Bank of America holding Wire Transfer-'Compliance Check'

[Paige55]

Well, with all the talk of Argentine bank regulations, I've actually hit a snag on my bank to bank transfers in the United States. After transferring seamlessly for months, the bank has flagged my latest transfer (same general amount/timing-to secure my immigration status via the 'rentista' visa).

They can't tell me when it will be released or give me any information...so...that sum of money is just in limbo until the deem me worthy of sending the funds. The bank marked the transfer as complete, my money has been withdrawn from my account.

Anyone else ever been through one of these compliance checks, how long did it take for them to investigate? They only asked for a little more info, which I gave them immediately (assuming they were ensuring I'm not a fraud or caught up in anything bad, which I'm not).

Being a person of humble means, I'm so weary of sending money through them now as I don't have extra to resend myself if it gets caught in this purgatory of a process. I have to transfer this way due to the laws here that say immigration will only take SWIFT bank to bank transfers now. The agent told me this could happen every time or never again, they have no rhyme or reason and don't seem to use common-sense tools to clear their clients and of course, won't give me any inkling of how long this review can take, simply telling me to 'call back next week if it hasn't been approved.'

A girl needs to eat and pay bills, anyone that has any experience with this extra step in the already grueling process, appreciate any anecdotes. Is Argentina now a 'high risk' country to transfer to?

 

[arvest]

Not unusual, particularly if you are elderly. Scams and fraud are on the rise, banks and other financial institutions want to make sure you're not at risk. Any kind of international transactions are a red flag that they'll want to take a second look at. Once you provide them the documents you should be good to go, just follow their instructions

 

[Paige55]

Not unusual, particularly if you are elderly. Scams and fraud are on the rise, banks and other financial institutions want to make sure you're not at risk. Any kind of international transactions are a red flag that they'll want to take a second look at. Once you provide them the documents you should be good to go, just follow their instructions

Thank you so much. I completely understand their rationale, but it's odd they can't just look to my former wire transfers, from myself to...myself and see nothing is unusual. If it was my first time or, if I was wiring a larger amount to a new recipient all of a sudden, that's different. The fact it seems they can hold it indefinitely and I can't get those funds back until they complete this is a little unsettling, too.

They only asked for passport number, full name and profession and whether I'm the recipient and originator. I sent it back within seconds-on Wednesday, so hoping they get it to me next week. I feel that they should tell you it will pass through a check before you send it. I have to have these transfers hit my account each month and I sent it a week ago so even if it was delayed it ought make it in June. Now when I renew my immigration they'll not see a deposit for June and I can't deposit twice in July as the regulations down here only allow me to transfer 4x the monthly minimum.

I'm all for keeping people safe, but there should have to be a limit on how long they have to do these checks without warning their clients it could be months to resolve. This could essentially happen every time, they said. And cause me to lose my chance at residency. On top of me not having enough every month to send to myself if they're holding it all captive each time.

Of course I've been down the rabbit hole on worst case scenarios and they're bleak. I am hoping the banking and migratory dieities are on my side and it settles itself by next week so I can pay bills and eat a little food, perhaps.

I know Western Union used to do these checks once and awhile but their process was me sending a form and it took...tops, one day for them to allow me to collect/send again and they didn't hold the money ransom in the process.

 

[gringoexpress]

Well, with all the talk of Argentine bank regulations, I've actually hit a snag on my bank to bank transfers in the United States. After transferring seamlessly for months, the bank has flagged my latest transfer (same general amount/timing-to secure my immigration status via the 'rentista' visa).

They can't tell me when it will be released or give me any information...so...that sum of money is just in limbo until the deem me worthy of sending the funds. The bank marked the transfer as complete, my money has been withdrawn from my account.

Anyone else ever been through one of these compliance checks, how long did it take for them to investigate? They only asked for a little more info, which I gave them immediately (assuming they were ensuring I'm not a fraud or caught up in anything bad, which I'm not).

Being a person of humble means, I'm so weary of sending money through them now as I don't have extra to resend myself if it gets caught in this purgatory of a process. I have to transfer this way due to the laws here that say immigration will only take SWIFT bank to bank transfers now. The agent told me this could happen every time or never again, they have no rhyme or reason and don't seem to use common-sense tools to clear their clients and of course, won't give me any inkling of how long this review can take, simply telling me to 'call back next week if it hasn't been approved.'

