you all asked for more infor here it is:
otel.com $203.47 4/7/08
Foreign transaction fee $6.10 4/7/08
Finance charge $6.10 4/7/08

as you can see I was charged a foreign tras fee (which I expected) and a finance charge. Both 3%. didn't expect the second.

When we started this discussion, I thought I knew something about B of A charges. With this new information, I decided that I don't.

Moreover, information I got directly from B of A just serve to convince me further that something does not make sense. I called B of A and asked for information about how charges on cash advances were calculated.

The answer I got does NOT explain to identical 3% charges.

So I give up. This one is beyond my power to reconstruct. Given that I did not have an actual problem on my own B of A card limited the answers the B of A employee would give me!!

Were I in the position described I would want answers to two questions:

How did an unauthorized cash advance get on my bill?

What is the origin of the 3% finance fee? Is it a fixed fee charged on ALL cash advances?

If a cash advance, I would also dance around the issue of interest on the cash advance which is usually calculated by this method:

annual % rate/365 * days unpaid * amount advanced.

E.g. .2124/365 * 30 * $200 = $3.49

where .2124 is a typical percentage rate for cash advances.

Well, obviously they can since they did.

And, you should not assume that other transactions would be handled similarly once you actually get to Europe.

Best bet is to keep calling BofA until you get someone who will straighten this out favorably, if you can.

Author: bob_brown
Date: 04/25/2008, 11:56 pm

When we started this discussion, I thought I knew something about B of A charges. With this new information, I decided that I don't.

>>>>>>>>>>>>&g t;>>>>>>>>>>>> >>>>

Don't feel bad, bob. I've known for ages that the vast majority at BofA employees and even officers don't know anything about them either, so why should you or I? And they seem to change like the wind.

But one point. When you take a cash advance from a credit card (any one) then there is usually a fee as well as the interest. It may even be that the $6.10 charge is a 3 percent fee for "taking a cash advance" and will be followed by interest charges on next month's bill. That's how it worked when I got such a fee for buying AAA TC's. So kmadsen may not be finished with the charges on this transaction yet!

Hi yk,

>Why would one deliberately choose debit on their CC?

Some people have Debit/Credit/ATM cards.

This allows them to use the card as if they were writing a check, use it as a credit card to charge purchases, use it to withdraw cash and get a cash advance against their charge account.

While, ira, I too might ask why choose debit on a credit card. But then I've never fully understood the advantage of using debit cards period.

If I do a $200 charge on my debit card on April 5, it comes out of my bank account on April 5 (or maybe the 6th). If I make a charge for $200 on my credit card on April 5, it will appear on my credit card statement that closes on May 5, and I will need to pay it by June 1 to avoid any cost whatsoever to me. Not only will I have not had to give up that $200, but I will have gained nearly two months extra interest on my own money during that time I was using the "bank's" money for my purchases. I have never paid a credit card finance fee for charging. Using "someone else's money" for free for just short of two months is simply a good financial move.

I'd sure ask BofA to explain this one more and wouldn't let them off the hook. I would have wanted more info in the first place when I was told it was a cash advance. Clearly you do not need PINs to process a CC transaction as cash, there are products that allow that (like the TC example with AAA) and they don't need any PINs to do that. But the question is how can a hotel booking service process a hotel reservation as a cash advance. If this does benefit otel, and it may, does BofA just allow companies to charge things in any way they want? That shouldn't be allowed, more explanation is in order.

It is true that cash advances on CCs are clearly loans, as it isn't your bank account, so there are flat cash advance fees and interest charges. Unlike regular purchases, the interest charges are from the date you make that "cash" advance, also, not just if you don't pay the bill by the end of the month, because it's basically a loan. A 3 pct cash advance fee is pretty typical on a CC, but there might have been other interest charges on the bill, also (as well as the foreign transaction fee). I thought they would show up on this bill, not the following month.

But BofA needs to explain how otel can run things as cash withdrawals and what those standards are for allowing that.

One thing to consider. Otel didn't deal with BofA at all, so it really has little or nothing to do with BofA policy. Otel used the financial service of their bank or server (probably VISA financial services) to process the deposit as either a charge or a cash advance. BofA then received such notice and charge from Visa Services. What BofA wants to charge the customer of course is then up to them, but the determination of what kind of "advance" or "charge" it was had already been made when it came to them.

