Money Exchange - Age Old Question

Sep 19th, 2009, 07:15 AM
Join Date: Oct 2003
Posts: 32,576
My credit union still offers ATM only cards on checking accounts. You just have to ask for it or they will automatically give a debit card.
kybourbon is online now  
Sep 19th, 2009, 08:18 AM
Join Date: Jan 2003
Posts: 2,568
As I understand it, if an ATM-only card is linked to just one account, and that is a savings account, it may work for withdrawals outside the US. Where people have problems is trying to select which of several accounts to withdraw from on a single ATM card -- the Euro banks offer no choice and default to checking. The best advice is to have cards from two different banks.

As for banks that do not issue ATM-only cards, is it possible to set a low limit for non-PIN uses of the debit card? I'd want a $50/transaction limit for purchases so if the card is lost, a thief could not empty my account by purchasing expensive fence-able merchandise without the PIN.
I do not worry about fraudulent cash withdrawals with a lost or stolen card because my PIN is not written anywhere and the likelihood of its being guessed by a theft ring's computer program is extremely low.
kayd is offline  
Sep 19th, 2009, 09:28 AM
Join Date: Jan 2003
Posts: 5,850
I had a ATM-only card linked to just one savings account at BA. No account selection issue of any kind was involved. It did not work at all in France or Spain. The bank looked at the failed transactions after the fact and determined that the foreign ATMs did Demand Draft type of transaction. According to the BA, my savings account could not process those type of transactions. What was irritating was that it was the same guy who claimed the arrangement "should work" in Europe.

I wonder getting an ATM card with a checking account is related to the bank or the state where the bank is located? My banks flatly claimed I had no options. I asked, but the answer was unmistakable "no" regarding an ATM card with a checking account. I surmised that the bank found a new source of revenue by partnering with Visa or Mastercard.
greg is offline  
Sep 21st, 2009, 06:46 AM
Join Date: May 2009
Posts: 555
European banks don't charge anything for ATM withdrawals. And my USA bank doesn't charge anything either. Even if I use an ATM that isn't owned by a bank and that private ATM owner charges a per-use fee, my bank refunds the fee to me automatically. Of course, non-bank ATMs might give a lousy exchange rate in addition to fees.

I also would like to know the name of the credit union that gives such a good exchange rate on cash exchanges--I've never found a bank or credit union in my part of the world (Washington DC/Maryland) that gives a rate like that mentioned by jkbritt.
Paul1950 is offline  
Sep 21st, 2009, 07:19 AM
Join Date: Jun 2006
Posts: 17,549
the Age Old question seems to bring the same mix of "age old" not necessarily reliable answers.....
Dukey is offline  
Sep 21st, 2009, 07:22 AM
Join Date: Feb 2003
Posts: 7,525
In London, the ATM withdrew from my checking account.

At home, my banks give me access to all my accounts via my ATM card, including my VISA account and LOC.
Michel_Paris is offline  

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