After reading several reports that BofA now charges a 3% conversion fee on foreign ATM withdrawals I decided to get right to the source and emailed them through my actual account number. Here is the reply I got. Clearly they are charging 1% for that conversion fee -- not 3%. The 3% charge IS levied however on purchases with an ATM/debit card -- what they refer to as a check card.

Also you should note that avoiding the $5 fee is clearly only at the ATMS in the host country -- not when those banks are in other countries.

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

Thank you for your inquiry dated 3/18/07 regarding the fees. Your
concerns are very important to us and we will be happy to assist you.

Please note that the International Transaction Fee of 3% will be charged
for each purchase made with a Bank of America Check Card in a foreign
country. The fee will appear as a separate transaction posted on the
same date as the purchase transaction.

Also note that the the International Transaction Fee of 1% will be
charged for each cash withdrawal made with a Bank of America Check Card
in a foreign country. The fee will appear as a separate transaction
posted on the same date as the purchase transaction.

Kindly note, International ATM fee is $5. This fee is assessed for each
withdrawal, transfer or balance inquiry performed at a non-Bank of
America ATM or non-Global ATM Alliance bank located in a foreign
country.

Customers receive an additional 3% Foreign Currency Conversion
Adjustment for Check Card point-of-sale purchases made in a currency
other than U.S. dollars. The fee is assessed to help recover costs of
processing the currency exchange for Check Card purchases. The 3%
Foreign Currency Conversion Adjustment is applied to the converted U.S.
dollar purchase amount and is posted to your account on the same date as
the purchase transaction.

While traveling outside the United States, you can avoid the $5 access
fee by using an ATM at the following banks in these locations:

- Barclays - United Kingdom
- China Construction Bank - China
- Deutsche Bank - Germany
- Scotiabank - Canada
- BNP Paribas - France
- Westpac - Australia and New Zealand
- Santander Serfin - Mexico

We never used our BoA check card for purchases, only ATM withdrawals and rec'd 3% charge on the amount. None were Point of Sale so now I'm confused about this.

I used my BoA check card for ATM withdrawals as recently as January and rec'd 1% charge on the amount, and no ATM fee at Deutsche Bank in Germany. Patrick's explanation confirms this.

Unfortunately this doesn't help me with upcoming trip to Italy, where I will use my credit union ATM card.

We used our BofA ATM at a Deutsche Bank ATM in Milan in October and the fee was less than any other withdrawals in the rest of Italy - So I think that if you find a participating bank branch even if it is in another country it should be at least a much lower transaction fee...

<i>Customers receive an additional 3% Foreign Currency Conversion Adjustment for Check Card point-of-sale purchases made in a currency other than U.S. dollars. The fee is assessed to help recover costs of processing the currency exchange for Check Card purchases.</i>

Pure BS in my opinion. If Visa can manage just 1% and my credit union no fee for foreign transactions, either BofA is inefficient or greedy.

Just another good reason to dump B of A and find a more customer friendly bank or, better yet, a credit union. What a ripoff.

Curious

I think that policy is actually fairly common, but people just get confused about ATM/debit cards because they can be used for both. I only have an ATM card, so don't have that issue. But when I queried my bank on their foreign tranaction fees, they said the same thing. They had none for an ATM card, but I think they also had a 3 pct fee for the debit card when used for purchases, and 1% when used for cash. Their debit card has a VISA on the front, so clearly that is VISA's debit card fee (which, as I said, I avoid by having their regular ATM card only). This isn't a name bank, such a regional one, so I suspect those kind of fees for debit cards which vary by whether it is cash or purchase are common.

I think the $5 BofA transaction fee is the really outrageous thing, I haven't ever heard of any other bank charging that much. It's kind of funny that they ask you to &quot;kindly&quot; note that fee. What's kind about it.

And that $5 fee is why I am CLOSING my BOA account RIP OFF!

I used to have BofA - and I always used the Barclays ATM in London as it never charged me a fee. They sent out a little flyer with my statement that had a list of all the banks they dont charge to use your card at:
Santander Serfin, Barclays, Scotiabank, Deutsche Bank, BNP Paribas, Westpac.

