Santander/BoA

[The Duck]

Fees wouldn't be so bad if they only started paying decent interest.

18 mos or so ago my local MN bank stopped absorbing ATM fees so I moved on to Schwab and that has worked quite well. I still had my debit cards [3 accts] issued by the MN bank. In September they started charging $5/mo inactivity fee - $180/year over the three accts. They refunded the charges for September and I destroyed the cards.

[jesm]

In the wake of the 2008 financial fiasco Congress went hard on banks, their excess risk profiles and enacted new rules that hit their income and profits. Well, guess what! The bankers simply moved into permissible activities and so up, up up go core fees, and as the crisis mentality has passed they will continue.

[peddler665]

While as much as I miss local owned banking of yesteryear I must say Chase has been very responsive to my needs with few fees. I had some unauthorized charges last year while I was in Guanajuato. One phone call corrected the problem. Again this September a similar charge was reversed within minutes of contacting them.
Unfortunately the one service they do not have is a Mexican bank partner. So I have swallowed the fees taking out the maximum whenever I withdraw funds.

[roberb7]

Another possibility worth investigating: BBVA Compass in the US, BBVA Bancomer in Mexico. And, I've heard that the Bancomer branch in SMA will open accounts for people who don't have permanent residence.

[J Anoni]

Jesm: Here is the BofA phone number I use, but do not attempt to speak to the agent that you get. Instead, ask for a supervisor immediately:
1-800-933-6262
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Yes DonCoulter, "forced vehicle nationalizations", in case you had not heard. (In my opinion a Mexican government scam to extort money from retirees) It cost me US$3500 recently for the trip to the border plus the nationalization, plus a lawyer, plus plates. That is not to mention the cost of Residente Permanente and the facilitator. I was very content with USA plates and an FM3 which I had for 11 years. In 2002 if the law was as it stands now, I probably would not have moved here. It's hard to say.
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I think the reason the banks are fee hungry is because of the US policy of frozen 0% interest rates. The banks cannot make interest on loans so they are preying on customers in the form of fees instead. That very same policy has cut my income by 25% since 2008, due to loss of interest income on my savings.
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I have been researching Capital One 360 Checking as an option. Capital one does not charge any fees of any kind including currency conversion fees when using any ATM in any country. However, the card user could or will incur ATM owner's fees if the ATM is not part of the Allpoint Network. The Allpoint Network had been started in Mexico in 2011 at all OXXO store ATMs, but Allpoint pulled out of the deal just recently for reasons that are unclear. I phoned Allpoint and asked, and they said that they are trying to get Allpoint started again in Mexico. If they do, that would make the Capital One 360 Checking ATM card a very good replacement for the BofA ATM card. (FREE)

Today I did experimental withdrawals at a two ATM's to find out the rate charged on my Capital One Savings ATM card: Bancomer charged 29 pesos, and Banorte charged 47 pesos. I have not received the Capital One 360 Checking card mentioned above yet. I ordered one in hopes that the Allpoint Network will return to Mexico.

[doncoulter]

Regarding "forced vehicle nationalizations" again, I don't see that anyone's forcing anyone to do anything.

If you choose to become a permanent resident, you lose certain rights while gaining others. One right you lose is that of owning a foreign-plated car. But anyone applying for permanent residency knows that up front. Or at least they should.

And even the loss of the right to own a foreign-plated vehicle doesn't mean you're forced to nationalize anything. You could return your car to your home country and buy a Mexican-plated one. You can also nationalize, but that's your choice. No one's forcing you.

[jesm]

Well, spoke today with customer service rep at BoA. Told 3% fee for atm withdrawal at banco Santander was in error and will be credited. On further inquiry checked with his supervisor who confirmed "global alliance" relationship is still valid and no fees will apply to transactions at Santander with my BoA card. Going today to see if this is correct?? Will advise.

[philyrossy]

Regarding "forced vehicle nationalizations" again, I don't see that anyone's forcing anyone to do anything.

Kinda like "Obamacare", no? You can keep your old insurance if you are happy with it ! :D