This Month a Bank in Argentina bought out Compass Bank. Is it a bad thing for customers...?

Question

in the USA to have their money held by a foreign bank? Would that mean interest and charges made by the bank to it's customers in the US be going indirectly to Argentina? Are there any US owned banks or have they all become foreign owned?

Answer 1

There are many US-owned banks but there is nothing wrong with foreign-owned banks either, they have to go through very very strict rules to get a banking license in the US and the deposits are insured up to a specific amount by the FDIC.

Bank of America, Washington Mutual, Chase are some that are US-owned.

The issue most people will raise about Argentina was the financial sector meltdown that ocurred there a few years ago. That has stained their reputation for good financial management but the Govt has to hold blame for fiscal policy (even the IMF and World Bank have to carry some blame too).

Naturally the profits of any company eventually make their way to to the parent company (as happens with many US-owned firms with overseas arms) so if you have something against another country earning profits from doing business in the US legally, then switch banks (although imagine the outcry if citizens of another country boycotted a US firm for that reason - fair is fair)

Answer 2

don't have your money anywhere near argentina

I would switch banks