested to earn interest and nothing is in my name and I dont receive the interest. 

Now I'll get off my butt and do the research rather than making you do all the work for me.

thanks again!


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