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

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Aug 11th, 2011, 08:14 PM
  #1
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Bank of America's new ATM "International Transaction Fee"

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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Aug 11th, 2011, 08:28 PM
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The 1% fee is probably what Visa charges them for the conversion. It is pretty much standard on CC purchases and occurs with some ATM card withdrawals. This year I used my BofA account because I traveled in Italy and France which has partner banks and BofA charged no fee for withdrawing from their ATM. When in Switzerland I used my credit union ATM card because the credit union does not charge for foreign withdrawals. BofA is unfortunately more convenient for me in the States, but I deposit money in my credit union checking account when I travel abroad and use that account for ATM withdrawals when there is no BofA partner bank where I am traveling.
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Aug 11th, 2011, 08:32 PM
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VISA charges B of A nothing for the debit card ATM transactions. VISA receives their fee in the exchange rate, the same as XE.com and other funds transfer services. This is just another source of revenue for a failing bank.
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Aug 11th, 2011, 08:34 PM
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And yes, we always use the partner bank in France, when we are able, but since B of A has no partner bank in Spain, why not up the fees!
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Aug 11th, 2011, 08:35 PM
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One more reason why I never do business with B of A.
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Aug 11th, 2011, 09:41 PM
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Ditto Michael. Open an account at a credit union and pay no ATM fees in Europe. Also get a credit card from your credit union and pay no foreign transaction fees. The BoA 3% and/or $5 adds up. Screw em.
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Aug 11th, 2011, 11:46 PM
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I thought it was more of a disclosure change rather than a new fee. I thought they had been doing this all along, but now they have to disclose it rather than burying it into the exchange rate. I think it is related to one of the their many legal dealings:

www.ccfsettlement.com/home
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Aug 12th, 2011, 12:15 AM
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VISA charges B of A nothing for the debit card ATM transactions.

I'm not sure about this. My credit union charged me less than 1% fee for withdrawing money from a Swiss ATM, or could the Swiss bank be charging that?
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Aug 12th, 2011, 01:39 AM
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Since We only go to countries where BofA has partner banks I do nothave a problem with them and my branch gives excellent service!
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Aug 12th, 2011, 09:43 AM
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"Since We only go to countries where BofA has partner banks I do nothave a problem with them and my branch gives excellent service!" That rather limits your travel, doesn't it?
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Aug 12th, 2011, 10:08 AM
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Thisis apopular topic latly. Italy is my next trip. I just checked with B of A. You can find banks in the BoA "global alliance" on the BoA web site. THe fees are 1% for ATM transactions at "Global Alliance" partner banks. In italy for example those are the BNL banks. I found many BNL banks in Milan, Rapallo, Chiavari and Florence. The "debit "fess at "global alliance" banks are 3%. These fees are the same for non alliance banks PLUS the $5 fee.

Yes is pains me, but in the grand scheme of things these fees are a very small percentage of the total cost of the trip based on my budget. Paying these fees is less expensive and safer than buying all the Euros at home.

Thanks for the post
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Aug 12th, 2011, 10:33 AM
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ira
 
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Hi Rob,

>is this just another ripoff scheme by Bank of America,

Can spending 15 minutes at Geico save you $200?

I have an ATM card from https://www.schwab.com/

No transaction fees, and they will refund "out of network" charges.

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Aug 12th, 2011, 10:34 AM
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My understanding of European banks is that any ATM charges are coming from your home bank, not the local one.
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Aug 12th, 2011, 10:41 AM
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B of A is a total rip off. A couple years ago I had to use mine at a non-BofA assoc. bank it ended up costing me $13.00. BofA fee, 1%, and what they claimed was the other banks transactions fees. Get a Capital One card.
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Aug 12th, 2011, 10:42 AM
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It is rather stoopid to be chained in by BoA when there are several good ways to charge and get cash in Europe for free. I haven't seen them all but I have never seen a European bank ATM charge a fee. That privilege is only in America. Aren't we lucky?
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Aug 12th, 2011, 11:27 AM
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rolohof_duvall

Are you saying that even with Global Alliance ATMs there is a 3% charge on top of or including the 1% conversion fee?
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Aug 12th, 2011, 12:49 PM
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NO robert it doesn't becauswe the UK and Francea nd Itlay are the only placesI choose to go!!
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Aug 12th, 2011, 03:52 PM
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My bad. I apologize for the confusion I created. The 3% fee is if one uses a debit card (in lieu of what ever fees a credit card might charge)to pay for good or services. The ATM fee at "alliance banks" is only 1% of the ATM withdrawl in dollars based on the exchange rate. That exchange rate in my case is calcualted as of midnight Pacific Coast time the previous day. The only "favor" BoA is doing is dropping the $5 fee for non alliance bank ATM withdrawls. Frankly I have spent too many BTU's on this. If the 1% fee over the course of ones trip is an issue then maybe one should reconsider ones travel plans. One might choose to pursue other options: Get a no fee debit card,hauling a boat load of Euros on the trip. I have a budget for my trip and 1% of the total cost is minimal.
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Nov 18th, 2011, 02:09 AM
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Some banks are said to raise unexpected fees this year, that will surely make most people displeased. Once more this is an entity of more fee. Rather than offering free accounts, they intend to make an advantage on the deposits. The country's largest banks recently ditched controversial debit card fees, but financial institution professionals and insiders warned that brand new charges would start being quietly added. They were right. New charges are already beginning to appear. Article resource:http://personalmoneynetwork.com/mone...new-bank-fees/.
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Nov 18th, 2011, 03:06 AM
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Left BAC long ago for no fee

capitalone.com Venture card matched 100000 FF miles for me

No foreign transaction fees DOUBLE miles on everything

no debit card "skimming" risk can dispute/refund any charge

for FREE.. the way to go these days for me.
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