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Social Security

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Mainecoons
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Post by drmike Sun Jan 22, 2012 11:42 am

Is anyone in the Lakeside area getting their Social Security checks in the form of the Debit Card? Have you had any problems with using the ATM's in the area accepting the debit card? Or is it too dangerous to have all your social security money on a debit card?

Also, David, where is the cambio that you suggested located in Ajijic? Address or directions to it would be appreciated.

Thanks,

Dr. Mike
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Post by CheenaGringo Sun Jan 22, 2012 12:17 pm

Mike:

You may wish to read up on the various fees and problems related to the Direct Express Mastercard and then compare with some other bank's ATM/Debit cards. Some NOB banks have arrangements whereby fees are minimized using certain bank ATM's in Mexico.

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Post by David Sun Jan 22, 2012 1:08 pm

drmike wrote:
Also, David, where is the cambio that you suggested located in Ajijic? Address or directions to it would be appreciated.
Thanks,
Dr. Mike

InterCam is next to the Oxxo on the Carretera at Galeana. Have your SS deposited in your US bank. Withdraw here by check or ATM card.
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Post by gringal Sun Jan 22, 2012 2:23 pm

Sent you a PM

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Post by Lehrer Sun Jan 22, 2012 4:05 pm

David wrote:Have your SS deposited in your US bank. Withdraw here by check or ATM card.

I agree with David. Maria & I bank with USAA (San Antonio, TX) -- I recommend it if you are in any way connected with the military in your former life.

Social Security 411125
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Post by Zedinmexico Mon Jan 23, 2012 7:45 am

If you use a BofA checking account to feed your money into you can take
it out at the Scociabank ATM next to walmart/dominoes. Swipe machine
won't eat your card and guard outside gate 10 ft away 24 hours a day.
Using this method will give you the best rate. Check rate and if they
charge any foreign tranaction fees. BofA debit cards at Scocia ATM don't
charge these. Heard good things about USAA for you vets but check the
rates a few dollars while no big deal on vacation becomes a big deal if
you live hear longer.

Z

Z

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Post by drmike Mon Jan 23, 2012 8:38 am

Don,
I was with USAA for 35 years until we cashed out the money that had accumulate in the dividend parts.

Thanks to all of you who gave me good advice on how to handle the Social Security issue.

Thanks again.. Dr. Mike
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Post by mikey1953 Mon Jan 23, 2012 8:43 am

You can also have your check direct deposited into Bancomer. I do that and there is no hassle.

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Post by johninajijic Mon Jan 23, 2012 11:57 am

mikey1953 wrote:You can also have your check direct deposited into Bancomer. I do that and there is no hassle.

If you're having your SS security check deposited into a Mexican bank, you are asking for trouble. I did that with MULTIVA and 6 months of checks went missing. They kept changing intermediary banks.

No one could figure out why the checks were missing. Finally after calling SS every month, with my final sixth call, a young intelligent guy discovered that SS had the wrong info. In the meantime, I had no SS checks for 6 months.

It was the dumb asses at SS who couldn't figure out what was going on and MULTIVA had no idea either.
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Post by hound dog Mon Jan 23, 2012 12:33 pm

If you have a U.S. bank account then, in my opinon.you need to have your SS check electronically deposited to your bank there. If you don´t have a U.S. bank things become more complex involving your exchange rate.
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Post by Lehrer Mon Jan 23, 2012 3:20 pm

Zedinmexico wrote:Heard good things about USAA for you vets but check the
rates a few dollars while no big deal on vacation becomes a big deal if
you live hear longer.

Z



Maria & I have been in Mexico since September 2006. Our benefits go
into USAA in San Antonio, TX; and we withdraw from the ATM in Tizapán (and
occasionally one in the Chapala area). We always check the rates, and
USAA is one of the best. Additionally, they offer a rebate on the
charges from the various banks for the transaction fees. We are very
happy with the relationship with them. (BTW, you no longer have to be a veteran for their services; check with them about current requirements, if you're interested.)





drmike wrote:Don,
I was with USAA for 35 years until we cashed out the money that had accumulate in the dividend parts.

