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So, I saw this ad in my gmail, and I wanted to check it out.

As far as I can tell, the bank is in Mexico, so no FDIC insurance, and there's a $5000 minimum. The old addage "If it looks too good to be true" is probably in full effect here, but I was curious to see what FWF thought of this. I mean, 12% is twice what I'm earning right now on my rewards checking account, and it's only for a 90 day CD. They aren't taxed in Mexico (or so their website says) and it's all in USD.

Risks? Benefits? Potential problems from being international?

Linky

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I live in the san diego area, if you guys can find addresses for me to visit and check out of this company, I can do thi... (more)

harrodski12 (Mar. 13, 2009 @ 7:56p) |

This may be one of their addresses:
482 W San Ysidro Blvd, San Ysidro, San Diego, California 92173

And the other on their ... (more)

harrodski12 (Mar. 13, 2009 @ 7:56p) |

Probably owned by a drug cartel.

NewGuy (Mar. 14, 2009 @ 10:29a) |

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18% CD for 36 months? No way. It has to be fake.

On the website:
CALL: 619 819-5676 to learn how to safely build wealth with Capitalbank.

Thats a San Diego Number, interesting.

UAIron said: On the website:
CALL: 619 819-5676 to learn how to safely build wealth with Capitalbank.

Thats a San Diego Number, interesting.


looks like they're recurting in the area too:

Capitalbank CD Sales--High Commissions
Capitalbank is a federal savings and loan with high yielding certificates of deposit and maturities ranging from 30 days to 3 years. Our agents earn from $5,000.00 to $15,000.00 per month. For further information call 619-819-5676.
Commission sales.. From 1% to 5% of the amounts invested. Depending on the maturity. Incentives and bonuses also

Job Location
Contact: David Pratt
165 West Maple St.
San Diego
619-819--5676
E-mail: Capital_dpratt@hotmail.com

faloun said: So, I saw this ad in my gmail, and I wanted to check it out.

As far as I can tell, the bank is in Mexico, so no FDIC insurance, and there's a $5000 minimum. The old addage "If it looks too good to be true" is probably in full effect here, but I was curious to see what FWF thought of this. I mean, 12% is twice what I'm earning right now on my rewards checking account, and it's only for a 90 day CD. They aren't taxed in Mexico (or so their website says) and it's all in USD.

Risks? Benefits? Potential problems from being international?

Linky

That is two reasons why this is not a great deal. I believe at least the non-FDIC part must be in the title

That website looks like a total scam-job.

I found the website of the contact # listed on the page, and it belongs to this guy:
http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=62886951

I am almost 100% sure this is a pyramid-type HYIP scheme.

Job Location Contact: David Pratt 165 West Maple St. San Diego 619-819--5676 E-mail: Capital_dpratt@hotmail.com

Haha. Yeah, ok.

From the link: "Capitalbank is a Mexican Federal Credit Union"
Mexican FCU is an oxymoron.

Yeah, the website looked somewhat legit but just felt a little off. I mean, a lot of smaller banks have websites that look pretty shady, so I thought it was conceivable that some Mexican bank might not hire a great web developer.

Basically, it sounded like it was a good way to lose $5,000, but I was hoping that someone might have done business with them in the past and had an experience to share.

Updated the title to give a little more description.

I hear that Nigerian credit unions are offering 18% interest rates, and the Zimbabweans may soon have some even more competitive offers.

faloun said: So, I saw this ad in my gmail, and I wanted to check it out.and a hotmail email address.

WTF wrong with you people? Ya, I said, You people.

why not post the good deal you get in your email on parts enlargement pills also?

Apparently even professional bankers don't know the difference between APR and APY.

VerbalK said: Apparently even professional bankers don't know the difference between APR and APY.
or professional scam artists

faloun said: So, I saw this ad in my gmail, and I wanted to check it out.

the bank is in Mexico, so no FDIC insurance, and there's a $5000 minimum


Ruh roh!

redforwastingmytime

the currencyshares mexican peso etf is currently offering 9.15%

the rate isn't guaranteed but of course you can sell any time you want

lostdude said:

WTF wrong with you people? Ya, I said, You people.

why not post the good deal you get in your email on parts enlargement pills also?


