MexConnect.com Forums: General: Living, Working, Retiring: Direct Deposit to Mexican Bank from the US: Page 2

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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This morning I got everything ready for my visit to Bank of America Corporate Headquarters and was rehearsing what to say in Spanish as I walked over to Reforma 265, a couple of blocks past the US Embassy. I was eventually directed to the Penthouse, where the receptionist tried to find out if anyone there could sign that blasted piece of paper for me. I ended up talking on the phone to someone on the other side of the large glass doors, but in the end she couldn't help me because her computer didn't give her access to personal accounts, only corporate ones. When I asked if they could send the form by interoffice mail to the States, I was basically ignored. In the end I was connected to Customer Service back in the States, which I knew would be another exercise in futility, so I left. Now onto Plan B!

A sad commentary on the organization you bank with La Isla. Perhaps you could share with us just what that portion of the form the bank must sign requires them to do. Actually, maybe I have been lucky but I have never heard of a pension fund accepting direct electronic deposit and then requiring your bank to sign off on the idea. This is strange. Maybe it´s because you don´t have pre-printed checks. Have you thought of calling the pension fund management and explaining your problem? By the way, BofA was just being rude and lazy. What a crock.

(This post was edited by Hound Dog on Jul 20, 2010, 4:57 PM)

Jul 20, 2010, 3:20 PM

Post #27 of 46 (5032 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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I'm confused.

Can't you just fax the form to the BofA branch in the US that has your account, have them sign it and then send it on to the Benefits Administrator in the US?

Also, I've found that sometimes a pre-printed deposit slip (rather than a check) will suffice for setting up these kinds of mechanisms. Even if you don't have checks, maybe you have a deposit slip associated with the account? I think it's all about getting the routing info from it, for accuracy.

I'm not really surprised what happened at BofA HQ in Mexico City. "The Penthouse" doesn't exactly sound like a place ready to deal with retail customers.

Good luck!

(This post was edited by tashby on Jul 20, 2010, 3:25 PM)

Jul 20, 2010, 3:41 PM

Post #28 of 46 (5024 views)

Re: [Hound Dog] Direct Deposit to Mexican Bank from the US

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I appreciate your comments, Hound Dog, especially the "rude and lazy" part! Until I insisted on explaining my situation in detail to the receptionist, she was going to turn me over to some sort of automated "customer service" program in her computer. Then I had the pleasure of explaining things once more to someone else, who in the end couldn't help me.

The form comes from JP Morgan, which is the agent for the pension plan of New York University, my former employer. The part to be filled out by the bank is very simple: it asks for the name, telephone, and address of the financial institution in question, my name and account number, and the routing number. I could supply all of that information, but can't supply a "signature of authorized official".

After I sent a few more polite but firm emails to my contact person in the Benefits Office at NYU, she finally told me I could submit the form leaving the portion from the bank blank, along with a note from me explaining why I couldn't have it filled out here in Mexico. Before I do that, I'm going to check with Santander, where I already have an account, to see if they can accept a direct deposit transaction from the US.

Jul 20, 2010, 3:52 PM

Post #29 of 46 (5016 views)

Re: [tashby] Direct Deposit to Mexican Bank from the US

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Well, tashby, I can´t fax the form to the branch where I opened my account because I opened it online (is that a kind of Catch-22?). I don't have any deposit slips, but I do have the routing number, but that's not enough to satisfy these sticklers-for-detail bureaucrats. You have to do it their way, or you're out of luck, and certainly out of patience, as I was earlier today!

The Penthouse (on the 23rd floor) was designed and decorated to make mere mortals feel out of place: large spaces and extremely high ceilings do not make for a warm welcome. I did like the Usher mints in a bowl next to the nice leather chair where I waited for the receptionist to return from some errand she was on. The security guard was very pleasant to me while I waited.

Thanks for your comments!

Jul 20, 2010, 3:58 PM

Post #30 of 46 (5011 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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Aaack. Catch-22 indeed. Welcome to Electronic Banking....the wonderful and brave new paperless world!