Thanks to all of you who gave me good advice on how to handle the Social Security issue.

Thanks again.. Dr. Mike

I don't understand what the cashing out (of dividends) has to do with
it. Perhaps you could explain? We always received a dividend check
annually, but it didn't have any effect on our savings and checking
accounts with them. Maybe I misunderstood.



hound dog wrote:If you have a U.S. bank account then, in my opinon.you need to have your SS check electronically deposited to your bank there. If you don´t have a U.S. bank things become more complex involving your exchange rate.

Absolutely! Our benefits are deposited electronically. That's the way to go. (I just assumed that was a "given" in this discussion.)
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Post by CheenaGringo Mon Jan 23, 2012 7:54 pm

Lehrer:

When there are so many different options available to handle Social Security disbursements, why is it that your solution is the best? What works for you certainly doesn't guarantee that it will be best for someone else! Like many things, there are variables that relate to each individual and each individual needs to make decisions based upon what is best for them. Dr Mike is gathering information to make that decision.

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Post by Lehrer Mon Jan 23, 2012 11:45 pm

CheenaGringo wrote:Lehrer:

When there are so many different options available to handle Social Security disbursements, why is it that your solution is the best? What works for you certainly doesn't guarantee that it will be best for someone else! Like many things, there are variables that relate to each individual and each individual needs to make decisions based upon what is best for them. Dr Mike is gathering information to make that decision.

Thanks for that clarification.

Social Security Smiley-confused005


My solution is "the best" for me. I don't believe that I suggested that it is "the best" for everyone. (Or did I?)


drmike asked for advice and for various options, and I offered to him the option of examining the one that works for me. Am I not allowed to do that?

Who put a burr under your saddle?

Social Security Smiley-confused004
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Post by hound dog Tue Jan 24, 2012 9:48 am

Lehrer writes:

Maria & I have been in Mexico since September 2006. Our benefits go
into USAA in San Antonio, TX; and we withdraw from the ATM in Tizapán (and
occasionally one in the Chapala area). We always check the rates, and
USAA is one of the best. Additionally, they offer a rebate on the
charges from the various banks for the transaction fees. We are very
happy with the relationship with them. (BTW, you no longer have to be a veteran for their services; check with them about current requirements, if you're interested.)


God, Dawg hates to say something nice about Lehrer but it is important for people planning to move down here to listen to his advice in terms of how you set up your bank accounts and method of receiving social security benefits when resident in Mexico. Lehrer is, of course, an inept communicator so Dawg has decided to summarize what you folks planing to retire here should be doing prior to the move:
* You may be fond of your present small town bank or credit union but you are better off with a major international banker where the management and staff understand international banking. That way you get access to favorable exchange rates when you transfer money from the U.S. to Mexico whether by wire or at Intercam or at an ATM anywhere in Mexico. My brokerage house/banker in the U.S. rebates all local ATM transaction fees as does Lehrer´s USAA but that is not a given so clarify that in advance.
* Be sure you establish a U.S. banking relationship for your checking account needs before you move here or plan to retain a true U.S. address. If you move here and have no U.S. address as did we, you wil have serious problems establishing a U.S. bank account from Mexico - no matter what anyone tells you.
* The way to achieve the best currency exchange rate is a complex issue. For a few years, when we transferred money down here from our U.S.bank account, exchanging dollars for pesos, we did that through the old Lloyd investment house in Ajijic (where we no longer do business) paying through the nose for the services of Lloyd and its correspondent banks in the U.S.and Mexico. Later, we found that we saved a large amount of money by having our brokerage house in the U.S. convert dollars to pesos up there and then wire pesos directly to Lloyd. That´s how we bought both a Mexican plated car and a house in Chiapas with pesos. This is another reason to have an internationally sophisticated bank in the U.S. rather than some podunk credit union or some such institution right out of Mayberry.

Over the years we have found we get the best exchange rate generally speaking by using ATMs. Except for rare extraordinary purchases requiring large peso conversions, that´s all we do now.

