Info on Banco Azteca?

I've checked at the other banks around town, and this is the only place which is going to allow me to open an account without maintaining a minimum balance. That being said, does anyone know anything about the place? I know they don't have ATMs, so withdrawals at odd hours would be problematic, but I don't make withdrawals at odd hours, so that shouldn't be a drawback. What I want to do is open up a local account into which I can make an online transfer from my US bank, thereby avoiding the $20+ dollars I've been paying monthly in ATM fees. I suppose I'm only hesitant because of my unfamiliarity with banks which seem more like a Rent-a-Center, or a cash loan type of place.

You could change your US bank to BofA and use the ATMs for free. . .

Trailrunner wrote:You could change your US bank to BofA and use the ATMs for free. . .

Yeah, but then I'd be using BofA and contributing to the evil and stupidity they spread throughout the world.

True. And Banco Azteca are all choir boys?

Ripping off the poor is the way they make their money, so are you looking for a bank that can serve your purposes or one that is helping humanity?
Check out the prices of appliances at Banco Azteca and check their interest rates that should give you an idea of the business they are in. High risk, high interests.

It's owned by the 2nd richest Man in Mexico who owns Electra. Banco Mulitva requires only $1500 Peso minimum balance.

brigitte wrote:Ripping off the poor is the way they make their money,

100% true.

Trailrunner wrote:True. And Banco Azteca are all choir boys?

Ok, point taken. How about, I owe BofA money and don't wanna give them the opportunity to collect? I realize Banco Azteca is probably as bad as the rest, possibly even worse given what some rightly pointed out concerning their interest rates on the appliances they are selling. I'm just trying to avoid paying ATM fees. Someone pointed out a bank that requires only a 1500 peso min balance, but that's more than I can afford. Banco Azteca requires only 1 peso. I just want to know if my money is going to be safe there and if I'll run into any hassles making withdrawals.

Quien sabe?

Electra rips off the poor too , they even do it in Tzotzil down here.

Well Toni if you spend 20 dollars a month on ATM fees it is far less than the 1500 pesos minimum balance so you may be better off on continuing with ATM.
Banco Azeca and the likes make their money on high fees so go in there and inquire about the charges and fees connected with every transaction and you will find out what is best for you.

Even if you did not owe BofA money on a defaulted loan which, according to your own earlier posting, you do, BofA would not open an account for you as a resident of Mexico without a U.S. permanent residence and if you cannot maintain a simple 1,500 Pesos miniumum balance in any account you opened, they would never do business with you as they should not. Any account at any bank, much less BofA, with an average account balance of less than 1.500 Pesos, is a losing proposition for that bank or any bank except exploitative finance houses like the one with which you wish to do business which makes its money through fees and usurious interest rates they charge the desperately poor who patronize them because nobody else will even let them in the door.

You are getting off cheap with those monthly ATM fees so stay where you are and hope they do not notice you.

hound dog wrote:Even if you did not owe BofA money on a defaulted loan which, according to your own earlier posting, you do, BofA would not open an account for you as a resident of Mexico without a U.S. permanent residence and if you cannot maintain a simple 1,500 Pesos miniumum balance in any account you opened, they would never do business with you as they should not. Any account at any bank, much less BofA, with an average account balance of less than 1.500 Pesos, is a losing proposition for that bank or any bank except exploitative finance houses like the one with which you wish to do business which makes its money through fees and usurious interest rates they charge the desperately poor who patronize them because nobody else will even let them in the door.

You are getting off cheap with those monthly ATM fees so stay where you are and hope they do not notice you.

Thanks for the advice. Just for the record, I never said that I defaulted on a loan with BofA. Might want to read a bit more closely before you make such statements.

FYI no charge on a checking account at BOA one must have 1500USD in account. It was 750 a few year ago.

Z

Ok, point taken. How about, I owe BofA money and don't wanna give them the opportunity to collect?

