InfoAnda - Doorstep bank raids plague cash-loving Argentina |

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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared BP cuts ruptured oil pipe | Video 4:32pm EDT Whirlpool recalls 1.7 million dishwashers 1:46pm EDT Caffeine addicts get no real perk from morning cup 02 Jun 2010 "Golden Girls" actress Rue McClanahan dies of stroke 1:00pm EDT Fed should raise rates to 1 percent: Hoenig 2:39pm EDT Powerful Cyclone Phet barrels toward Oman 02 Jun 2010 Chile nabs Dutch man linked to Aruba mystery 3:05pm EDT Turks mourn dead as Israel offers probe | Video 3:14pm EDT RPT-SCENARIOS-The future for BP after the oil spill 2:56am EDT Hole opens in Guatemala neighborhood, 3 missing 23 Feb 2007 "Golden Girls" actress Rue McClanahan dies of stroke 1:00pm EDT Caffeine addicts get no real perk from morning cup 02 Jun 2010 Whirlpool recalls 1.7 million dishwashers 1:46pm EDT BP cuts ruptured oil pipe | Video 4:32pm EDT Powerful Cyclone Phet barrels toward Oman 02 Jun 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Book asks: Is Internet ruining our minds? 12:52pm EDT Half doses of diabetes drugs can prevent disease 02 Jun 2010 Obama extends benefits for gay federal employees 02 Jun 2010 Obese Sydney bird sent to birdy bootcamp 02 Jun 2010 Doorstep bank raids plague cash-loving Argentina Helen Popper BUENOS AIRES Thu Jun 3, 2010 11:35am EDT Related News FACTBOX-Key political risks to watch in Argentina Tue, Jun 1 2010 Argentina growing but fears of a new bust linger Thu, May 27 2010 BUENOS AIRES (Reuters) - In a country where cash is king, a trip to the bank can be fraught with danger. World Tax evasion and low rates of banking use mean many Argentines prefer cash to checks or direct debits, making the country fertile ground for gangs of thieves who strike after customers leave the bank carrying wads of cash. A surge in such crimes is fueling demands for a crackdown. Lawmakers say banks should be forced to shield counters from view and get insurance against the so-called "leaving the bank" raids. Buenos Aires Mayor Mauricio Macri wants to ban passengers riding on the back of motorbikes to fight drive-by robberies in the capital's financial district. Thieves are often armed and shootings are common, but many people still run the risk of withdrawing large quantities of cash. Small businesses and charities, many of which pay suppliers with wads of bank notes, are particularly vulnerable. Lucia Gimenez, treasurer for a shelter for domestic violence victims, insists on paying suppliers inside the bank since robbers smashed her car window and grabbed 14,000 pesos ($3,500) withdrawn to pay the center's food bills in April. "I was so angry, I couldn't even cry," said Gimenez, who was not hurt in the robbery in the northern city of Resistencia. "You put so much time and effort into these kinds of institutions and this seemed so unfair, I felt abandoned." Similar crimes are common in other parts of Latin America, but an increase in the robberies is making headlines in the region's third-biggest economy. "More than being aware of the problem, people are scared, they're very frightened but there aren't a lot of alternatives if you have to go to the bank," said Gerardo Milman, a lawmaker who is pressing for tighter bank security. "It has a lot to do with the lack of banking penetration in Argentina," he added, saying bank use was far lower than in neighboring Brazil and other countries in the region. Argentines remain wary of sharp devaluations and freezes on bank withdrawals less than a decade after the country's worst economic crisis, and many prefer to stash their savings in cash under the mattress or in safe-deposit boxes. When buying a house, the deal is often sealed when stacks of dollars change hands in the bank or a notary's office, and many people pay everything from gas bills to new cars and employees' wages with stacks of notes. Surgeons at the best private hospitals demand their fees in cash, greenbacks preferably, and many stores give you a sizable discount if you pay with cash -- saving them a tax bill. "Compared with other countries, there's no doubt many transactions are done in cash in Argentina," said lawmaker Jorge Mario Alvarez, who has presented a bank security bill. "It's a habit ... maybe people just don't have much faith in electronic transfers." ARMED GUARDS The number of robberies targeting people as they left banks soared 40 percent in 2009 from the previous year, with about 400 taking place every month, Alvarez said. Many end in violence and sometimes murder, either on the street close to the bank or in an ambush when victims reach their destination after being followed for miles by car or motorbike. Banking executives say they have already invested in security cameras and guards to tackle robberies targeting their customers, and some say the problem will only be resolved if the government scraps a controversial levy on financial transactions that was imposed as an emergency measure in 2001. "When you've got a financial transactions tax as high as we've got in Argentina, the incentive to do business in cash is very high," Mario Vicens, president of the Argentine Banks Association, said in a recent interview. "If far fewer operations were carried out in cash, like in any country where bank transfers are more developed, this crime would be virtually nonexistent," he added. In the meantime, more and more people are hiring armed guards to accompany them to the bank or finding other ways to beat the robberies, like the treasurer Lucia Gimenez. "If (the suppliers) don't open an account, they have to wait for me inside the bank and I give them the money there," she said. "That way, they run the risk and I walk out carrying nothing." ($1 = 3.995 Argentine pesos) (Additional reporting by Fiona Ortiz and Walter Brandimarte; Editing by Kieran Murray) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. 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Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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