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Post by drmike Tue Jan 24, 2012 11:59 am

A few years ago we banked with Wells Fargo and tried their exchange rate which was terrible. We have since changed banks and the new one seems to be working just fine. We have a meeting Wed. with one of the bank managers to discuss this. Thanks for all your inputs. You all have all been very helpful.

Lehrer, I joined USAA when I was in the Navy going through my Officer Training Program in 1972 in Pensacola. (Did anyone see An Officer and a Gentleman?). I stayed with USAA until 2008 when we needed the money and cashed out all the dividends we had accumulated since 1972. A relatively simple thing to do.
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Post by Lehrer Tue Jan 24, 2012 3:09 pm

drmike wrote:Lehrer, I joined USAA when I was in the Navy going through my Officer Training Program in 1972 in Pensacola. (Did anyone see An Officer and a Gentleman?). I stayed with USAA until 2008 when we needed the money and cashed out all the dividends we had accumulated since 1972. A relatively simple thing to do.

Somehow I get the impression that miscommunication has thrust its ugly head in here. Cashing in the dividends does not mean surrendering your bank account, does it?

Social Security Smiley-confused013


Let's continue this discussion via PM to avoid cluttering the board, okay?

Social Security 78971
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Post by Mainecoons Tue Jan 24, 2012 6:49 pm

Funny, we're not having any problems with WF's exchange rate. It is almost identical to what we see on XE currency converter.

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Post by Zedinmexico Wed Jan 25, 2012 7:57 am

Mainecoons wrote:Funny, we're not having any problems with WF's exchange rate. It is almost identical to what we see on XE currency converter.


I think they changed there policy. We found the rate at WF to be bad and even worse they really gave you the idea they would rather you not live and
work in Mexico. They actually told us they would rather we not use there cards so we don't. I was wondering when it would change as they really
were the grumpiest bank in town if you wanted to be an expat. Good for them. Nice to see something change for the better these days.

jZ

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Post by drmike Wed Jan 25, 2012 10:01 am

Yes, I agree with Z.. I was going by our experience with Wells Fargo from the time before we moved to Toluca, about 5 years ago. their rates were horrible. We did not know any better so we accepted it. They may have changed their ways, that I do not know. But five years ago they were atrocious.

Since we no longer bank at Wells Fargo, I haven't tried to change dollars to pesos so I don't know what they are doing now.
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Post by drmike Wed Jan 25, 2012 10:16 am

I agree with CheenaGringo that I was gathering information to make a sound financial decision and I thank everyone who answered. I think I know what I want/need to do now. I did not mean to start a fight between anyone. CheenGringo, I have asked Lehrer for advice on many things and he's always answered me with a solid answers. He's been a big help to me as I've tried to learn how to participate in this board, as you have been. I thank both of you for always giving me a good answer to my questions.

Dawg, you gave an in depth answer on what to do prior to moving to Lakeside and I appreciate that, also.

Thanks to you all,



Dr. Mike
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Post by Zedinmexico Wed Jan 25, 2012 12:31 pm

We are not fighting it just looks that way. Pay no attention to the man
behind the curtains!!

Z

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Post by Lehrer Wed Jan 25, 2012 2:03 pm

DELETED BY MOD

Please take your fights to the Octagon Lehrer.................
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Post by sparks Wed Jan 25, 2012 8:21 pm

RE: Social Security ... I just got decent a raise. Check your bank account
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Post by Lehrer Wed Jan 25, 2012 8:48 pm

Lehrer wrote:DELETED BY MOD

Please take your fights to the Octagon Lehrer.................

Well, MOD --

I can't help but wonder why my response to the following was deleted when that post (which started the so-called "fight") is still here for all to read:

CheenaGringo wrote:Lehrer:

When there are so many different
options available to handle Social Security disbursements, why is it
that your solution is the best? What works for you certainly doesn't
guarantee that it will be best for someone else!

Did you move it to the Octagon or just delete it? Playing favorites perhaps?

Social Security Smiley-signs002
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Post by CanuckBob Wed Jan 25, 2012 9:24 pm

Nope your post was an all out attack against a simple question. It was deleted. It looked like it was meant to just stir the pot for your own amusement. Keep it in the Octagon as requested if you wish to start a fight.
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