In some 40 years as a commercial lender in some of the largest banks in the world in the San Francisco Bay Area where BofA was historically headquartered as well, this is the mindset I was constantly seeking to avoid in clients who were either borrowing customers or demand account customers with the capacity of kiting checks. I have news for you about banks. We had ways of collecting money you owed us whether you had an account with us or not and they were all legal and above board. Captive consumer finance companies owned or affiliated with chain retail electronics outlets had ways of collecting money for that overpriced television or stereo they sold you that went well beyond that. That is not to say that the consumer finance company you suggested operates in that fashion but, while I am no fan of BofA even remotely, if you are seeking a bank or finance company that does not spread evil in the world, I suggest the nearest branch is underneath your mattress.

[quote="Zedinmexico"]FYI no charge on a checking account at BOA one must have 1500USD in account. It was 750 a few year ago. Z[/quote]

There was a time, a while back, when banks, especially retail oriented banks such as BofA was in those days, did not know how to calculate profitability on a demand or savings account. That calculation is a function of average balances maintained and activity in the account as well as the interest rate paid on the account. I have been out of banking since the year 2000 and have no idea what criteria are applied today but I would venture that the big banks lose money on accounts where average balances, not minimum balances, are only $1,500, BofA under Gianinni and later under his legacy for many years when they were a San Franciscio institution, was a populist bank trying to cater to the community as a whole and carried small accounts as a community service in order to maiuntain that populist image even theough they normally lost money on those small accounts individually and in aggregate.

I suggest that those of you living in Mexico open a savings account at your nearest branch of BBVA Bancomer where there are no service charges or ATM charges if you maintain a minimum balance of 2,000MXN in the account. They have other ways of making money that are not obvious but that is not the subject here.

Dawg,if I open an account with Bancomer would I be able to deposit funds from my BoA money market account using checks from that account?

[quote="viajero"]Dawg,if I open an account with Bancomer would I be able to deposit funds from my BoA money market account using checks from that account?[/quote]

I am sorry, viajero, but I have never tried that although I do believe that any check drawn on a U.S. bank would only be accepted subject to collection over a period of time. I do not kinow where you live but the English speaking personnel in the two Ajijic branches of Bancomer could certainly answer that question.

Since I limit myself these days to maximum untaxed cash deposits in local banks, I simply use ATMs or cash checks on my U.S. bank at Intercam in Ajijic and walk those cash deposits over to Bancomer to negotiate at the teller cage. Intercam customers can cash personal checks drawn on their U.S. banks up to 4,000USD at a time and get instant cash over the Intercam teller window or, if one needs more money than that, one can wire funds from his or her U.S. bank directly to Bancomer.

Here is a trick I learned over the years. If I need to wire transfer funds to my local Mexican bank from my U.S. bank, I first convert Pesos to Dollars in the U.S. and wire Pesos down here rather that Dollars that must then be converted to Pesos in Mexico with both the local bank and any correspndent bank taking their unobserved piece of the pie. By converting Dollars to Pesos in the U.S.,I expidite the receipt of funds and I also get a more favorable conversion rate as my bank piggybacks my currency conversion on the back of their own daily conversion. By the way, at my U.S. bank, wire transfer fees are waived and some banks do that while others do not. Check with BofA on these things.

Thanks Dawg.

Just for the record, USAA refunds the ATM charges. Only way to go if you were ever in the military.

Flamingo wrote:Just for the record, USAA refunds the ATM charges. Only way to go if you were ever in the military.

What's USAA? I'm ex-military.

You might try googling USAA.

viajero wrote:Dawg,if I open an account with Bancomer would I be able to deposit funds from my BoA money market account using checks from that account?

US drawn checks take 7 business days to clear in your Bancomer account.

The Chapala branch also has an excellent English speaking lady, and a lot of the tellers also speak English (and are very patient and helpful as you try to make transactions all in Spanish).

Thank you saege007.