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Old 10-04-2019, 04:42 PM
 
Location: SLC
546 posts, read 466,451 times
Reputation: 1027

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This link to the BBC story is likely what kell490 was referring to -
https://www.bbc.co.uk/news/world-latin-america-49929272

Not sure if this would be the reason to leave, were I retired in Ecuador - but it is up to the individuals involved and they may know more.
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Old 10-06-2019, 04:10 AM
 
13,245 posts, read 14,469,252 times
Reputation: 36807
Quote:
Originally Posted by rocafeller05 View Post
https://apple.news/A0Vcf7t0yQcCsP_TlQv5nHg


Boy this would be terrible. I couldn’t even imagine waking up and everything you saved for is gone.
In the 90's my aunt who had continued to live in our hometown in the years after she was widowed was bilked out of every cent she had by a local businessman. You don't have to move abroad to be milked like a cow by crooks.
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Old 10-06-2019, 10:08 AM
 
4,358 posts, read 2,346,123 times
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Originally Posted by kevxu View Post
In the 90's my aunt who had continued to live in our hometown in the years after she was widowed was bilked out of every cent she had by a local businessman. You don't have to move abroad to be milked like a cow by crooks.

So True - Bernie Madhoff's victims were by and large Middle to Elderly US Citizens.
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Old 10-06-2019, 10:57 AM
 
Location: Guadalajara, MX
6,324 posts, read 3,092,316 times
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Quote:
Originally Posted by YorktownGal View Post
American banks have offices across the world. Citibank has over 1,800 branches overseas and you get FDIC assurances.
I don't even get why you need a branch. Millions of Americans use with online banks like USAA, if they don't need a branch in USA I'm not sure why they'd need one in another country. You can manage everything online, withdraw cash using ATMs in other countries and get the ATM fees reimbursed, etc. the only challenge would be depositing the rare physical check but that can either be handled next time you visit USA or if important/large enough have it forwarded to your address overseas and deposit it online.

Of course we don't really know the circumstances with the folks in that article but I suspect their motivation was greed. They were promised superior returns in a foreign bank so transferred their life savings, deciding the greater returns outweighed risk of different oversight environment and no FDIC protection. Lesson learned. I could see depositing enough in a foreign bank to satisfy some visa requirement or pay bills like Sand&Salt does but life savings? Come on, that's pretty dumb.
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Old 10-06-2019, 02:40 PM
 
3,356 posts, read 2,353,343 times
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Quote:
Originally Posted by Vacanegro View Post
So True - Bernie Madhoff's victims were by and large Middle to Elderly US Citizens.
Bernie Madoff victims mostly got their money back only because lot of his victims were well connected to the politician in Washington. Your right anything can happen anywhere at least in the US can have a chance with a government which isn't corrupted like lot of the 3rd world is.
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Old 10-07-2019, 06:23 AM
 
Location: Cebu, Philippines
5,112 posts, read 1,985,921 times
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Originally Posted by lieqiang View Post
the only challenge would be depositing the rare physical check but that can either be handled next time you visit USA or if important/large enough have it forwarded to your address overseas and deposit it online.
Do the same as I do in the US ---- keep an account in the branch in the supermarket lobby, to cash those 1.75 refund checks from a malfunctioning laundromat.
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Old 10-07-2019, 07:40 AM
 
Location: SLC
546 posts, read 466,451 times
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Quote:
Originally Posted by lieqiang View Post
I don't even get why you need a branch. Millions of Americans use with online banks like USAA, if they don't need a branch in USA I'm not sure why they'd need one in another country. You can manage everything online, withdraw cash using ATMs in other countries and get the ATM fees reimbursed, etc. the only challenge would be depositing the rare physical check...
I bank with USAA for more than 20 years. These days, the deposits of physical checks are done with the image using the phone. No physical check deposit is required. I do not think that would work with foreign checks, but the US checks are all remotely deposited. If living abroad, you’d need a local bank account. How much money you keep in it can vary depending upon your judgment. Note that if your foreign bank account exceeds $1000 in value during the year, an additional FBAR form is to be filed to IRS with your annual tax return.

The story under discussion made if out as if it was bank’s fault; I did not find it to be so. The account holders chose to put a lot of money in the bank account, gave virtual control to a third party and did not monitor the accounts for long periods. That’s asking for trouble - regardless of where you are. And, no - you do not do hand over cash and not at least loosely monitor the transaction even if you believe that the person you are handing it over is a bank employee. And, the bank is trying to make them whole. Not sure how much more you can ask for.
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Old 10-07-2019, 09:24 AM
 
1,275 posts, read 409,298 times
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Quote:
Originally Posted by kavm View Post
The account holders chose to put a lot of money in the bank account, gave virtual control to a third party and did not monitor the accounts for long periods. That’s asking for trouble - regardless of where you are. And, no - you do not do hand over cash and not at least loosely monitor the transaction even if you believe that the person you are handing it over is a bank employee. And, the bank is trying to make them whole. Not sure how much more you can ask for.
This actually was the plot to Uptown Girls. Molly gave control of her money to a third party - her manager and never monitored her accounts. Her manager steals her money. The plot is how she learns to be an adult.


Pretty simple to avoid problems.
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Old 10-07-2019, 09:51 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
23,233 posts, read 40,820,513 times
Reputation: 24718
Quote:
Originally Posted by kell490 View Post
Bernie Madoff victims mostly got their money back .....
My retired Madoff impacted friends are still way below 50% made whole. Their conservative MM advisor had allocated way too much to Bernie's 'sure bet'. At age 83, they are back to work. (They had no visibility to their assets being with Madoff).

Not uncommon for corporate raiders to come in and grab the cash and convertible assets. Employees and shareholders are left with the 'worthless' paper.... My previous fortune 50 employer was an example. 60+ years of employee and value centric, dismantled in 6 yrs. Company used to lend cash to US Gov to meet payroll, every facility worldwide was paid for in cash.

Then the greedy Witch arrived and gleaned off the cash, sold the assets (mortgaged the factories,) stopped the pensions and retiree HC, and got the largest cash value Golden parachute in history to leave! Good idea! Should have come before it destroyed the company and o over 300,000 jobs. And countless retiree portfolios.

Be wise with your 'secure' assets. Nothing is forever, except risk and change.
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Old 10-07-2019, 10:12 AM
 
Location: SLC
546 posts, read 466,451 times
Reputation: 1027
Quote:
Originally Posted by StealthRabbit View Post
My retired Madoff impacted friends are still way below 50% made whole. Their conservative MM advisor had allocated way too much to Bernie's 'sure bet'. At age 83, they are back to work. (They had no visibility to their assets being with Madoff).
They gave their money to ‘conservative MM advisor’ to invest - and had no clue. So, not very different from the other story. I am all for advisers - as long as the assets stay in the custody of something like Vanguard. That’s my thought.
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