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Problem with Bank of Bogota, Again

A couple of years ago the Banco de Bogota claimed that they did not receive my Social Security fund so I couldn't get the money from them. it took 20 days to get the cash. This happened for 4 months. We documented the date and time of the third month transfer including the tranaction number etc. We reported the infraction after the 4th month problem to the Bank Supervisory people. I got the money on time since then, a letter of appology from the BancoBogota and better service until this month. My wife and I both get deposits under my SSA. She got hers but I didn't get mine AGAIN. They claimed they had not been authorized to release the money. My wife will be going to Bogota tomorrow for several days and expects to engage in some bank battles. I opened the account in that bank because they have a branch fairly close to my finca and they were on the list of approved banks from the Embassy.

By Bill Turley on Aug 9, 2008, 06:38 in Friendly Talkzone.

calipro says on Aug 9, 2008, 08:18:

How much money did you have in your "Social Security fund"?

And what is an "SSA"?

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miamimike says on Aug 9, 2008, 10:11:

SSA= Social Security Account

On Sept 17, 2008: Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were "strong."Hours later he backpedaled, explaining that he had meant that American workers were Strong.

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Bill Turley (☼Travelguide writer) says on Aug 9, 2008, 10:18:

It is my pension payment, the rewards of more than a half century of hassle and efforts despite the governments hand being out at every turn. Now it is my hand out for what is due me. Banco de Bogota want to use MY money rather than give it to me in a timely fashion. I don't know how many accounts are involved, it would be nice to know if this is wide spread.

Mr. Bill Somondoco

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arthur brode (☼Travelguide writer) says on Aug 9, 2008, 10:25:

Social Security Administration

I had a similar problem a few years back.Social Security would direct deposit my check to a Intermediary Bank in New York "Bank of N.Y."or "New York Bank"and they in turn would resend it to BanColombia.According to S.S. each time they would send a check,Bank of N.Y. or Bancolombia would send it Back to S.S. I received one check but i ended up losing the other check.Now i just do all my Banking in the States and withdraw in Colombia with the ATM card.Even the S.S. representative at the U.S.Embassy in Bogota reccommends that you deposit your S.S. check in a Stateside Bank.

http://www.calirentals.net/

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tomtom33 says on Aug 9, 2008, 11:03:

Don't you know that there is no problem with the Colombian banks? The problem is that we extranjeros expect too many things.

In fact everything functions so well in Colombia that I can't imagine what anyone would have to complain about.

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Lowell says on Aug 9, 2008, 12:56:

Yea they (SSA) had their hand out all my years too. I began paying into the system when I was 13 years old. Now I'm having problems with them paying 18 months of back benefits due my daughter. I've called, sent letters and faxed. They had no problem cutting me off when they found out that they overpaid me. Also I wasn't advised of the proper appeals process when that happened. I guess that my next step is an attorney. It sucks that an attorney may get a part of my daughters money rightfully due her! WTF!!!!!!! Next week I'm sending one more request via courier to the Central Operations Center in the States. The Embassy refused to help because I have a mailing address in the States and they don't reconize my daughter as living in Colombia. WTF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I pray that someday these people will all get their just rewards for all the iinnocent people that they've screwed!

Alfred E. Newman. "What. Me Worry?"

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tomtom33 says on Aug 9, 2008, 13:11:

Lowell, have you tried contacting your Senators and Representative that represent the area in which you last lived in the US? There are potentially three different staffs that could try to help.

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tasco66 says on Aug 9, 2008, 14:07:

At least they are not going bankrupt like hundreds of US financial institutions

Right now I’d rather have my money in a Colombian bank than most US banks

Not being bound to swear to the dogmas of any master

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tomtom33 says on Aug 9, 2008, 14:20:

Hundreds of US financial institutions? No lo creo. And, if your bank balance is less than US$100,000, you will lose nothing in the event of bankruptcy.

Go right ahead and pay fees for everything in Colombia, Señor T.

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tasco66 says on Aug 9, 2008, 14:39:

tomtom read these two articles:

http://online.barrons.com/article/SB121763156934206007.html?mod=b_hpp_...

http://news.bbc.co.uk/2/hi/business/7529277.stm

Not being bound to swear to the dogmas of any master

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sloopskipper says on Aug 9, 2008, 14:40:

tasco66 says on Aug 9 (today): flag

"At least they are not going bankrupt like hundreds of US financial institutions

Right now I’d rather have my money in a Colombian bank than most US banks"

What if a bank fails in Colombia, they have something like the FDIC?

In the U.S. you xan have maybe $500,000 insurance on your accounts, with your spouse, at multiple institutions.