Neopatrick we think alike. I use my CC the same way as you. Charge everything, pay it off every month using their money and never pay an extra fee.

If anyone cares this is the response I got from my e-mail to BofA. They really didn't answer my question, so I sent another. On the phone it was a cash advance via internet they don't even acknowledge it is there they just see the foreign transaction fee of 3% that I was expecting.


Thank you for your e-mail regarding a finance charge. We care about your
concerns and will be happy to be of assistance.

We apologize for the miscommunication. Our records confirm all of your
transactions have been in the purchase category and no cash advance was
taken from your account. You may verify this on your billing statement
in the finance charge summary.

The amount of $6.10 is the sum of the foreign transaction fees for that
statement period. This is not a periodic finance charge on your account.

We would like to thank you for being a part of the Bank of America
family. We value you as a customer and appreciate your business. If we
may be of further assistance, please contact us again by e-mail. Thank
you for choosing Bank of America.

carnutga I have tried to look at your post regarding otel.com. I thought in the past to see someone else's post you just clicked on their name. Has this changed or is my brain in over load??

This gets too darn confusing.
I just received my BofA statement for the month,. At the bottom there is a block notice
Important information

As of 6/1/08, the International Transaction fee (ITF) for check card transactions in foreign currency or in US $ with foreign merchants is 3% of the US $ amount of the transaction. This amends your card agreement. The ATM ITF remains at 1%. The ITF is waived for Private/Premier clients. Foreign currency transactions are converted to US $ per your agreement.

I just checked my Feb statement.
On 2/28/08 I made a withdrawal at a Barclay's bank in London of 100 GBP. My Bof A statement shows it as $196.96, which was the interbank rate on that day. There was no transaction fee.

So could it be that some of us have different accounts and therefore pay different or no fees? I checked several more withdrawals made in Paris in Nov and I was charged nothing.

avalon
It appears that they are advising you in advance that as of 6/1/08 that they are changing to the transaction fee. Why would you see it on a current statement if it is not effective til June?

I don't think I've ever paid any fees to them I think we may have a Premier account as we have our mortgage and several checking accounts and savings accounts with them I know I pay no fees for any accounts.

Also it said the ATM ITF REMAINS at 1% so to me that indicates that the 1% was being charged all along in the past.

avalon, that's interesting about the ATM thing, as I've never spotted that and no one at BofA (what a surprise) didn't know that either. But I do have a premier account and always wondered why I didn't get even a 1% charge on my ATM withdrawals in Europe. Now I know that they do have such a policy for some accounts. Thanks.

gracejoan, I think avalon is telling us about two separate things here, not making a comment about her current statement representing that change. Her main comment seems to be regarding ATM fees, not the credit card fees they announced they are going to change.

Patrick - Now I'm pi**ed. I too am a Premier client at BoA but I did get charged 1% fee for my overseas ATM withdrawal. I wonder if it is because I only have a Money Manager acct but not a conventional checking/savings account?

Actually, this past summer when I looked at my statement there was a 1% charge listed, but when I compared the rate charged for the XE rate for those days, it seemed to be discounted by 1%, so it didn't make any difference. Perhaps that's what they do, discount the rate to make up for the fee?

I think my account is called an "Advantage Account".

kmadsen: &quot;<i>carnutga I have tried to look at your post regarding otel.com. I thought in the past to see someone else's post you just clicked on their name. Has this changed or is my brain in over load??</i>&quot;

The reason you didn't find such a thread by carnutga, is because it is not a thread on Fodors. He posted &gt;&gt;Check my post on <u>Flyertalk</u>. &lt;&lt; Flyertalk is a different website . . . .

Thanks janisj now that I re-read the post it makes sense.

For an update otel.com tells me they only charge the base amount and any extra fee's were the responsibility of BofA.
BofA doesn't want to solve via e-mail they now want me to call them. On my list of &quot;to do's&quot; for tomorrow. I would much rather be doing research for my trip.
Thanks all for the input.