It brought to mind the much-advertised seminar, given by a Guadalajara representative of one of the Republic’s leading banks to a North American audience in 1994 on mortgages, at which all attending were automatically qualified (property owners, they all had collateral).

Shortly after this spirited rally, bank interest soared 142 percent, Mexican banks were on the ropes, the peso fell through the floor and the economy collapsed. Many folks had the unforgiving opinion that if the bank hadn’t seen such a financial catastrophe coming, that financial institution should be marked off their lists.

But many foreigners here are equally vulnerable to the charms of fitful financial operations.  ATM and credit cards, of various kinds, seemingly offer many an exhilarating ride to higher existence where one can escape, unconscious of any bumps in the road and without a well-defined destination.

In Mexico, they find banks back home often deny them ATM access.  Many banks have a policy of not honoring ATM withdrawals here because perhaps a stolen card is being used or a withdrawal is being coerced.

Avoid this: Inform your bank when you’re coming to Mexico and how long you’re staying.

Maximum withdrawal at Lakeside:  Normally 3,000-5,000 pesos. If you’re living on the edge, going directly from one ATM to another, you’ll be blocked.

An ATM checking card is considered safer than a debit or credit card, which, if stolen or lost, can be emptied in a trice.

Be aware that you’ll be paying two fees – one Mexican and one at home – for ATM service, unless you’re using the ATM machine at your bank here. Besides the “normal” interest rate you’ll pay on your credit card balance, there is a service fee for each transaction and these receipts tend to travel slowly to your bank.

In using an ATM, if you enter the wrong PIN twice consecutively, banks will block withdrawal from your account; they suspect that your card has been stolen. Reinstating service may require the same steps required to get a new card if it has been stolen or lost.  If you lose or are robbed of your card, call your bank within 24 hours to get your card cancelled.  

Getting a new card: Fax the bank a request with your authorized signature (the one on your bank account), be prepared with the information you provided when you first applied for the card: Social Security number, mother’s maiden name, etc.  To get a new card is often a slow process.  A new card must be sent to you. Speed this up by paying for courier service.  Sign new cards immediately.  When you get a new card, most banks will cancel it if it isn’t activated by telephone call within 30 days.

Make copies of all credit cards, as you do with your immigration/tourist and other important documents (Social Security card, Birth Certificate, etc.) and put them in a secure place.  It’s easier to get documents if you have a copy of the lost, stolen (or inactivated) ones.

Veteran travelers always arrive at foreign destinations with dollars, some local cash (pesos, here) for immediate expenses (cab, food, hotel, emergencies), travelers’ checks, credit card, all carried in different places.  Always carry your credit card apart from you wallet, in case you wander into the terrain of a pickpocket. Lots of those around in craft stores, public markets, and the byways of popular resort areas.

(This is the first in a series on Privacy-Alert Travel and Foreign Residency.)