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No More Out of Country Bank Transfers in US?

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Post by Vandre Thu Sep 04, 2014 11:34 am

From TOB yesterday:

"I bank at two USA-based banks.  Twice each month, I transfer money between those two banks.  When I received an electronic deposit at Bank "A" on August 31, I tried to initiate the transfer.  WHAT!?  Why am I suddenly blocked from making transfers between two banks in the USA?  A lot of things went through my mind, but it took a while for light to dawn, and took even more time to get my bank(s) to own up to the truth:"

  "anyone who uses an ISP based in Mexico or anywhere else outside the USA is now blocked from making inter-bank (i.e., from any bank to any other bank) transfers, whether those transfers are between banks based in the USA or not.  This new rule took effect on August 18, 2014.  Your bank is not required to let you know about the change."

I don't know about others here, but I depend on this ability to: remotely transfer between checking & savings accts (inter & intra-bank); transfer between brokerage accounts and banks; electronically transfer funds to pay IRS/State/Property Taxes/Insurance; Pay monthly bills; Give gifts and a myriad of other examples I haven't even thought of yet

The OP suggested use of an IP blocker to get around this problem.
And, what happens when ......... they decide to make it a Federal Offense to Subvert the Intended Purpose of this Rule?
(and are also .... "not required to let you know about the change").

Wow, just doesn't stop, does it?

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Post by arbon Thu Sep 04, 2014 1:44 pm

Mexican IGA with FATCA

http://www.deloitte.com/view/en_US/us/Services/tax/73f70707c425b310VgnVCM1000003256f70aRCRD.htm

Full article and Mexico IGA agreement with U.S. are available for download. For more information please contact a FATCA Leader or click here.
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Post by Vandre Thu Sep 04, 2014 2:25 pm

If you will notice ............ this would/should have nothing to do with FATCA.  

I am not talking moving money in and out of the US.  I am saying (as was the TOB poster) totally WITHIN the US, between US institutions, by a US citizen with a US address ..... who just happens to be out of the country when they initiate said Transfer.

Now to be honest, I am currently in the US so cannot personally test & confirm that TOB poster was unable to manage this because of her IP address location.  I simply believed her.  I wish I was down there to try it for myself.

However, since I AM in the US right now, I would like to discuss this with my local bank.  But do not want to go in there without all the facts, which is why I posted for more information.

Has anyone tried to do an Electronic Transfer between two US Banks since 9/1/14, while using a computer with a Mex IP address?  Your experience please.   Thanks

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Post by Flamingo Thu Sep 04, 2014 4:49 pm

I personally transferred money from one US account to another long after 18 Aug and had NO PROBLEMS. Probably just more drivel from TOB.
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Post by lobita Thu Sep 04, 2014 6:31 pm

I regularly (average at least once per week) move money between U.S. banks, via bank web site, logged in from an unobfuscated Mexico IP address. I have experienced zero problems to date.

I've done this twice since Labor Day -- once from BECU (Boeing Employees Credit Union) to Ally Bank, once from Ally Bank to Schwab checking. No problems in either case; money showed up today just fine.
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Post by Jim W Thu Sep 04, 2014 7:09 pm

I hope it doesn't cause problems for wire transfers from Mexico to the US banks
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Post by slainte39 Thu Sep 04, 2014 9:16 pm

The OP from another board, who this happened to, lives in Mexico City.  Could that be the difference?...more likely a personal issue.

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Post by Vandre Thu Sep 04, 2014 10:01 pm

Thanks so much for the few sharing your experiences.  I'm really, really pleased (I deal with Ally also).  
I was seriously worried that things had gotten so out of hand that I would no longer be able to function (fiduciarily-if that is even a word) in Mexico.  I did search the internet for any reference to this new rule - but found no mention.  So, thanks again. I will trust in your experiences.
P.S.  I have NOT been getting notifications of new posts on IL threads I have started/responded to, so maybe that is a gentle hint that I have been too active lately?   Hopefully, this is the last of my dilemmas for awhile.

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Post by Lady Otter Latté Thu Sep 04, 2014 10:45 pm

Vandre, I do not think it is you. Email notifications of new posts from IL have always been unreliable for me. Sometimes I get them all and very timely. Sometimes I do not get one but see it when I check new posts here. Then, other times I get them but days and even weeks after they are posted.
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Post by TrueBrit Fri Sep 05, 2014 11:39 am

I got an email from a gentleman in Nigeria who said he could solve all this. All he needs is your SSN, account numbers, etc. The only problem is his commission hovers around 100%.

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Post by Gamina Fri Sep 05, 2014 11:57 am

I made a transfer between my BofA account to my CapitalOne 360 account yesterday and it went through just fine.
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Post by arbon Fri Sep 05, 2014 1:50 pm

TrueBrit wrote:I got an email from a gentleman in Nigeria who said he could solve all this. All he needs is your SSN, account numbers, etc.  The only problem is his commission hovers around 100%.

¿So who was it at Lakeside that had their Bank of Scotland account closed?

¿was it Barcelonaman on TOB?
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Post by rckrckr Fri Sep 05, 2014 5:22 pm

Made two transfers today from my U.S. bank to Bancomer using Xoom.com. The transfer was completed each time within 5 minutes at US$4.99 per transfer. Bancomer sets an EFT transfer limit of US$999 each, so it can get expensive for large amounts, but it's one alternative. Other Mexican banks set other limits with Xoom, some are higher.

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