ATM's

ATM's

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I just talked to a Bank of America representative about their International ATM fees. If this person is correct, their fees have jumped. They charge a $5.00 International ATM fee for money withdrawals, except from banks where they have an alliance. I was told they just put into affect an additional 1% International Transaction Fee. So your withdrawal will be charged an additional 1% of the U.S. dollars withdrawn. I made a 10,000 peso withdrawal the other day and was charge a $5.00 ATM charge and a $9.73 International Transaction Fee. I was told this ITF fee will also be charged if you deal with an alliance bank. I am checking further to see if the info is incorrect.

Nov 23, 2005, 8:14 AM

Post #2 of 48 (2384 views)

Re: [Don] ATM's

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I use my BofA card at Serfin which is part of their network. Some time ago there was a 1% charge for a couple of months, then it stopped. I withdrew money yesterday. I checked my account just now, and no fee was charged.

Who knows what evil lurks in the minds of those bandits? The Shadow knows! (Anybody old enough to know what I'm talking about?)

Rolly Pirate

Gayla

Nov 23, 2005, 8:50 AM

Post #3 of 48 (2372 views)

Re: [Don] ATM's

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Wells Fargo is charging the $5 transaction fee as well, but I'm not sure if they're charging the International Transaction Fee or not. I used my ATM card for withdrawals 2 weeks ago in D.F and Patz. and know they definitely charged the $5 transaction fee. Unfortunately, I had an ATM in Patzcuaro not dispense money and it *appears* that the amount was deducted from my account. So that was what I was focusing on with latest bank statement, not any additional service charges for withdrawing cash <sigh>. I don't recall seeing the additional fee, but than again, I wasn't exactly looking for it.

1ajijic

Nov 23, 2005, 9:26 AM

Post #4 of 48 (2359 views)

Re: [Gayla] ATM's

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Just checked - no fees of any kind on California Commerce
http://www.newbeginningsmexico.com

Bear

Nov 23, 2005, 10:26 AM

Post #5 of 48 (2346 views)

Re: [Rolly] ATM's

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"The Shadow" kfmb, San Diego AM Radio, for years.

belgique

Nov 23, 2005, 11:31 AM

Post #6 of 48 (2332 views)

Re: [Rolly] ATM's

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The BoA website at http://bankofamerica.via.infonow.net/locator/atmbranch/
says this:

Use your ATM card or Check Card within our Global ATM Alliance in the countries shown with no fees.
Barclays (United Kingdom)
BNP Paribas (France)
Deutsche Bank (Germany)
Santander Serfin (Mexico)
Scotiabank (Canada)
Westpac (Australia and
New Zealand)

Also their site (on another page) describes a program where folks in US can transfer $ (up to $3,000/mo) to people in MX at no charge.

Are Serfin ATMs readily available? Thanks, Steve

(This post was edited by belgique on Nov 23, 2005, 11:33 AM)

Nov 23, 2005, 11:52 AM

Post #7 of 48 (2327 views)

Re: [belgique] ATM's

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There are several Serfin branches in my area. It is a nation-wide bank, but I don't know how common they are in other parts of the country.

Rolly Pirate

Don

Nov 23, 2005, 1:09 PM

Post #8 of 48 (2312 views)

Re: [belgique] ATM's

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This Bank of America website shows the ATM fees, http://www.bankofamerica.com/.../pdf/47-11-3000B.pdf

It shows the $5.00 ATM fee at banks in Mexico other than Santander Serfin, but say nothing of their new 1% International Transaction Fee

S & C

Nov 23, 2005, 1:16 PM

Post #9 of 48 (2313 views)

Re: [Don] ATM's

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In case anyone is interested,
I use HSBC as my bank in the states and use their ATM card at the HSBC branches in Mexico with no charge.
I know HSBC in the states has most of their branches in New York state but they also keep growing their presence and now have branches in California, Washington, Oregon, Florida, Pennsylvania and New Jersey.
You can open an account on line, fund it, pay bills etc.
Stan

gpk

Nov 23, 2005, 1:36 PM

Post #10 of 48 (2295 views)

Re: [S & C] ATM's

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Re HSBC--what type of account is required, i.e. minimum balance, etc.? This might be a very good option. Thanks!

