Nov 23, 2005, 2:47 PM
Post #13 of 48
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 Formerly, it was not disclosed, but simply included in the total amount withdrawn from your account.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/
"The supreme happiness of life is the conviction that we are loved" - Victor Hugo