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Multiva Charges

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hound dog
Hensley
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Post by Hensley Tue Jun 07, 2011 7:32 pm

Hello Clara,

I have a checking account with Multiva and I heard that you are going to start charging $80p a month for the checking account, is this correct?

From Clara,
Yes its true, we will have some changes in the bank accounts.

Attached is the information regarding the fees, but we are going to have 2 more options:

if you have a minimum monthly balance in your checking account of 20,000 there will be no fees, or if you don’t need the check book we can cancel that option and you can keep your debit card, and a minimum balance 1,500 pesos and there will be no charge.

Please let me know what the best option is for you.

Regards

Clara

Ps. At this moment there are no charges in your account.
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Post by hound dog Tue Jun 07, 2011 7:49 pm

What people don`t seem to realize is that if you keep a minimum balance of $20,000Pesos in your account at no interest at all times there is a cost to that and if you do not understand that then you are on your own.

You are being played as suckers by investment houses posing as banks by such institutions as Multiva and Actinver. Sell your soul for a cheap cup of bad American coffee but don´t bitch when that coffee and your return on investment turn out to have the substance of a baloon ride over the Jovel Valley. Say hello to the new boss, same as the old boss.
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Post by simpsca Tue Jun 07, 2011 8:35 pm

But at least Clara explained the options. My account exec. did not. Just explained I would now have fees. Not happy with the current account exec. especially since she told me two weeks ago there would be no 80 pesos monthly charge. She knows I don't keep a large balance in the account.

Thanks for the info Hensley.
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Post by Intercasa Tue Jun 07, 2011 9:33 pm

I think few foreigners need checking accounts. $20,000 pesos really isn't much, if you don't have that much to set aside then you really don't need to be banking with an investment house.
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Post by David Tue Jun 07, 2011 10:15 pm

Banking and investments are two entirely different things. Setting aside $20,000 Pesos interest free to get a checking account makes no sense when you can earn over 4% in an investment account. I choose to invest and bank with MultiVa but I won't be paying for a debit card or a checking account.
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Post by kiva Tue Jun 07, 2011 10:43 pm

hound dog wrote:What people don`t seem to realize is that if you keep a minimum balance of $20,000Pesos in your account at no interest at all times there is a cost to that and if you do not understand that then you are on your own.

You are being played as suckers by investment houses posing as banks by such institutions as Multiva and Actinver. Sell your soul for a cheap cup of bad American coffee but don´t bitch when that coffee and your return on investment turn out to have the substance of a baloon ride over the Jovel Valley. Say hello to the new boss, same as the old boss.

Let me get this straight. On a 20,000 peso balance, > $ 2,000 USD at an interest rate (in the states) of 1.0%, one would get a grand total of $ 20.00 interest. Even at David's 4% that's $ 80 USD. What do you want for maintaining a low balance and getting the convenience. I agree with David, if you have a larger amount in investments you should get it for free, but you certainly shouldn't think that you are getting ripped off with a minimal charge for a minimal balance. That isn't MX, that's the new world.

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