12% APR 90 day CD through Capitalbank, Mexico
CapitalBank of Mexico is offering a 90 day term Certificate of Deposit with a whopping 12% APR. A minimum deposit of $5,000 is required and because this is an international bank, it is not FDIC insured. To open an account online click Here for the application.
Capitalbank is a Mexican Savings and Loan Association that is supervised by the Mexican federal government and operates under the jursidiction of Mexico’s Central Bank and the National Banking and Securities Commission. To learn more, click Here.
Reader Comments
BM,
This smells like a scam bank to me. I wouldn’t put even a cent in this mexican bank. I tried researching the “Mexican Savings and Loan Association ” on google and couldn’t find anything.. Either I am a lousy google researcher or there’s nothing about that MSLA ..
In addition to that look at that Mexican Bank website. It just doesn’t seem legitimate to me
Best Regards
Blogging Banks
I suggest that when you Google a foreign entity that you use the native language of that goverment. In this case – spanish is a good place to start.
In this case – if you look on the Spanish site for Capitalbank of Mexico – it is clearly listed as: la Comision Nacional Bancaria y de Valores.
Their website address is: http://www.cnbv.gob.mx
If you look further at their business model you would likely come to the realization that this is not likely a scam… but a business that makes sense.
Both banks are illigimate, whether you are looking at Capital Bank Mexico, Capital Insitute or Comision Nacional Bacaria y de Valores. All are fakes. They have no credibility. You can search in any language for either one of these banks and the results are all the same. The websites are registered in Chicago, the address is Mexican, the phone numbers are San Diego. The website is changing its name every other month. The “CEO” is changing just as quickly, first is was a nameless CEO then it was David Pratt, then it was Miguel Marquez.
Their entire website is geared towards winning over your confidence. I have never seen any other bank’s website trying to convice consumers that they are legit.
No FDIC insurance means that they bank can tell you that they lost your money for any reason or no reason at all and there is nothing anyone can do about it.
This “bank” has been the topic of many discussion boards, here is another…
http://www.fatwallet.com/forums/finance/879398/
Good luck fellow investors. And don’t let scams like this fool you!
In April 2009, Comision Nacional Bacaria y de Valores published an official press notice at http://www.cnbv.gob.mx/recursos/023_Capitalbank.pdf, which states that Capital Bank is not part of the Mexican banking system.
It’s interesting though, that in all of the chats, blogs and board on this issue, I haven’t read of anyone actually being scammed.
I’d be interested in hearing investors’ success or failure stories.
It is a scam. They stopped paying interest and will not return my investment. Miguel Marquez is now in jail for money laundering.