Wait you get those emails to? Damn it I thought I was special with the 18% increase in whatever that email was selling

Since when FWF has become the spam clearing house?

faloun said: As far as I can tell, the bank is in Mexico, so no FDIC insurance
It's a credit union, so it wouldn't have FDIC insurance anyway.

If it's a legit credit union, it might have NCUA insurance... but it doesn't have to. A number of totally solvent credit unions only have insurance through third parties (such as ASI).

I emailed David from the gmail add and we have been communicating. The bank is in Tijuana, they always use San Diego phone numbers for US calls in. I have the Mexico number as well.

Apparently "Capitalbank is in the Mexican Federal Savings and Loan Association and is operated by Capital Institute, S.C. de R.L. and supervised by the Comision Nacional Bancaria y de Valores, the Mexican Federal Banking Commission. This federal agency supervises and controls all Mexican banks and audits Capitalbank every two months. They verify that the liquidity requirements are met and at a safe level to guarantee the funds of it's depositors. Over the last seventy five years this system has not allowed any depositor to lose any principal or interest on deposit in Mexican banking institutions."

Just have to check this out, talk to some on my Mexican friends to see if they can get a rate that high, an perhaps visit the bank.

I emailed David from the gmail add and we have been communicating. The bank is in Tijuana, they always use San Diego phone numbers for US calls in. I have the Mexico number as well.

Apparently "Capitalbank is in the Mexican Federal Savings and Loan Association and is operated by Capital Institute, S.C. de R.L. and supervised by the Comision Nacional Bancaria y de Valores, the Mexican Federal Banking Commission. This federal agency supervises and controls all Mexican banks and audits Capitalbank every two months. They verify that the liquidity requirements are met and at a safe level to guarantee the funds of it's depositors. Over the last seventy five years this system has not allowed any depositor to lose any principal or interest on deposit in Mexican banking institutions."

Just have to check this out, talk to some on my Mexican friends to see if they can get a rate that high, an perhaps visit the bank.

By the way, I know people (from India working here) that invest only in INDIA banks for the higher rates. So is this still too good to be true? THe way OUR banking system is run, I wouldnt be surprised if even Mexico's are run better!

SurfingHarley said: I emailed David from the gmail add and we have been communicating. The bank is in Tijuana, they always use San Diego phone numbers for US calls in. I have the Mexico number as well.

Apparently "Capitalbank is in the Mexican Federal Savings and Loan Association and is operated by Capital Institute, S.C. de R.L. and supervised by the Comision Nacional Bancaria y de Valores, the Mexican Federal Banking Commission. This federal agency supervises and controls all Mexican banks and audits Capitalbank every two months. They verify that the liquidity requirements are met and at a safe level to guarantee the funds of it's depositors. Over the last seventy five years this system has not allowed any depositor to lose any principal or interest on deposit in Mexican banking institutions."

Just have to check this out, talk to some on my Mexican friends to see if they can get a rate that high, an perhaps visit the bank.

By the way, I know people (from India working here) that invest only in INDIA banks for the higher rates. So is this still too good to be true? THe way OUR banking system is run, I wouldnt be surprised if even Mexico's are run better!


Quoted in case he changes what he says.

BTW i have a prince from nigeria that i'm sending some money to get a hold lifted off $10000000 of which my share once it gets released i will get 10%. I trust my prince far more than i trust your guy.

SurfingHarley said: I emailed David from the gmail add and we have been communicating. The bank is in Tijuana, they always use San Diego phone numbers for US calls in. I have the Mexico number as well.

Apparently "Capitalbank is in the Mexican Federal Savings and Loan Association and is operated by Capital Institute, S.C. de R.L. and supervised by the Comision Nacional Bancaria y de Valores, the Mexican Federal Banking Commission. This federal agency supervises and controls all Mexican banks and audits Capitalbank every two months. They verify that the liquidity requirements are met and at a safe level to guarantee the funds of it's depositors. Over the last seventy five years this system has not allowed any depositor to lose any principal or interest on deposit in Mexican banking institutions."