Because of that I very rarely used it for point of sale transactions.

Since I have several accounts with BofA, and I pay nothing -- no fees, no charge for checks, get a free safe deposit box (worth $65 a year in iteself), and others, I have no reason to search for another bank to offset the couple of $5 fees I might encounter using foreign ATMS. In fact my BofA account even gives me two free withdrawals a month from any ATM, so I only pay $5 for the third in a month that is not with a partner bank. Gee, I think I can live with that.

Meanwhile it is really easy to avoid the 3% purchase transaction fee. Why use your ATM card for a purchase (check card) anyway?

Neo-

I'm with you. $5 fee - what's the big deal? Definitely not a reason for me to change banks. I mean, in the grand scheme of things, people spend thousands of $ on their trips to Europe, yet they complain about a $5 fee? For a $2000 trip, $5 is like 0.25% of the trip's expenses.

BTW, thanks for posting this. I'm going to Germany next month and will at least look for a Deutsche Bank ATM to save the whopping $5!

Anyone know which bank to use a BA card in Switzerland at?

Thanks!

Use it an any bank in Switzerland. There are no partner banks in Switzerland, so you'll be paying the $5 fee.

Once again, although DeutscheBank is an affiliate of BofA, you'll still pay a fee for using one of their ATMs if it is Switzerland. It would only be free in Germany.

Thank you for the info. NeoPatrick.

Neo, which type of checking do you have at BoA? I ask because I'm going to be in Switzerland and France, and while I can use the BoA card at BNP Paribas banks in France for free, I have no options in Switzerland, unless I get the checking account which offers 2 free withdrawals each month, which will cover me for the four days I'll be in Switzerland.

Thanks!

Mine is an &quot;Advantage&quot; checking account.
Although don't get your hopes up too high. I noticed just yesterday on another thread where someone suggested BofA is no longer doing that two free ones a month.

But honesly, jenblase, for four days in Switzerland you ought to be able to exist on just one withdrawal, and it seems that a $5 fee for their individual currency shouldn't be that hard to swallow.

It's not, but, free is free. Thanks.

I strongly recommend dropping BOA for any number of reasons. First, arrogance; secondly, ignorance when it comes to helping the customer, and thirdly unavilability of canceled checks after a very short period of time.

Just recently, my wife got a debit card in the mail with a notification that her ATM card had been arbitrarily cancelled.
No request was ever voiced for a debit or check card.

I asked if I could have a debit (check card) like I did at one time. The answer: We will cancel your ATM card.
I got up and left, telling them that I alread had a debit card with anther bank and that if I wanted one I would use that one.

Changing banks with automatic deductions and deposits out the gazoo is very difficult. I will have to change 5 automatic deposits, and quite a few automatic deductions for health insurance and utility payments.

Time to get started on it, however.
BOA is too big for its britches as the old saying goes.

I guess I'm fortunate that my nearest branch of BofA is filled with the most kind, courteous, and friendly employees any bank could want. I agree that each one may not have the right answer about percent charged on foreign ATM withdrawals or other matters -- but what bank does? We hear the same about other banks here all the time.

My bank has been very cooperative through my own cancelling of both our ATM/check cards and turning them to ATM only cards for security reasons, then having them reissued back as ATM/check cards again when I had a problem with a few foreign bank ATMS not accepting non debit (or Visa connected) cards.

Just the other day I asked if I could get a new zippered vinyl cash bag -- I think I left the last one in my car when I sold it -- and they happily gave me one. My checks are free, I have no service fees, my equity credit line is fantastic and done with absolutely no closing costs, and they give me a $65 a year safe deposit box for free. I sure have no complaints.

Sorry, you had a bad experience, BobBrown. My experiences with BofA are great. And as I've said before, with the number of perks I get as well as the convenient and friendly service, I might consider changing if I found another bank that provided everything they do, but so far I haven't found it.

Meanwhile, I have no idea what you mean about the cancelled checks. I can access mine on line almost immediately and while they recently stopped sending the actual checks with the monthly statement, there is a small copy of every cancelled check that comes with the statement.

I will say it makes a big difference what your local branch is like and what the people working there are like.