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I hate Ignorance - Wachovia compliance mgt story

I use a Wachovia checking account with debit card for personal withdrawals when in Colombia as it's only $1.50 per w/d while Bank of America (previously Fleet) charges $5.00. I also use this account to wire down funds to invest in my business as needed. I needed this account because Fleet would not wire money to Colombia while Wachoiva would.

I have a good relationship with my local branch manager at Wachovia because we set up the wire authorizations for the account together and I have given her my email and informed her I would be down in Colombia for months at a time. I was stunned this weekend that I got a certified letter from Wachovia compliance in Charlotte that they were going to close my account in 30 days without any explanation. I called the compliance officer in the letter, he apologized for the "tactic" of no reason in the letter as this is to prompt the customer to call. I said it also prompted my face to be purple. He said because of the unusual number of ATM withdrawals in Colombia they were going to close the account. I said, correct I withdrew money to live down there and at $300.000 COP max withdrawal amounts, one needs to make many withdrawals to pay rent or go on vacation, etc and you didn't seem to mind collecting the fees. I asked if he spoke with the branch manager b4 making this decision and he said he did and the branch manager mentioned that I was going to be in Colombia for a good bit of time. He pissed me off because he said, "well you know it IS Colombia." and I think we all know what that implies. He asked wayyyyy too many questions which I felt very violated like what is my business, how is it going, what are the addresses of your businesses, why did you wire money down, and I offered to send him all my purchase contracts, escritorios, camera commercio docs, pics and the address of my website so he can see Im clean and simply doing business. I feel like he has way too much of my info and wrote him an email requesting an explanation of what privacy I have and his use for these docs. Anyway, I feel like the gestapo at Wachovia just bent me over and frisked me. Thought we were a free country. Guess not.

By spigrimace on Jan 24, 2005, 08:10 in Friendly Talkzone.

brad216 says on Jan 24, 2005, 08:27:

fyi... Nice to hear some press about Wachovia since I work for them. Sorry about your problem but due to all the idiots that voted for Bush, these laws are here to stay. Just a fyi.... Wachovia also does not charge a % fee when converting funds for atm withdrawls in foreign currency. What that means is that when a person w/d funds in a foreign currency, they don't realize that their bank may or may not charge an internal conversion rate fee that you will never see because all the client sees is the us dollar amt and atm fee. Unless your read the fine print of your bank agreement about foreign atm w/d's... you will never know and if you ask your local banker...they will probably not even know. I would recommend if you are interested in finding out more info...contact your banks customer service area to see if they are DOUBLE charging you.

PS...Go EAGLES!!!!! the Super Bowl is ours!!!!

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spigrimace says on Jan 24, 2005, 08:33:

He'll probably cancel my account just to spite me for this email Dear Mr. xxxxx

I need to make clear that the documents I faxed you this morning with regards to my businesses are extremely private, sensitive, confidential, and contain mine and other's personal data and you are not authorized to share these documents with anyone outside of the Wachovia's Compliance Department without my authorization, other than with a Spanish to English interpreter whom is typically used by Wachovia in such interpretation capacity. These documents have been sent to you with the understanding they will assist you in making a decision to or not to continue the relationship with regards to my accounts with Wachovia and you are not authorized to use the documents in any other capacity without my consent.

Should you have any questions, please contact me at your earliest convenience....

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Dan says on Jan 24, 2005, 08:56:

Same here but different bank. I travel to Colombia on a pretty regular basis. I've never had a problem using my bank card for ATM withdraws or "Credit" purchases. Right now, I'm working on getting married, so at one point, I bought some wedding rings. just a little more than 1000 dolars. I tried buying something from another place and it didn't work, I tried at a few other places to make sure it wasn't the store. Luckly, I was still able to do ATM withdraws to buy what I needed. I called my bank (SunTrust) and they asked me a bunch of questions about why I was down there, for how long, etc... I was also asked about why I didn't inform them, I just said that I have never had a problem before. I forget what it was they said, but they made a comment like above that it is Colombia... Something like: "Well, you never know, someone can make all kinds of purchases all over South America."

Makes me wonder if they even try checking for prior activity such as international travel (which I had plenty prior)

It's Just NUTS!

God Bless America!

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santiBOG says on Jan 24, 2005, 10:39:

Bank of America does the same thing... they unilaterally close your account just because you're withdrawing funds in Colombia.

I guess it's a problem of middle management having to comply with Bank and Fed regulations. I find it ridiculous. They should find out why and conduct a thorough investigation before taking action.

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oldbongo says on Jan 24, 2005, 10:53:

grimace..i told you... keep a few diamonds handy...

and take it easy...the rage passes,...
the mind cools,,,the resolution becomes clear.

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viewpoint says on Jan 24, 2005, 11:13:

It's called the Patriot ACT b It's called the Patriot ACT but if you think that's bad you need to learn about the laws in Colombia in which you can be jailed pending a trial without a hearing just because someone accuses you of laundering money. I am not talking about being detained hours, days or weeks but rather months or a year while they investigate you.