Just have to check this out, talk to some on my Mexican friends to see if they can get a rate that high, an perhaps visit the bank.

By the way, I know people (from India working here) that invest only in INDIA banks for the higher rates. So is this still too good to be true? THe way OUR banking system is run, I wouldnt be surprised if even Mexico's are run better!


You must think the people here are f@cking stupid if you think this lame ass spam is going to work here.

The sites traceroute back to an American hosting company, including the one that is supposedly ".mx". The number on both sites are American *EDIT-One is a Mexico number but looks like it may be a forwarding service*. Neither person is registered with any government banking agency either in Mexico or the US. And the supposed address of the bank appears to be nothing more than the Mexican equivalent of Mailboxes etc. .

The current central bank interest rate in Mexico is 8.5%. Certificates of deposit can only be done in pesos, so even IF you were dumping cash into them you'd suffer an exchange fee which can easily cut any potential yield you might get in half. You can also easily lose any potential yield to currency fluctuations, which in the case of the peso can be quite extreme.

But I suppose, most damning of all, is the supposed ID and registration numbers. Don't worry, they'll check out if you use them, but not because they belong to Capital Bank. Looky here:

Wanna live in Tijuana?

Scroll all they way to the bottom and check out the ID and account number. Those are certainly registered in Mexico, but not to any Capital Bank.

There are legitimate ways to take advantage of interest rate discrepancies, and none of them are risk free. In fact, they can be some of the riskiest investments that can be made. If you feel like luck is on your side (and in currencies, it needs to be), then only use registered securites. Anything else and you might as well be sending money to Nigeria.


~X~

sechs said: faloun said: As far as I can tell, the bank is in Mexico, so no FDIC insurance
If it's a legit credit union, it might have NCUA insurance... but it doesn't have to. A number of totally solvent credit unions only have insurance through third parties (such as ASI).
NCUA insurance? Were you aware the N in NCUA stands for National - NCUA is a regulatory agency of the US federal government, similar to FDIC. I don't think they'd insure a Mexican credit union, much less a Mexican pyramid scheme...

mttatkns said: sechs said: faloun said: As far as I can tell, the bank is in Mexico, so no FDIC insurance
If it's a legit credit union, it might have NCUA insurance... but it doesn't have to. A number of totally solvent credit unions only have insurance through third parties (such as ASI).
NCUA insurance? Were you aware the N in NCUA stands for National - NCUA is a regulatory agency of the US federal government, similar to FDIC. I don't think they'd insure a Mexican credit union, much less a Mexican pyramid scheme...

Were you aware that many foreign financial institutions have US subsidiaries that receive FDIC insurance?
The F doesn't stand for international.

It doesn't matter where the institution is based, as long as it is structured correctly. And, as I said, a credit union isn't even required to have NCUA insurance.

sechs said: mttatkns said: sechs said: faloun said: As far as I can tell, the bank is in Mexico, so no FDIC insurance
If it's a legit credit union, it might have NCUA insurance... but it doesn't have to. A number of totally solvent credit unions only have insurance through third parties (such as ASI).
NCUA insurance? Were you aware the N in NCUA stands for National - NCUA is a regulatory agency of the US federal government, similar to FDIC. I don't think they'd insure a Mexican credit union, much less a Mexican pyramid scheme...

Were you aware that many foreign financial institutions have US subsidiaries that receive FDIC insurance?
The F doesn't stand for international.

It doesn't matter where the institution is based, as long as it is structured correctly. And, as I said, a credit union isn't even required to have NCUA insurance.
I agree, the F does not stand for international. While you are correct regarding the ability of foreign financial institutions to receive FDIC insurance, that is irrelevant in this case for two reasons: (1) only the funds deposited in the subsidiary receive that insurance, and there is no mention of a US subsidiary on the "bank"'s website; and (2) this is not actually a financial institution.

aleck said: Since when FWF has become the spam clearing house?

agreed. There is no use in people bickering back and forth.

