Grandma

END OF STORY: Husband was not told by teller of $10 fee so he wrote a letter to Chairman of Chase. Today he received response: his a/c has been credited for the $300 worth of service charges because he is a "valued client" - BUT, they also enclosed their regular fee schedule. Let us hope no one is ever stupid enough to deposit unused Euro denominated Travelers checks at JP Morgan Chase. Here 'tis:

US $ equivalent: $10.00 to$49.00 //Service Charge PER ITEM: $10.00
US $ Equivalent: $50.00 t $9,999.99 // Service Charge PER ITEM: $25.00
etc.

Once more... Live And Learn!!!

Patrick

That's amazing. So what they're saying is if you deposited $5000 worth of $10 travelers checks (500 of them) you'd end up without a penny!!!

ira

Hi Grandma,

Glad to see you got the service charge back.

$10 to cash a foreign currency check is not unusual. My London friends tell me that their banks charge 10 GBP.

I don't see why it should cost more to cash a large check than a small one. It's not like they are that much heavier to handle.

Grandma

So, Patrick and Ira... you both made me giggle. I wonder whatever happened to volume discounts?

Lina

Here's my two cents: I wouldn't get traveler's checks again, but I did get $500 worth (in euros) from AAA prior to a trip to Italy last summer since I wasn't sure how readily available ATMs were. What I learned: many places did not accept TCs at all, shops and restaurants only accepted them in euros (just like they wouldn't accept foreign currency) and most hotels & banks that would accept them charged a fee (just for cashing!). The AmEx office also charged a fee for cashing TCs unless they were AmEx brand. Needless to say, I came home with leftovers...fortunately I'm traveling to Europe again in a month.

Koshka

For our first trip to France, I tried to be clever and purchased AMEX TCs in euros.

The only negative experience of the trip was our concierge/desk clerk at our 4-star declining to cash them for us. I believe this was because the hotel couldn't get their conversion fee on the dollars to euros exchange.

Or maybe he was the one and only snotty French person we have yet to encounter. Who knows.

OTOH, it did make us adventure out a bit further than we might have to get them cashed, and gave us at least ONE snotty Frenchman story.

As to Citibank charging that ridiculous charge, I would have considered threatening to move my bank account unless they gave back $290 of that fee.

Grandma

Hi Koshka.... my husband did complain and got a full credit. But as I've had to correct and apologize for before: the culprit was JP MORGAN CHASE (not Citibank...-

Koshka

And my apologies for not reading the full thread, Grandma.

I did note that later and was semi-chagrinned.

Tell your DH, Way to Go! from me.
Kk

JonJon

It really is too bad that when the DH was going out and buying the Eurochecks you weren't as attentive to his "big mistake" as you are now..where WERE you when he really needed you?

Grandma

JonJon... chuckle, chuckle.... Are you married? (Are you a woman?) If you knew my husband you'd understand the situation perfectly -

amaes

My question is about euro checks. I was recently asked if they were accepted at U.S. banks. I didn't even know what they were. In my quest to find this out for my friend, I have found out just about everything about them, but still can't answer my friends question... Can anyone help me?

StCirq

amaes: what do you mean by "euro checks"? Do you mean euro-denominated traveler's checks? If so, no, they won't be accepted at a U.S. bank. You'll have to take them to a currency exchange place and pay a fee to get them converted to dollars.

platzman

Traveler's Checks in any denomination are just too expensive and inconvenient these days.
I know that many people like to have a few hundred worth "just in case" the debit card doesn't work or ATM networks are down.
But there are better alternatives to these problems than TCs.
You could have a second ATM/debit card from a different bank
OR
You could use your credit or debit card for a cash advance either at the ATM or in the bank (still less expensive than cashing/exchanging TCs).
I've travelled in Austria frequently. I can tell you that the banks there charge very high commissions for exchanging TCs. Its just not worth it.

sundown

Grandma, take your DH by the hand and find yourselves a credit union if at all possible. I don't know their policies on TCs but fees at credit unions tend to be a small fraction of what banks charge. And since they're member-owned their rates on accounts and loans are almost always better, too. It's nice your bank agreed to refund the charges and all, but had you not put up a stink they would have basically robbed you.

flanneruk

I think amaes means eurocheques.

Eurocheques (and that IS how they're spelt - in all languages) are specially designed cheques that can be used throughout Europe and nearby countries. Outside this area, banks usually treat them as ordinary foreign cheques.

Now in my tiny, back of beyond, untouched by tourism, market town, the banks happily and without fuss accept cheques drawn on US, European, HK or Ozzie banks, process them for a surprisingly unextortionate fee, and even the most junior employees know the drill.

amaes' question was probably whether banks in major financial centres like New York or Chicago treated foreign cheques in as wordly a manner as the part-time schoolchildren in Little Piddlecombe on the Wold.

Does anyone know?

LarryJG62

Has anyone tried the new TravelFunds card from American Express? I bet that this will replace TC's in time.

TopMan

American Express has obviously "lost out" to more convenient ATMs in my opinion and the travel funds card is just another marketing ploy to get some share of the market.

PLMN

How about this for upcoming trip:

Only buy 200 Euros before leaving US for Italy. Have these funds to start with just in case ATM at Rome airport does not work or whatever. Need the Euros because limoservicerome.com rates are for cash payment.

Use CHECK card to get Euro cash from ATMs so that you have this currency for minor cash transaction. (For tips, taxis, buses, postcards, etc.)

When ready to do so, use Check Card at ATM to withdraw villa deposit, cleaning and linen fee of 630 Euro. (When we check out we will get 500 Euro back, if we don't drop an iron on the carpet )

Try to use up the 500 Euro on the last night on the road before departing from FCO the next day. Hope we can spend it on gas for rental car, food, last night hotel, etc.

CREDIT cards on trip should be used for paying for restaurants, shows, the final hotel bills, etc. Additional car rental charges not already paid for.

Is it better to use the Credit card for purchases of clothes, pocketbooks, gold, etc? Even if the credit card and check card offer the same protection?

Am preparing final pre-trip instructions and appreciate the help.

Back when this entire trip idea came up I thought now I can use my free travel check benefits. Don't really see a reason to do so now.

xyz123

You should use a credit card for every purchase no matter how small at any establishment that take them. Just make sure it is not issued by such near criminal banks as Citibank, Bank of America, Chase, Bank One (now part of Chase BTW)that rip you off with an additional 2% charge for foreign transactions when they have nothing to do with the conversion. use the credit cards of banks such as Capital One, USAA, MBNA which do not pull this garbage. Cash should be reserved only for those places that do not take credit cards.

You have much better protectioon when you use a credit card in case you wish to dispute a purchase. If yho use a check card, the money is taken out of your account and it is very difficult to get it back.

PLMN

thanks xyz. That helps clear things up. I have never had trouble with disputed charges involving my visa ck card. However with being overseas I like the idea of not taking a chance.

So I will reserve the CK card for ONLY taking cash out of the ATM, use the Credit card for all other purchases.