And then a piece of paper floats into your life and the whole machine grinds to a halt.

Good luck. (And I hope you pursed all those mints.)

Jul 20, 2010, 4:10 PM

Post #31 of 46 (5002 views)

Re: [tashby] Direct Deposit to Mexican Bank from the US

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In Reply To

I like that image of one innocent piece of paper gumming up the Brave New paperless World. Yes, I took quite a few of the mints, but should have taken the lot!

joaquinx

Jul 20, 2010, 4:23 PM

Post #32 of 46 (4998 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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BofA in Mexico City is NOT a bank, but merely offices for their corporate customers, both Mexican and US. When I called them about an account, I was transferred immediately to the US customer service. BofA Customer Service, now there is an oxymoron.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

gpkgto

Jul 20, 2010, 4:25 PM

Post #33 of 46 (4997 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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You could still check with the Banamex USA office on Reforma. If it worked, you coud later transfer your direct deposit to your regular bank.

Jul 20, 2010, 6:14 PM

Post #34 of 46 (4973 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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The more I think about this, the more retarded it seems.

The answer has to come from the Bank of America "On-line Banking Division" or whatever they call themselves. The fact that you happen to live in Mexico has nothing to do with anything. NYU and JP Morgan (administrator) are in the US. Your account is in the US. There HAS TO BE someone else who's opened an on-line account with BofA and managed to set up a direct deposit apparatus after banging their head against this wall.

I have what's probably a 2-year-old phone number for BofA Online Banking Support. (866-399-0122). No idea if it's good any more. If that # isn't any good any more, I'd go back to square one. "Pretend" I'm opening up a new BofA online account, find the eager-to-open-new-account customer service contact info, explain you want to open a new account so you can have your pension Direct Deposited into it, and see if they come up with something. Then if they do, use that information for your existing account.

Never mind. You've probably already thought of this. I give up.

Jul 20, 2010, 6:36 PM

Post #35 of 46 (4966 views)

Re: [tashby] Direct Deposit to Mexican Bank from the US

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Hi Tasby. I appreciate your concern, but, really, I'd feel guilty if you spent any more of your valuable time and energy helping me out of this mess ( : . The problem isn't with Bank of America, it's with JP Morgan who want their stupid form filled out their way. In fact, Bank of American has an online form that you can use to set up a direct deposit arrangement, but JP Morgan won't accept it. I've already asked my rep in the NYU Benefits Office. I thank you for your concern and your exasperation at the idiotic situation I find myself in.

joaquinx

Jul 20, 2010, 6:47 PM

Post #36 of 46 (4964 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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This is the number that I used to call BofA and talk to a real person. 800-622-8731. What I do is to punch the number, when asked, for a lost or stolen card. This will get you to a real person. However, you need not contact BofA to set up a direct deposit. For SS, you simple contact SS and for a private pension, BofA has a form that you can fill out and mail to the pension administrator.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

Jul 20, 2010, 6:57 PM

Post #37 of 46 (4957 views)

Re: [joaquinx] Direct Deposit to Mexican Bank from the US

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I've had my US Social Security pension payments set up for direct deposit to Bank of America for 3 years (I took early retirement). This is an additional pension from a previous employer, and the company that administers it is the problem, not Bank of America. I do thank you for your concern!

morgaine7

Jul 20, 2010, 7:09 PM

Post #38 of 46 (4956 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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I think the Direct Deposit Authorization form may be an ERISA requirement or something else specific to employer retirement plans. I have the misfortune to have what's left of a 403(b) contract with TIAA-CREF, and they use it, too. If you can't attach a voided check or preprinted deposit slip, you have to actually sign their form in the presence of the bank officer, who must stamp it "signature guaranteed". I sympathize, too, and wish I could offer more help, but I've always used a voided check, which isn't an option in your case.