A girl needs to eat and pay bills, anyone that has any experience with this extra step in the already grueling process, appreciate any anecdotes. Is Argentina now a 'high risk' country to transfer to?

The funds will be frozen until morale improves. Depends on why they froze them. A suggestion for the future : Don't use Bank of America. They're the worst. Wells Fargo is also pretty bad. Military credit unions are used to overseas account activity (Pentagon Federal is open to anyone, even if you have no military affiliation) and State Department Federal Credit Union exists to help American expats. These credit unions will be far less likely to flag you in the future.

How long your funds are frozen depends on the competence of the person in charge of reviewing your account. Seriously, don't use Bank of America in the future.

 

[Paige55]

The funds will be frozen until morale improves. Depends on why they froze them. A suggestion for the future : Don't use Bank of America. They're the worst. Wells Fargo is also pretty bad. Military credit unions are used to overseas account activity (Pentagon Federal is open to anyone, even if you have no military affiliation) and State Department Federal Credit Union exists to help American expats. These credit unions will be far less likely to flag you in the future.

How long your funds are frozen depends on the competence of the person in charge of reviewing your account. Seriously, don't use Bank of America in the future.

I've had Bank of America for 20 years and hadn't had problems prior. To me, all big banks are awful. I also get my work checks and some other things deposited there...so can't change banks until at least November when I go back to the U.S. for a visit and can rework all of that nonsense.

Bank of America wasn't my choice...I was with a smaller bank for ages but they were bought by BofA and would have been sucked into another big bank like Chase otherwise (three smaller banks I was eyeing are now 'big bank'). I'll look into State Department Federal Credit Unions and Pentagon Federal, as you suggest but it seems State Department FCU is only for State Department employees/affiliates.

What shocked me most...the service people actually said that even if they clear me for this transfer, this could happen every transfer. Which seems...like a waste of their time and resources? Even with Western Union...once they cleared me once they said they wouldn't need me to confirm that info again. The amount of money I earn and transfer is so humble, I can't see it being flagged but, glad they're keeping us honest folks on our toes. haha

Thanks for the recommendations.

 

[arvest]

The best bank for Americans is Charles Schwab Bank

 

[Paige55]

The best bank for Americans is Charles Schwab Bank

I've always associated Schwab with investments and figured I'd need a healthy balance in it. I have very meager means...most of my money is transferred here to CABA and the rest used to pay off bills/taxes/Credit Card balances in the U.S. Not sure their bank is for me as it reads like it's for real movers and shakers. I'm an immigrant who simply wants an easy, humble life here in Argentina. I don't invest or trade or have much by way of assets.

 

[arvest]

I've always associated Schwab with investments and figured I'd need a healthy balance in it. I have very meager means...most of my money is transferred here to CABA and the rest used to pay off bills/taxes/Credit Card balances in the U.S. Not sure their bank is for me as it reads like it's for real movers and shakers. I'm an immigrant who simply wants an easy, humble life here in Argentina. I don't invest or trade or have much by way of assets.

The Schwab checking account is free and comes paired with a brokerage account, you don't need to use the brokerage account to keep the checking account open. The true killer feature is that Schwab refunds your ATM fees, even while abroad.

 

[Paige55]

The Schwab checking account is free and comes paired with a brokerage account, you don't need to use the brokerage account to keep the checking account open. The true killer feature is that Schwab refunds your ATM fees, even while abroad.

I just looked into them and they say they don't wire money internationally. Might be missing something but that's what I'd need an account for.

 

[gringoexpress]

Sdfcu opens accounts for all us citizens and is the only credit union i know of that allows you to open an account with a foreign address. Both them and Penfed will open accounts remotely. The brokerage companies like Schwab have very low, subsidized international wire transfer fees and you will eventually find your account shut down if you only use it to send wires and don't keep any assets with them as that makes you an unprofitable customer for them.

If the compliance weenies at the bank didn't investigate you to make sure you weren't laundering your social security check or whatever set them off they'd have to find real jobs. Isn't that reason enough?