S & C

Nov 23, 2005, 1:49 PM

Post #11 of 48 (2288 views)

Re: [gpk] ATM's

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I just opened a checking account when I got my card but the best thing to do is to go to their website ans check it out.
http://www.us.hsbc.com/1/2/3/personal

Like all major banks they have lots of options.
They also have an on line savings account earning 4%. I had been in ING Direct until HSBC started this account and they beat ING's rates.
Stan

Don

Nov 23, 2005, 2:27 PM

Post #12 of 48 (2269 views)

Re: ATM's

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I finally received an answer from B of A. I am now trying to fine out if they waive the transaction fee if one uses Santander Serfin.

Dear Don Sellers,

Thank you for your inquiry dated 11/23/05.

The International ATM fee is $5.00. 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. Notification of the fee increase was communicated in your
September 2004 checking account statement explaining the new rates and
an insert highlighting the Global ATM Alliance.

The foreign currency conversion adjustment 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.

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

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

(This post was edited by Don on Nov 23, 2005, 3:43 PM)

Papirex

Nov 23, 2005, 2:47 PM

Post #13 of 48 (2265 views)

Re: [Don] ATM's

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I use a non-profit credit union for my banking; I am never charged anything by my own credit union for ATM withdrawals anywhere, and I pay no monthly fees for an account, as long as direct deposits are used. The minimum deposit to open an account is $5. US Dollars, that is a pretty typical amount to open an account at most credit unions. The account remains open as long as a $5 dollar balance is maintained.

Mexican banks charge a small fee for withdrawals using an ATM card issued by other financial institutions, somewhere around 7 Pesos I believe. It is such a small amount I don’t remember how much it is. About a year ago, they had to start displaying the amount, and you must agree to it before any money will be dispensed to you.

In The US, if I use an ATM owned by a financial institution that is not in the same credit union league that mine is in, I am charged anywhere from $1.50 to $3.00 US Dollars by the other bank.

The 1% foreign transaction fee is not new. Formerly, it was not disclosed, but simply included in the total amount withdrawn from your account. The US courts now require those fees to be shown separately. About six months ago, My online banking statement started listing them as “ATM fee levied by Visa.” My Suegra’s Washington State Employees credit union has not yet started listing those fees separately though.

My credit union uses the Visa international monetary transfer service, and they have always charged a 1% fee, which is passed on to me. Getting money from an ATM machine in Mexico from a foreign bank account is an international monetary transaction.

Besides The California Commerce Bank, there are a few banks that do not charge a fee for taking your own money at an ATM. If you can’t find a bank that charges no ATM fees, I would recommend checking in to membership in a credit union. Since they are non-profit, they charge as few fees as possible, and as little as possible. Your accounts are insured, just as they are in a bank. Almost everyone is eligible to join one. Anyone that is interested may search at this link to see if they are eligible: http://www.howtojoinacu.org/

Rex

"The supreme happiness of life is the conviction that we are loved" - Victor Hugo

MazDee

Nov 23, 2005, 10:08 PM

Post #14 of 48 (2204 views)

Re: [1ajijic] ATM's

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Gayla, my last statement from Cal Commerce was the first one that showed transaction fees of $1.40USD for withdrawals from non-affiliated banks. It still seems to be free at Banamex. I suspect that I have been charged the fee in the past (it tells me so at the ATM window!) and they just didn´t post it separately on my statement. This disclosure seems to be a new regulation (according to later posts), although it was always disclosed to me in the US. I normally like to use the bank near my house, Bancomer, which is not only handy but gives me $200 peso notes, unlike the Banamex downtown where I get $500´s. In downtown Maz, that´s like not having any money at all! Who has change?

Bloviator

Nov 24, 2005, 5:05 AM

Post #15 of 48 (2186 views)

Re: [Gayla] ATM's

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The only fee that appears on my Wells Fargo statement is the $5 fee for each transaction. All other fees are hidden. I haven't bothered to check out what they may be as I hate the $5 fee and only use WF when I have no choice - my other banks charge no transaction fees like that - or once a month I make a withdrawal on that account of $500. That way the $5 doesn't seem so nasty.

johnv

Nov 24, 2005, 5:31 AM

Post #16 of 48 (2182 views)

Re: [gpk] ATM's

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HSBC has a great online savings account currently paying .04% interest, the top in the US with no fees and no minimum balance. I recently opened an account with them just for the interest rate. As far as avoiding various ATM charges, Citizens Bank, out of Rhode Island, has the Circle Gold checking account, which offers no fee international ATM Transactions.