Kate

Jul 20, 2010, 7:12 PM

Post #39 of 46 (4954 views)

Re: [morgaine7] Direct Deposit to Mexican Bank from the US

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Kate, thanks for your concern, and more thanks to everyone who's been so helpful and sympathetic. I think that by tomorrow I will have the problem solved (!), and once I do I'll let you all know how things turn out.

Jul 22, 2010, 12:53 PM

Post #40 of 46 (4857 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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A new twist in my situation: Yesterday morning I got an email from my NYU contact informing me that I could send her the famous form over the internet without having BofA fill in the second half. I wrote to her twice to confirm that this was so, and each time she assured me that this was all I would need to do. And after all the trouble I have put myself and concerned Mexconnect buddies through in an effort to have BofA sign off on the direct deposit trámite, it came down to this simple solution! I'm guessing that she spoke to her supervisor who told her it would be OK to take care of it this way. This morning she wrote to me that she had received the form in her inbox. I do hope that no unforeseen glitches will come to her attention and hold up my pension checks. Please keep your fingers crossed for me!

stevebrtx

Jul 22, 2010, 2:32 PM

Post #41 of 46 (4833 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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Heck, I'd just like to be able to deposit my check in person at Bancomer! You have to get the PCU manager to sign it, I went in Monday, I was 5th in line, I declined, I went in yesterday, no manager? - apparently (like all things, it's for our own good?) A Canadian fellow deposited what was probably a large check, it was mistakenly credited with USD and took an act of the Virgin of Zapopan to get it straightened out, so now you have to have the manager (who is a nice fellow) give you permission to deposit your money - ah well, life goes on.

BTW, the check being deposited is from Compass, a sister BBA bank, you'd think - - - well, never mind what you'd think it's irrelevant to the greater scheme of things.
http://www.chapalaweather.net

Jul 22, 2010, 2:38 PM

Post #42 of 46 (4827 views)

Re: [stevebrtx] Direct Deposit to Mexican Bank from the US

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I don't want to have to deal with depositing checks from the US into my Mexican bank account. That's why I've opted for using direct-deposit for my pension checks. The hassles I'm going through now will seem like nothing once everything is in order!

joaquinx

Jul 22, 2010, 2:44 PM

Post #43 of 46 (4823 views)

Re: [stevebrtx] Direct Deposit to Mexican Bank from the US

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Steve, your asking way too much from Mexican banking. I needed to withdraw 16,ooo pesos for a car payment and I needed my passport and my fm3. Then the cashier wrote out a check payable to me, which I signed and then was given cash. I was charged 100 pesos for the check! I never tried that again.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

stevebrtx

Jul 22, 2010, 2:51 PM

Post #44 of 46 (4821 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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That's fine, each of us has different requirements, I have to pay my rent in USD, so a NOB acct is necessary, I also have other responsibilities from time to time that deal in USD, so my SSI check goes into Compass and what isn't required up there comes down here, but the nuisance is, some days, a nuisance.

The problem is that on Monday the exchange rate was better, it's floating down, so it's costing me money and inconvenience in finding a parking place in the village within a reasonable walking distance and other than paying rent once a month I have zero - and I do mean zero reason to go into the village.

joaquinx: Yes I know I forget where I am, every once in a while I slip a cog and imagine a miracle like the recent visit of the Virgin of Zapopan might have brought us into the 20th century.
http://www.chapalaweather.net

(This post was edited by stevebrtx on Jul 22, 2010, 2:54 PM)

Jul 22, 2010, 3:21 PM

Post #45 of 46 (4812 views)

Re: [La Isla] Direct Deposit to Mexican Bank from the US

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Quote

Yesterday morning I got an email from my NYU contact informing me that I could send her the famous form over the internet without having BofA fill in the second half.

Hurray! Sanity enters the equation. I'll keep my fingers crossed for you. This is so much better in the long run than opening another/second bank account. The KISS Principle - Keep It Simple Stupid - and all that. Hope it goes smoothly from here on. You've endured more than enough.

Jul 22, 2010, 3:30 PM

Post #46 of 46 (4807 views)