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Bank of America's new ATM "International Transaction Fee"

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I hadn't used the ATM card on my Bank of America personal account since this past spring, but in checking the account statement from July, noticed a new "International Transaction Fee" of 1%, on top of the $5/transaction, for a cash withdrawal using a debit card at an ATM in Spain, the same as they charge when using your credit card When I called the bank, they said that the terms and conditions had changed in September 2010. When asked, they said that it was a charge for transferring funds from my US Dollar account to Euros. If I wanted to save on the ITF, then I should consider buying Euros from the bank before we head to Europe. Really? Are these people nuts? Or is this just another ripoff scheme by Bank of America, because they really need the money?

It's also strange in that the international transaction fee does not appear on any of the withdrawals when I use my B of A business debit card. Next thing you know they'll be using the DCC so you know how much money you're loosing when dealing with the bank.

I't also another reason to transfer all of my accounts to some other bank. Anyone have any good ideas?

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