Brian

Nov 24, 2005, 5:59 AM

Post #17 of 48 (2174 views)

Re: [johnv] ATM's

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HSBC offers free online banking and billpay through software such as Quicken and Money. In contrast, Wells Fargo charges $9.95 per month to use these.

saludos
Brian

Nov 24, 2005, 8:24 AM

Post #18 of 48 (2134 views)

DECIMAL POINT DANCE - INVESTING

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Before anyone rushes to invest in HSBC, check those decimal points carefully. I just looked at their website and found that, indeed, they have an account paying ".04%". Try this on your desktop calculator with exactly that input (as shown in their chart) and you will find that your earnings on $100 will be four cents. Not four dollars.

This raised a flag because only this week I was looking around for someplace to put my savings that might offer a better rate than the paltry 3.75% offered by the big east coast investment firm on the money market account. After checking several well-known banks in the US that have online banking/investing, I was so convinced there must be a mistake on the site that I called two of them and was assured that, yes, that was four-tenths of one percent. One of them told me that their best rate was a CD for four months at 2.75%.

I have a new appreciation for the paltry 3.75%.

(This post was edited by Gringal on Nov 24, 2005, 9:41 AM)

Uncle Jack

Nov 24, 2005, 10:28 AM

Post #19 of 48 (2098 views)

4% is 4%

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I don't see any decimal point problem here:

http://www.hsbcusa.com/..._online_savings.html

uj

Nov 24, 2005, 10:36 AM

Post #20 of 48 (2094 views)

Re: [Uncle Jack] 4% is 4%

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Check out the charts in their online investing website. That's where I got my information. The one I saw at HSBC website showed: .04%, not 4%.
The press release says something entirely different. Which rules? In any case, we should check the fine print on this before investing.

(This post was edited by Gringal on Nov 24, 2005, 11:02 AM)

Nov 24, 2005, 11:12 AM

Post #21 of 48 (2082 views)

Re: [Gringal] DECIMAL POINT DANCE - INVESTING

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I have searched the HSBC site and cannot find any account that pays only 0.04% interest. They are loudly proclaiming a new account that pays 4.00%.

Rolly Pirate

Nov 24, 2005, 12:01 PM

Post #22 of 48 (2070 views)

Re: [Rolly] DECIMAL POINT DANCE - INVESTING

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Path to chart:
First, I went to "HSBC" in a yahoo search, and from there, I followed the arrows to the chart for savings accounts and came up with a whole slew of low rates and lo! I also found the online 4% account listed. They put the usual disclaimer at the bottom that rates could change at any time. On the surface, this looks like a very, very good deal. I guess our original poster threw me for a loop by referring to a ".04%" return as being a good one. My husband fell for that, too, looking at a different bank website. (US Bank.) Then we both had the "wait a minute" moment and started checking. HSBC does have a money market account listed showing that .04% rate. Honest. Takes a bundle to open it, too. It's not that I don't trust banks, but..............

johnv

Nov 24, 2005, 12:26 PM

Post #23 of 48 (2063 views)

Re: [Gringal] DECIMAL POINT DANCE - INVESTING

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THE HSBC ACCOUNT IS PAYING 4% INTEREST!!!!!!! QUIT NIT-PICKING!!!!!!!! IT'S THE HIGHEST IN THE COUNTRY. EMIGRANT DIRECT IS EQUAL, IN NYC. (I am so sorry you couldn't figure out what I meant)

Nov 24, 2005, 1:11 PM

Post #24 of 48 (2051 views)

Re: [johnv] DECIMAL POINT DANCE - INVESTING

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Hey Johnv - I didn't mean to be argumentative here or nit-pick the issue. Your four percent is good. Happy investing, and happy Thanksgiving.

Nov 24, 2005, 1:15 PM

Post #25 of 48 (2050 views)