THIS IS A SCAM. Move On. Nothing to See Here

Can I invest in this bank account with my Colombian Pesos?

I would suggest that this is a total scam along the line of a typical pyramid scheme. To some people $5,000.00USD is not a great deal of money and they might be suckered into making a "test the water" investment. With the lack of a easy to access central body here in Mexico that would allow people to actually check out the reputation of Capital Bank some people, actually being lazy and careless with their money would perhaps make an initial investment. They would very likely receive their anticipated return promptly. As a result they might invest a greater amount and even tell their friends about their "great" investment. On the other hand if they lose they would possibly be to embarassed to tell anyone just how stupid they were in being taken. The old adage: "if it sounds too good to be true it likely isn't" can possibly be applied here! It's likely that this "company" or whatever it actually is will survive for a while and take a number of unlucky investors along for the ride. Expensive for the "rider". Ajijician

Sadly Capital Bank might turn out to be yet another pyramid type scam. As there is not a central consumer protection agency in Mexico that would allow immediate investigation it is likely that many people, not being diligent, will invest the minimum cd amount of $5,000.00USD and, in turn, receive their anticipated return. At least they will in the early days of the scam if that's what it is. In receiving their return they'll then be motivated to invest more and likely tell their friends which the scam will count on (that's how they grow). The old adage: if it sounds to good to be true it likely is! could not be more appropriate. One must ask themselves how, in this time of so much economic uncertainty could anyone pay such a high rate of return based on currency exchange particularly the Mexican peso which has dropped so much recently relative to the U.S dollar. Scam? Likely! Ajijician

It's also in Mexico, so the high interest rates make since. I did speak with David Pratt and was a bit put off by the several phone calls. While he really didn't go overboard with it, I just felt uneasy. This is the only forum that I've seen with any negative comments, err any comments at all so I thought I'd look into seriously. He gave me the following banking information to wire the money:

Intermediary Bank : Bank of New York ABA # xxxxxx

Beneficiary Bank: Banco Mercantil del Norte
Avenida Paseo de Los Heroes
9611 Zona Rio
Tijuana, BC 22320
664-633-3009

It's been several months since the first post of this thread. Anyone out there with experience with them???

Humblepiethegreat said: It's also in Mexico, so the high interest rates make since. I did speak with David Pratt and was a bit put off by the several phone calls. While he really didn't go overboard with it, I just felt uneasy. This is the only forum that I've seen with any negative comments, err any comments at all so I thought I'd look into seriously. He gave me the following banking information to wire the money:

Intermediary Bank : Bank of New York ABA # xxxxxx

Beneficiary Bank: Banco Mercantil del Norte
Avenida Paseo de Los Heroes
9611 Zona Rio
Tijuana, BC 22320
664-633-3009

It's been several months since the first post of this thread. Anyone out there with experience with them???


IT IS A SCAM

In México banks do not use APY (Annual Percentage Yield, normally they use the APR (Annual Percentage Rate)because they usually pay the interest on a monthly basis and it is not reinvested. But that does not mean that this legit, I am only stating a fact about the terminology.

Humblepiethegreat said: It's also in Mexico, so the high interest rates make since. I did speak with David Pratt and was a bit put off by the several phone calls. While he really didn't go overboard with it, I just felt uneasy. This is the only forum that I've seen with any negative comments, err any comments at all so I thought I'd look into seriously. He gave me the following banking information to wire the money:


This is starting out the same way as the Agape World thread!

Awesome deal, I have send an email to Agape World to transfer my full balance into this. Hopefully when I visit the bank I don't get kidnapped.

I live in the san diego area, if you guys can find addresses for me to visit and check out of this company, I can do this and report back what I find. harrodski12@yahoo.com

This may be one of their addresses:
482 W San Ysidro Blvd, San Ysidro, San Diego, California 92173

And the other on their website:
Blvd. Agua Caliente No. 9932
Col Revolucion Tijuana, B.C.
Mexico, C.P. 22420

Probably owned by a drug cartel.



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