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Capital One Bank will charge for overseas ATMs or any non-Cap One ATM

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Apr 21st, 2012, 11:06 AM
  #1
P_M
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Capital One Bank will charge for overseas ATMs or any non-Cap One ATM

I have posted this in the lounge but I'm posting it here also.

Last year we moved our bank accounts to Cap One partly because of the free ATM use at any machine. Since then I have used ATMs at various locations and Cap One has always reimbursed my ATM fees.

Just today I received a letter from Cap One saying that effective May 22 they will start charging $2 for foreign withdrawals or for using a non Cap One ATM. It's not a huge charge but I'm posting this as an FYI as so many Fodorites recommend Cap One to avoid fees. Of course ATM use will still be free at a Cap One ATM.

As far as I know Cap One credit cards can still be used with no fee. If anyone has heard otherwise please advise.
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Apr 21st, 2012, 12:00 PM
  #2
 
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I was going to cancel my Schwab ATM card and start using my Capital One card. Glad u posted this!
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Apr 21st, 2012, 12:06 PM
  #3
P_M
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yestravel, you've just reminded me that I should look again as Charles Schwab, so thanks back atcha!!
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Apr 21st, 2012, 12:08 PM
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I never got that letter recently but I've always had a Cap One out of network ATM charge ($2), whether it is foreign is irrelevant, just whether it is not theirs. But they reimburse up to $10 or $15 of that per month due to the type of account I have, which I would guess has some minimum balance.

However, I also have a completely separate Money Market account with them, which has a debit card and there isn't any ATM fee on that card, only on my checking account ATM card.

This really doesn't have anything per se to do with foreign ATMs or foreign fees, it's any ATM that isn't theirs anywhere. I think it's mainly the foreign transaction fee people talk about, which they don't have on any type of card (ATM or credit).

There might be different terms depending on whether your bank was always Cap One or whether it was another bank which they bought as well as what type of account you have with them. So what kind of bank account do you have with them where you got this letter, and was it always a Cap One bank?
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Apr 21st, 2012, 12:39 PM
  #5
P_M
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We have a high interest checking account and it was always a Cap One Bank. We opened it last summer and I've been to Europe twice since then. I used the ATM card and there were no withdrawal fees, nor did they charge me the 1% to 3% markup that most banks charge for ATM use. I have also used the card domestically at ATMs that were not Cap One and they would reimburse my fees up to $20/month.

I will type exactly what the letter says,

"We will charge you our standard $2.00 foreign ATM fee at an ATM other than a Capital One Bank branded ATM."

We will no longer reimburse you for any ATM fees you may be charged."
"

So foreign or domestic, using any ATM that is not Cap One will be charged.
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Apr 21st, 2012, 01:00 PM
  #6
 
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Switch to your local credit union if it does not charge.
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Apr 21st, 2012, 01:36 PM
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Here's a question: just how much hassle are people willing to endure - changing accounts, etc. - just to save a few bucks on foreign transaction fees?

I've been a happy member of my credit union for 10+ years. I get better rates (on savings), better service, fewer fees than most banks. For non-CU ATMs, I can do up to six ATM withdrawals per month without a fee; the other bank may charge a fee in the US but in Europe. I've used my CU ATM card in Europe numerous times. All I pay is the 1% conversion fee charged by Visa and passed on by my credit union. Same 1% charge to use my CU Visa over there.

So if I spend $2000 on a trip (excluding airfare), I'm going to spend $20 in foreign transaction fees. Is it really worth it to get a checking account somewhere else just to avoid those fees? Not to me - I'm very happy with my credit union. Plus, I can't imagine opening an account at Capital One. I have never been their customer yet have still had the displeasure of having to deal with them twice (once due to identity theft) and it was not pleasant dealing with them at all.
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Apr 21st, 2012, 02:07 PM
  #8
P_M
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You make some good points Andrew and I'm not suggesting everyone should move their accounts, I'm simply letting everyone know the new rules since Cap One is so highly recommended by some members of this board.
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Apr 21st, 2012, 02:54 PM
  #9
 
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I just talked to Cap One. Online checking accounts that are part of Direct Banking still have no fees for ATM withdrawals. They said branch accounts are different as are high yield interest account, which what you said you have, P_M.
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Apr 21st, 2012, 03:02 PM
  #10
 
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Capital One just told me that if u have an online checking account, Cap One will reimburse u up to $25 per month for fees associated with ATM usage.
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Apr 21st, 2012, 03:03 PM
  #11
 
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I certainly haven't received any such notification, but Cap One offers different accounts depending on where you live. I know the account that I have, with no ATM fees, is not available in New York, for instance. There are NO Cap One branches where I live, so it would make little sense to charge for using non-Cap One ATMs.