There are not hundreds, and they are not going bankrupt. I think there are 146(?) underfunded. If they are in risk of failing, they are raken over by FDIC, and merged with stronger banks.

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tasco66 says on Aug 9, 2008, 14:42:

From one of the above articles:

"Many public institutions are themselves going bankrupt. The FDIC (Federal Deposit Insurance Corporation) has only $53 billion of funds, and has already committed almost 15% of it to bail out depositors of IndyMac. The FDIC's deposit-insurance premiums weren't high enough, and now it is asking Congress to raise them. Plus, the agency claims only nine institutions are on its watch list. IndyMac wasn't on the watch list until June, the month before it collapsed. Studies done by experts in banking suggest that at least 8% of U.S. banks are in big trouble. Eight percent of the roughly 8,500 that the FDIC essentially is insuring equals about 700 banks. Another 8% to 16% also are shaky, so some 700 potentially are going bust and another 700 eventually could join them. Yet the FDIC is watching only nine institutions. It's a joke."

Not being bound to swear to the dogmas of any master

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sloopskipper says on Aug 9, 2008, 14:46:

And at this point, the wise people who proportioned their accounts have lost nothing. Even those who exceeded the hundred grand per single account are receiving half of the uninsured amount.

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sloopskipper says on Aug 9, 2008, 14:46:

But, I think there are many more than 9 on a watch list, and I think most are in Florida..

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sloopskipper says on Aug 9, 2008, 14:48:

But, tasco, you didn't answer what happens in a bank failure in Colombia? I would doubt that has never happened.

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tasco66 says on Aug 9, 2008, 14:57:

I am looking for it.

Best thing is to look at the Balance Sheet, P&L, and credit risk of a financial institution before opening an account

Not being bound to swear to the dogmas of any master

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sloopskipper says on Aug 9, 2008, 15:01:

But, without insurance, that is no long term assurance, as things can quickly change, especially in Latin America. Regulation might be shakey in the U.S., but I'd rather take my chances there.

tasco66 says on Aug 9 (today): flag

"I am looking for it.

Best thing is to look at the Balance Sheet, P&L, and credit risk of a financial institution before opening an account"

And you trust that?

But, I never keep much money in a bank.

I invest in solid things, like my Venezuealean gold mine stock (KRY)!

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tomtom33 says on Aug 9, 2008, 15:48:

If you are keeping much money in any bank, US or Colombian, you are losing money. I use banks to move money. The money does not remain with the bank very long.

I like real estate and broad-based US stock market index funds. You won't catch me owning individual shares of any stock nor do I short/long anything.

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sloopskipper says on Aug 9, 2008, 16:46:

I dumped REITs some months ago, as I saw them on a slippery slope, even commercial.

I hold\ several stocks directly, or via ADRs. GOL Brazil has been struggling, but our Copa has been performing well (now that oil is down). And mutuals in Canada, North Korea, and especially in Latin America have been doing quite well.

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tejasmarcos says on Aug 9, 2008, 16:49:

tomtom33 - any relation crusty the clown? sorry..... could not help myself. it's a boring night.

trying to walk a straight line on sour mash and cheap wine...

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sloopskipper says on Aug 9, 2008, 16:56:

Not sure why, but reminds me of an old gal who MC'ed at her own nightclub in Dayton. She'd say "Been a virgin, all night, It's been a helluva night!"

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jonas says on Aug 9, 2008, 16:58:

In my life I have spent about 95% of my earnings on women. The rest I waisted.

Mi alma se la dejo al diablo

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gringoloid says on Aug 9, 2008, 18:19:

you've got nothing to worry about................after the crash next year or the year after.............you won't be needing dollars...............everything will be in ameros. even though my gold is in switzerland...........it's not the least bit safe..........that's going to be confiscated also, or more likely i will be forced to sell it for say 20 bucks an ounce.

i'm in to something else now anyway................the newest commodity boom............'blue gold'.

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Gringo Spy says on Aug 9, 2008, 18:22:

"blue gold"... Water?

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gringoloid says on Aug 9, 2008, 18:34:

you're a bright guy gringo spy..........btw, i think i know you and i wish you would tell me who you are. i promise i won't tell anyone on the site and i know about 6 people operating under new names.

yea, it's water......97% is too salty and unsuitable for drinking or agriculture. fresh water comes from precipitation, about 110 cubic kilometers per year. most of that is lost through evaporation or flooding, or falls in really remote areas where you can't get at it.

what you have left is a pretty constant supply of roughtly 12,000 cubic kilometers that replenishes the lakes, rivers, and underground aquifers that supplies all human life and industry.

it's a classical supply and demand squeeze.............demand for water is going up through the roof........water is the new oil............i'm going to make bundle out of this.

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