ATM's and Credit Cards
Sep 11th, 2007, 05:44 AM
#61
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mlb, I posted a new thread called On-shore vs. Off-Shore Exchange rates for Thailand and got lots og good responses. It looks like despite the publicity about this issue, it will not impact on us.
Sep 11th, 2007, 08:22 AM
#62
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Yes, thanks Kathie for posting the new thread. I was reading it yesterday and hope this is actually the case. Please post while you're in Thailand and let us know the exchange rates you are getting. I believe you're leaving in November? I'll be there in December.
Oct 4th, 2007, 05:17 PM
#65
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I thought I would update this thread. I just received a message on my HSBC online savings account that the foreign currency fee will increase from 1% to 3%. This is combined with a non-HSBC ATM fee now of $1.50. Both fees just to acces my own money - plus their APR is now 4.8%.
Therefore I have now opened a Capital One money market account. The APR is 5% and they assured me over the phone and on their website that they do not charge any fees when accessing any ATM - this includes no foreign currency fee. It reminds me of what HSBC use to be like. In addition, Capital One Mastercards also charge no fees - they even eat the 1% fee that Mastercard charges.
Just thought I'd pass along the info for anyone with the HSBC account.
Therefore I have now opened a Capital One money market account. The APR is 5% and they assured me over the phone and on their website that they do not charge any fees when accessing any ATM - this includes no foreign currency fee. It reminds me of what HSBC use to be like. In addition, Capital One Mastercards also charge no fees - they even eat the 1% fee that Mastercard charges.
Just thought I'd pass along the info for anyone with the HSBC account.
Oct 4th, 2007, 06:00 PM
#66
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mlb, I don't know what kind of HSBC account you have, but the internet savings account has been changed from 0% foreign exchange fee to 1% foreign exchange fee. That's not enough for me to switch accunts, but if they went to a 3% fee, I would switch accounts.
Oct 4th, 2007, 06:18 PM
#67
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Hi Kathie: Unfortunately, this is what was on my latest eStatement for my HSBC online savings account:
An important message about upcoming changes to your account:
Effective November 5, 2007, the currency conversion fee for foreign transactions* (transactions performed outside the U. S.) will increase from 1% to 3% for all qualifying Debit & ATM card transactions. *Excludes Premier Checking, Premier Investor and Premier Asset Management Accounts.
Yep, this was enough for me to switch too.
An important message about upcoming changes to your account:
Effective November 5, 2007, the currency conversion fee for foreign transactions* (transactions performed outside the U. S.) will increase from 1% to 3% for all qualifying Debit & ATM card transactions. *Excludes Premier Checking, Premier Investor and Premier Asset Management Accounts.
Yep, this was enough for me to switch too.
Oct 4th, 2007, 07:59 PM
#70
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I just called HSBC and was told the same thing.....that really stinks.....there was nothing in my last statement but I am due to get another one in about ten days.
I don't think there is much I can do as it is too much trouble to change banks and who knows but the new bank will start charging as well.....
I don't think there is much I can do as it is too much trouble to change banks and who knows but the new bank will start charging as well.....
Oct 4th, 2007, 08:42 PM
#71
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Well, I called HSBC and told them I would be closing my account and also wrote to them.
I've opted to open an E*Trade max rate checking and complete savings account. I have a number of accounts with E*Trade, plenty to keep me from having any service charges. The ATM card from E*Trade withdraws money from the checking account (which earns 4% as long as you have at least 5k in it). The savings account pays 5.05% and you can transfer money from savings to checking up to 6x per month. I've initiated electronic transfers from HSBC into my two new E*Trade accounts that will withdraw almost all of my money from HSBC. I'll withdraw the rest in a few days when my interest posts.
I've opted to open an E*Trade max rate checking and complete savings account. I have a number of accounts with E*Trade, plenty to keep me from having any service charges. The ATM card from E*Trade withdraws money from the checking account (which earns 4% as long as you have at least 5k in it). The savings account pays 5.05% and you can transfer money from savings to checking up to 6x per month. I've initiated electronic transfers from HSBC into my two new E*Trade accounts that will withdraw almost all of my money from HSBC. I'll withdraw the rest in a few days when my interest posts.
Oct 4th, 2007, 09:18 PM
#72
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Mara: Its not too much trouble to change banks unless you have a lot of direct deposits/withdrawals. It took me 3 steps with Capital One and I had my savings account. My first transfer was approved today and I opened it Tuesday.
You're right though - Capital One could decide to start charging fees at anytime - although one of their mottos is "hassle-free banking" and no fees are why they use this. I know their credit cards have been fee-free for quite some time. I'll let you know if anything changes!
You're right though - Capital One could decide to start charging fees at anytime - although one of their mottos is "hassle-free banking" and no fees are why they use this. I know their credit cards have been fee-free for quite some time. I'll let you know if anything changes!
