New BOA Fees?

S

Sonora

Guest
I just read this over on the Bajanomad forum and was wondering if anybody has experienced this at the local Santander ATM?

"Bank of America just sent us some unwelcome news. They will be instituting a number of new fees starting on Nov. 2, 2013. The one that may be of most interest is a 3% " International Transaction Fee". This will apply to any purchases as well as any ATM cash withdrawls. An additional fee of $5 will be charged for not using an "International Partner ATM". For what it is worth we have called B of A and registered our protest. We urge you to do likewise. We will be ending our relationship with B of A after 25+ yrs. We have already opened an account with Charles Schwab bank. They do not charge any "foreign transaction" fees and reemburse any ATM fees. Saludos!"
 
GV Jack

GV Jack

Snorin God
I am a B of A customer and I just used Santander a couple weeks ago and while the screen appeared to say no charges,
I was charged a transaction fee of 3.78 +/- for a 1500 peso withdrawal. Thanks for calling that to my attention. I'm sure
there will be more chiming in after the weekend.
 
D

Dezracer

Guest
WHAT THE HELL!

I received no such notice. I too was charged a transaction fee after the screen said there was no fee. The only reason I even opened a B of A account was for use in Mexico. I feel sorry for the agent I'll be calling in the morning.
 
Roberto

Roberto

Guest
Hey it's the land of manana. They will correct the notice on the ATM, some day !! The guy that does that is probably on vacation.
 
S

Sonora

Guest
fatboyharley said:
If you call they will take the fee off and reimburse if you Are an advantage customer
Click to expand...
This is not an ATM charge. This is an " International Transaction Fee" imposed by BOA. Good luck on getting that reimbursed back to you. Let us all know if they do.
 
Roberto

Roberto

Guest
Not getting a notice of a change in charges is problematic, but I cannot bitch about he modest charge I pay per transaction. It's a huge convenience and well worth the cost for someone living here and not wanting to deal with Mexican bank accounts. Since the charge is per withdrawl I make large withdrawls and reduce the frequency and thereby the total cost.:D:D:D:D
 
S

Sonora

Guest
Roberto said:
Not getting a notice of a change in charges is problematic, but I cannot bitch about he modest charge I pay per transaction. It's a huge convenience and well worth the cost for someone living here and not wanting to deal with Mexican bank accounts. Since the charge is per withdrawl I make large withdrawls and reduce the frequency and thereby the total cost.:D:D:D:D
Click to expand...
Um.....NO. The 3% charge is on the total amount you withdraw and this is brand new. Whether you take $100 worth of pesos out all at once or split it up over several different withdraws, the amount you will pay is still going to be 3% of $100. THIS IS NOT AN ATM FEE. Your method only works if you are talking about an ATM fee and there is no ATM fee charged at Santander if you are a BOA customer.

Some people don't like giving away 3% of their money if they don't have to. You are probably getting dinged for both fees and don't even know it. LOL
 
V

VegasDude

Guest
Ok, gotta ask, Were you using a debit card or a credit card? BOA has always charged a fee when you use a credit card in a foreign country. Is the new change dealing with a debit card? I used my Boa debit card in RP in march with no fee. Is that what's changing?
 
M

MIRAMAR

Guest
From the B of A site:
https://www.bankofamerica.com/deposits/manage/faq-atm-fees.go

What are the fees for using a debit card or ATM card in a foreign country?

Withdrawals, transfers, and balance inquiries made at ATMs in foreign countries outside the Global ATM Alliance, China Construction Bank (China), or Banco Santander (Mexico) will be charged a $5 Non-Bank of America International ATM fee. In addition, an international transaction fee may be charged for debit card purchases and ATM cash withdrawals in currency other than U.S. dollars, regardless of whether the transaction is performed at an ATM within the Global ATM Alliance, China Construction Bank (China) or Banco Santander (Mexico). The international transaction fee is 1% of the U.S. dollar amount for each converted ATM cash withdrawal. (Effective November 8, 2013, the fee will change to 3%). The international transaction fee will appear as a separate item on your banking statement for each international transaction. Many ATM Operators charge a higher rate. To avoid the higher rate, we recommend you choose to have the currency conversion by Bank of America. Otherwise, you may be assessed a higher conversion fee.
 
V

VegasDude

Guest
Thanks for that info and especially that link. Here's what I also found at that link ;

"You can avoid the Non-Bank of America ATM usage fee and ATM operator access fee by using one of our international partner ATMs in the corresponding countries listed below:

  • Barclays (England, Northern Ireland, Scotland, Wales, Jersey, Guernsey and the Channel Islands)
  • BNP Paribas (France)
  • BNL D’Italia (Italy)
  • UkrSibbank (Ukraine)
  • Deutsche Bank (Germany)
  • Scotia Bank (Canada, Peru, Chile and the Caribbean including: Anguilla, Antigua & Barbuda, The Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Saint Maarten, Puerto Rico, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Trinidad & Tobago, Turks & Caicos Islands, U.S. Virgin Islands)
  • Westpac Bank (Australia and New Zealand)
  • China Construction Bank (Mainland China)
  • Santander (Mexico)"
I realize that Boa may not have changed their website yet, but according to this they should not charge a fee at the local Santander ATM , but that may only work with a debit card., will have to see next month
 
GV Jack

GV Jack

Snorin God
I used my B of A debit card at Santander three weeks ago and was charged a 3% Fee. Anyone know of any banks in the US that don't do that?
 
mondone

mondone

Whitecaps
Looks to me according to BOA website that if you have an Advantage checking acct, you can order foreign currency to either be shipped to your home ( for a fee) or arrange to pick it up at certain bank locations for an exchange rate of 12.45 to 1 for MX pesos. Certain min/max limitations apply.
 
K

Kea

Guest
My credit union (in TX) charges $1.50 because the ATM is out of their network. You may want to check the credit unions around you. I have heard that some don't charge any fees, but I don't know which ones they are.
 
T

Terry C

Guest
We exchanged cash for peso's this past weekend for $ 12.55 to 1. Just take cash and avoid the fees and some of restaurants won't take a card anyway. Cash only!!
 
BootNHat

BootNHat

Guest
The person that I talked to last week at BOA was very clear it is NOT an ATM fee. According to him the International Fee was imposed by VISA and not BOA. That is not something I believe either. I am going to look into the Schwab account myself. It will be tough getting all the things moved to another bank so I will wait till Jan.
 
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