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goosekirk says on Jan 24, 2005, 11:14:

Local banks! Geez, I've never had these sorts of problems with my bank. If I did, I'd follow Tinto's advice and happily part company with them. I love how the guy said, "well, you know it IS Colombia," like an overstuffed bank teller is the globetrotting expert. No, I don't know it's Colombia, mofo, why don't you help me out and explain everything you know about the country?

I appreciate it when my bank looks out for me and flags activity that could be suspicious... but if they were condescending, disorganized bastards about it, I'd be gone in a flash. Not to mention, if they started asking all those personal questions... if I wanted that, I'd bank with my mother. The last thing I want is to get hassled and jump through hoops for some braindead bank drone, when I'm in a foreign country and just need MY money. No thanks!

I've generally had good luck with small, local banks instead of the big corporate behemoths. They're getting harder and harder to find, for sure, but the customer service is worth any amount of extra effort or expense, as far as I'm concerned. You might also want to consider a small credit union.

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fzrdan says on Jan 24, 2005, 11:25:

brad216 Be careful who you call an idiot. You don't know who on this site is a Bush supporter and who isn't. And also remember, this site has nothing to do with Bush.

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brad216 says on Jan 24, 2005, 12:04:

fzrdan If all you took out of my earlier post was political, it's only because you are looking to engage in further discussion. The point was that working for a bank I understand why the banks take their actions but I don't agree with it. I was also offering advice for people who don't know that they might be getting double charged for atm w/d's with out their knowledge. Just another fyi for you.. i really don't care who is a supporter and who isn't..but not including the maker of the law when someone is complaining about it would not help further conversation regarding it.

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fzrdan says on Jan 24, 2005, 12:13:

brad216 Not trying to start anything with you. I really had no plan to respond to this thread at all. Just reading what others had to say. I just took exception to the idiot comment. I think we can debate the man without calling his supporters (or detractors) silly names.

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Raleigh1590 says on Jan 24, 2005, 12:33:

Hey Brad "Nice to hear some press about Wachovia since I work for them. Sorry about your problem but due to all the idiots that voted for Bush, these laws are here to stay. "

Anyway, had to jump in on this subject since I start work for Wachovia's investment banking dept soon. (I agree with the Bush comment as well).

This country is going to have continually tight security especially with nations we are ignorant of, such as Colombia, Lybia, etc, and any business being done with them is liable to be put under a microscope. I agree that this what happened entirely unfair because questionable activities can just as likely happen to people doing business in Japan as it is in Colombia. I don't know if banks are checking up on other accounts in other countries the same way. Also that banker on the phone is just succumbing to the human need to categorize (ignorance), and Wachovia has an excellent record of customer service, so if this sort of thing offended, it would be helpful to report it.

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brad216 says on Jan 24, 2005, 12:35:

gringoinbogota yes, working for them i have heard walk over ya...
but the more poplular name since Patriot Act is..
Watch over ya. hahaha.

by the way...hugs and kisses to you fzrdan...there's nothing personal.
just make sure you root for Eagles in Super Bowl...that's all i care about right now after sitting in -3 F wind chill for 5 hours yesterday.

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Raleigh1590 says on Jan 24, 2005, 12:36:

more like "watch over ya" as in, WE CARE!!! jaja.

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Raleigh1590 says on Jan 24, 2005, 12:38:

looks like brad & i made that same watch over ya comment at the exact same time... creepy.

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kernow62 says on Jan 24, 2005, 14:16:

I have a Wachovia account and had not trouble with my account since visiting Colombia. My wife has used the ATM card on two previous trips to the tune of several thousand dollars as well as a Wachovia Visa card. Only the last trip has been since the tightened "security", so perhaps it takes a few months for them to contact one about closing an account. I wonder if they would close the account if one had a substantial sum deposited with them?

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utopiacowboy says on Jan 24, 2005, 17:55:

The patriot act indeed. The original patriots must be rolling over in the graves.

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

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isaactraveler says on Jan 24, 2005, 18:25:

wachazclozyeraccount Bank of America does just fine in Colombia. Yeah they started to charge more, however you CAN do a wire transfer to a Colombia bank. You just have to find one that will open one up. They don't like money laundering either.

I informed my bank Bank of America that I would be using my debt credit card in Colombia, also that I have a fiancee there and that she would have one of my accounts. There was never a problem.

Lastly, when the rates went up, I called them to fix this, or that I would be taking my accounts (totaling about $7.43) to Wells Fargo. They immediately credited about $80 in atm fees and told me that if I were agreeable, they would wave the $5.00 fee for one year. I still pay $1.50 per transaction.

Someone in BoA must have done the math and figured that I was worth about $17,000 pesos.

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YEP says on Jan 24, 2005, 18:43:

LOL Isaac .... let's hope you're worth a lot more than 17.000 pesos ;-)

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Just another scandinavian getting ready to explore South America

------------------------------------------------------------------- Just another scandinavian getting ready to explore South America

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