"just how much hassle are people willing to endure - changing accounts, etc. - just to save a few bucks on foreign transaction fees?"

The "few bucks" add up if you travel for any length of time, especially if you're paying 3% conversion fee plus $2-$5 per withdrawal. I currently have three checking accounts, one (with Wells Fargo, ugh, since Wachovia folded) is my primary account at home, but a last resort on the road. I would switch to using my Credit Union account as primary except they don't have safe deposit boxes. On the road Cap One is my primary account and the Credit Union my second.

The only hassle, since I can move money around between the accounts and my Vanguard MM account electronically, is calling to notify all of them that I'm traveling.
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Apr 21st, 2012, 06:12 PM
  #12
P_M
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A-HA, some interesting stuff has come out, I did not know that on line accounts are different from branch accounts. Thanks for looking into that.
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Apr 21st, 2012, 06:15 PM
  #13
 
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@P_M - yes they are completely separate I found out when I tried to deposit $ at a Capital One Bank into my online account and it couldn't be done. It seems really odd!
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Apr 21st, 2012, 06:17 PM
  #14
P_M
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That is odd yestravel, I know most other banks will open an account on line and once it's open you can use it at branches. But Cap One must be different.
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Apr 21st, 2012, 06:46 PM
  #15
 
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not only could I not deposit $ at the bank, but she didn't know the address where I could send a check for deposit. It's like they r not even related.
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Apr 23rd, 2012, 09:05 AM
  #16
 
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You don't have to leave your current/preferred bank or credit union - you can open a additional bank account at Capital One and transfer funds to it solely for use while traveling. It helps limit any exposure to your 'real' account(s) if your card is lost/stolen while traveling (meaning you are not taking your normal debit card, instead you take your 'travel' debit card).
I believe you can open the money market type online, but you'll have to visit a branch to open a free checking account. I visit Texas often so I opened mine during one of my visits there. From then on, I have only done online transfers to fund the account, and then used their BillPay to pay any credit card charges I accumulated during my trip.
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Apr 23rd, 2012, 09:16 AM
  #17
 
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I have the direct money market account and the ATM card carries fees if u use a non Cap ATM. It does not reimburse you.
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Apr 23rd, 2012, 11:18 AM
  #18
 
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Just to clear up the confusion, Capital One Bank doesn't charge any foreign transaction (conversion) fees with our debit cards or credit cards. Customers may be charged for using a non-Capital One Bank ATM, depending on the type of account they have. The amount reimbursed for ATM charges from other banks vary by account - there are differences between our branch and online products. Visit our website to see what accounts are available in your area: www.capitalone.com/bank.
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Apr 23rd, 2012, 12:19 PM
  #19
 
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I have a high yield money market account and it doesn't charge any ATM fee on the debit card at all. I just checked my statements the last time I used it abroad to make sure. Now that is an odd product because when I first got it, it was totally online, but now that Cap One bought out my regular bank, it shows up along with my checking account info when I check my account online. So maybe now it is considered a branch account, not solely online.

I do actually think it used to have an ATM fee of $1.50-$2 per transaction, and now it doesn't, so maybe that is why becuase it isn't "online" any more.

I actually used to use my Cap One MM debit card abroad when it wasn't my branch bank, as my regular bank had a 3 pct foreign transaction fee so I was much better off paying $1.75 per transaction with no markup, as I only make a couple withdrawals per week when traveling, if that (I charge most stuff to credit cards).

I think due to the way Cap One started, legally there may be two distinct banking entities, the online versus brick and mortar, not sure. But I always knew they were different as originally there were only Cap One banks in a few states. They are expanding and buying out some local banks now which is why they are in the mid-Atlantic area now with branch banks.
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Jun 20th, 2012, 06:17 AM
  #20
 
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I receivied a letter from Cap One a few days ago stating that they would begin charging $2.00 for ATM withdrawals from machines that are not Cap One ATM's. The letter also stated that as of August 15 they would begin charging a 3% foreign transaction fee. This is why many of us switched to Capital One, to avoid these fees. I am going into the bank on Saturday to see what can be done to avoid this. I travel to the UK and Italy several times a year and use my Cap One debit card.
I guess they figured they were losing out on a lot of $$ by not charging these fees like other banks.
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