Help bank holding 40K of transferred funs (mortgage, home)

[bentlebee]

Originally Posted by Allwyna

Thanks, I will do it. And what about the heart attack I almost got last night, I was so sick I thought I would have to go to the hospital.

Yes, the guy convinced me that even with the penalties (actually, I thought I would find the house faster), I would gain more than leaving the money under my mattress . I have realized long ago (too late ) that he was totally incompetent. I have known for many years that a financial adviser (in any country) has only his own interests in mind. But it is the 1st time they send 30% of MY money (not the interests) to the taxes department!

And yes, when I moved my money they asked me a lot of question to make sure (haha!!!) that it was legit.

Oh.. I called the BBB, they were not helpful at all this morning... they want complete address and phone number, and they don't make suits

When you sell the home the title company will do exactly the same and sent your 28% to the IRS.

That is when we got our almost "heart attack" and luckily due to our CPA and his lawyer it was solved easily since they didn't want to look to my proof or listen to me at all. I understand exactly what you are going through and you should have used a different financial institution to exchange the currency and have it wired to the States. You can also expect a fee to be charged in your home Country which you are unknown off....that happened to us and only after going higher up we got it back. That was also a high amount but not much compared to the 28%.

To sue for the damages is in my opinion a waste. The only winner will be the lawyer who ends up with a high pay check. It will take years to get a result and you have to pay a lot of fees and court costs and not sure if you will win since the bank basically thought they were doing the right thing and not on purpose are scamming you.

You can't sue in small claims court for this amount so it has to be a Civil suit.

You are probably buying a home for a "good price" and it will be hard to show what your damages are and "almost a heart attack" is worth NO money...

In the end you have signed the contract to buy with cash and unless you back out and want to loose your escrow amount you will have to close or loose money. You have no hardship since every American and foreigner doing business over here is suppose to know the law and has to calculate certain risks.

Don't get me wrong, I was totally upset, mad and desparate when it happened to us and affraid we couldn't buy the next property and would loose our escrow amount and a nice property....in our case it was not lawful since we had proof of being tax payers in the USA and in order to be considered under the tax law...you have to stay a certain amount of days in the USA in a row, otherwise you have nothing to say than to agree with the 28%.

Making a profit in the US and buying good deals comes with risks and knowing the Law will help a lot...I didn't know this part but due to what happened to us we learned it very fast.

BBB is not for cases like this and basically they only will play liek a mediator by providing info back and forward without giving their own opinion.

[rezfreak]

BBB is worthless, there's nothing they can do anyway.

[Allwyna]

Thanks all....

I don't know if I was wrong investing my money, for sure all "advisers" are cheaters, I have known that long ago. The guy gave me the risks if I need the money within a year.. Well....

I won't lose anymore from Europe, they did the transfer there and it is now mandatory that they do the exchange there.

But I have NEVER seen that you give 28% of your INVESTMENT to the tax department. That is a risk I really didn't know about , that doesn't exist in ANY country in the world (and yes, I even have investments in Mexico). At the worst it is on your GAINS, and I am not sure I gained anything .
Could you please give me a reference for a CPA... I know almost nobody here. I just posted a message on AVVO. Not sure that will give any good. If I don't have any phone call from them this afternoon, I will call the Attorney General.

But suing a bank is like suing a lawyer I guess

I am very grateful for all your advice.

[Allwyna]

The girl (not the manager, but not my adviser either ) just called me. They are giving my money back . They accept they made a mistake. I told her that the manager yesterday didn't want to give me a name and #, I told her I want to send a letter, and I want compensation, she should give me one. we will see, but the most important is the result .

In any case, I want to switch bank of course. The problem is (I already tried) they ALL ask for a Social, even if it is not legal, which I don't have.

I have been in the US a first time last year for 3 months, then now 9 months (a 6 months visa extended for injuries) and I will be back soon for the same reason until they cure me, and hopefully more permanently.

THANKS TANKS again for your support

[tewas]

Originally Posted by rezfreak

BBB is worthless, there's nothing they can do anyway.

BBB itself can't do anything, but compile list of complaints and give subjective rating to the company in question. However those complains add up over time and if company is not carefully, potential new customers can shy away because there are complaints about them.
I don't know about everyone else, but i do check BBB and internet forums before choosing company for services. Few serious complaints on the internet and i look for another provider.

And to be honest, giving bad name is pretty much the ONLY thing we can do to companies that mistreated customers like us.

[rezfreak]

I guess I must be in the minority. I dont look up BBB on every business I go to. I filed a BBB complaint once, it went no where too.

[jmking]

I detest Wells Fargo and will never do business with them ever again or recommend them or their different named branches to anyone. I can babble on about how I almost lost well over $200,000 and the battle it took to stop the thieves.

[bentlebee]

Originally Posted by Allwyna

The girl (not the manager, but not my adviser either ) just called me. They are giving my money back . They accept they made a mistake. I told her that the manager yesterday didn't want to give me a name and #, I told her I want to send a letter, and I want compensation, she should give me one. we will see, but the most important is the result .

In any case, I want to switch bank of course. The problem is (I already tried) they ALL ask for a Social, even if it is not legal, which I don't have.

I have been in the US a first time last year for 3 months, then now 9 months (a 6 months visa extended for injuries) and I will be back soon for the same reason until they cure me, and hopefully more permanently.

THANKS TANKS again for your support

We opened accounts over here with just our passport and didn't need a SSN for it. It is easier if you have it but I would advise you to request a tax ID number from the IRS which can be very helpful. A bank doesn't need a SSN but they will require your I-94 card, passport stamp copy, etc... just a hassle specially since the money is already tracked before you can get it here, unless you bring it on your body or in a suitcase.

Btw what Country are you from? Just curious...

You are right on gains they can with hold not on transfers but many people have no clue and think they are doing the right thing by making it as hard as they can.

I'm glad i stepped into the Real Estate business and now can help out many investors with my knowledge when it comes to these day to day annoying things as I went through it myself years ago...Luckily that is behind me and ww don't have to deal with it anymore, but I feel your angry and frustration.

[Allwyna]

Check your PMs, Bentlebee

[starwins]

What is your nationality? You must be English or Canadian, since your English is fluent. Anyhow, what is BBB?