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The Disappearing Deposit

September 22nd, 2012 at 05:08 am

As a continuation of my last post concerning my telegraphic transfer from Dubai to the US: I continued to go to the sending agency here in Dubai for updates, waiting enough time to prevent them from putting me off by saying the paperwork was still going through.

Eventually, I was told that the problem was at Chase Bank's end in the US.

I called Chase, and after more than 30 minutes, I found out that - just as suspected - it is the US Government preventing the deposit. Little Hitler has some power, and is illegally preventing me from moving my money. I've done nothing wrong. I've done nothing illegal. They have no right to this obstruction. My rights as a US citizen (to my property and my free use thereof) are being violated.

All of that aside, it will take Chase four more days to return the money, so I can then go to the bank in Germany to get my money... which will probably take another week or more after that to finally get the cash back here in Dubai so I can again try to get it transferred to the US so I can pay some bills. Thankfully, I keep enough emergency fund in the US to go a couple of months without immediate cash.

The long and the short of it is that I have $8,000 in electronic limbo, and I won't get it for at least a week. I have lost the use of this money for nearly a month.

Thanks, Uncle Sam. I now know the true meaning of the sentence: "I'm from the government, and I'm here to help you."

Posted in Personal Finance | 6 Comments »

6 Responses to “The Disappearing Deposit”

  1. Joan.of.the.Arch Says:
    September 22nd, 2012 at 03:18 pm 1348327103
    1348327103

    I have zero experience transferring money internationally, but I have some distrust in banks to credit accounts ASAP.

  2. Petunia 100 Says:
    September 22nd, 2012 at 03:40 pm 1348328458
    1348328458

    That's very frustrating, Wino. I'd be upset, too. Frown

  3. snafu Says:
    September 22nd, 2012 at 05:41 pm 1348335682
    1348335682

    Your Homeland Security has created a whole new bureaucracy to protect your fellow citizens. Dh & try to avoid flying as much as possible because it's become such an unpleasant an experience on one hand and we're charged so many fees and taxes to pay for security on the other. It was my understanding that Passports were created to allow governments to verify the veracity of people and track them. The information we read suggests the government agencies who refuse to share information with each other knew all about the questionable actions of the 9/11 culprits but ignored the warning given repeatedly. For all I know these agencies are still just building their own turf with regard to the dangers that surround us all.

    Is it possible for you to have your employer direct deposit a set sum to your American a/c to take care of your financial obligations With the constantly changing currency evaluations you will be on a rollercoaster ride. I'm surprised you've chosen Germany as intermediary...have you looked at Hong Kong as a possibility? Does HSBC have an outlet in Dubai? Can they facilitate your transfer?

  4. Wino Says:
    September 23rd, 2012 at 02:35 am 1348367710
    1348367710

    I did not choose Germany as the intermediary. The transfer group here in Dubai chose the German bank as the intermediary. I have used this transfer group in the past, and my money had always been deposited within 3 business days. This time, it has disappeared. I expect to see it maybe Monday or Tuesday.

    All of this came about because I was trying to save $40 or so. That's the price difference between using my bank to transfer the money, and using this place. It worked fine the first few months, until this occasion. Now, I'll have to bite the bullet and go to my bank for transfers.

    The UAE apparently has their currency tied to the US dollar. This allows trade to flourish here. Think about how a constantly-fluctuating currency would affect trade. Here, as it is tied to the dollar (could have been the Euro, but the UAE has been doing this since before the Euro), people can count on the value not being lost solely due to a small country manipulating the currency. For me, it eliminates any chance of me losing - or gaining - value by the whims of the market.

    I'll update again when I find out where my money is... I may as well wait until payday to send this money, plus more, back to the US for my next round of transfers. Why not? My fees are set. They are not based on a percentage of the amount.

    Thanks to everyone who commented.

  5. PauletteGoddard Says:
    September 23rd, 2012 at 06:37 pm 1348425444
    1348425444

    I am sorry that your rights as a US Citizen are being eroded. I am guessing you don't work for a US defense contractor or an oil company with an office in the UAE, or else the government would turn a blind eye to your money transfers.

  6. Wino Says:
    September 23rd, 2012 at 10:20 pm 1348438854
    1348438854

    Not working for a US company was the whole reason I moved here. I get up to $96,000 off my income for tax purposes. Imagine the draw that is for me! Some people have a mortgage for tax purposes. I would get nothing if I worked for a US company.

    Still no word on my money.

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