BajaNomad - The party's over, DUMP B of A

The party's over, DUMP B of A

weebray - 9-17-2013 at 12:25 PM

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!

bajajudy - 9-17-2013 at 01:26 PM

First Republic also charges no fees and reimburses any ATM fees charged.

LaTijereta - 9-17-2013 at 02:55 PM

FYI..I use B of A "Travel Rewards" card, and there are no international transaction fees with it's use...It also has no annual card fees..
Now will look into a new ATM card to partner with.. :cool:

BofA

bajaguy - 9-17-2013 at 03:07 PM

Excerpted from wikipedia with my added sarcastic comments.

The Bank of Italy founded in 1904 by Amadeo Giannini was originally started to provide loans to immigrants and working class people. In 1928 the Bank of Italy merged with the Bank of America, took on the Bank of America name and remained under the leadership of Giannini.

In 1998 Bank of America merged with NationsBank of Charlotte, North Carolina. While NationsBank was the nominal survivor, the merged bank took the Bank of America name.

Giannini died in 1949, and so did the Bank of Italy/Bank of America service to it's customers.........

Seems like Bank of America has forgotten it's roots.

weebray - 9-17-2013 at 03:29 PM

Re: Santander bank. It is a partner bank and no $5 fee will be charged for using their ATM - BUT! you will incur a 3% int'l transaction fee. Not acceptable IMHO.

willardguy - 9-17-2013 at 03:47 PM

ratz! do you suppose this will effect in bank transfers?? (the way I pay my rent) :?:

durrelllrobert - 9-17-2013 at 06:28 PM

Citi bank has always charged a 3% fee for international purchases. Cost me $360 for my 3 day hospital stay in Canada since the only way I could get discharged was to put the whole $12k on my Citi bank Visa card :fire:

[Edited on 9-18-2013 by durrelllrobert]

[Edited on 9-18-2013 by durrelllrobert]

bajaguy - 9-17-2013 at 06:34 PM

Southwest Airlines VISA card has no international transaction fees, and you build points towards air travel.

bajario - 9-17-2013 at 07:53 PM

I believe Poco Cielo in La Mision charged me a 6% fee for using a Visa Debit card.

bajagrouper - 9-17-2013 at 08:00 PM

Quote:

Originally posted by durrelllrobert
Citi bank has always charged a 3% fee for international purchases. Cost me $360 for my 3 day hospital stay in Canada since the only way I could get discharged was to put the whole $12k on my Citi bank Visa card :fire:

[Edited on 9-18-2013 by durrelllrobert]

[Edited on 9-18-2013 by durrelllrobert]

I have a Citi bank ATM card and use it in Mexico 6 months a year,I can withdrawal $26000.00Pesos a day without any fees or international fees.....also have Schwab Bank Card with fee reimbursement monthly......

micah202 - 9-18-2013 at 01:00 AM

...yeh,,it's definitely buyer beware out there1

...my bank recently added some new terms that I didn't notice until I saw the statement....-each- time my account crosses the line into the line of credit,,they charge $5!!,,,that made an extra $40 for them ...but lost an account!

aguachico - 9-18-2013 at 04:34 AM

UBOC no charge and fee reimbursement, but now that you mention it - last weekends transactions don't show the reimbursement. hmm

no worries gotta Banamex card. Deposit dollars, use pesos.

Bajajorge - 9-18-2013 at 09:10 AM

My Credit Union ATM card gets a $2.00 fee for a Baja withdrawal, that plus whatever the Bancomer or Banomex charges.
Last winter Bancomer was the expensive bank, Banomex was much cheaper when making ATM Peso withdrawals.
What happens this winter with those banks remains to be seen. They're the only ones available in San Felipe.

durrelllrobert - 9-18-2013 at 09:53 AM

Quote:

Originally posted by bajagrouper

Quote:

[Edited on 9-18-2013 by durrelllrobert]

[Edited on 9-18-2013 by durrelllrobert]

I was talking about using it as a charge card; not a debit card.

willardguy - 9-18-2013 at 10:13 AM

Quote:

Originally posted by durrelllrobert

Quote:

Originally posted by bajagrouper

Quote:

[Edited on 9-18-2013 by durrelllrobert]

[Edited on 9-18-2013 by durrelllrobert]

I was talking about using it as a charge card; not a debit card.

hmmm, I left citi bank two years ago for BofA because of their debit card fees. (international and atm fees) guess next trip norte i'll have a visit with them. :yes:

weebray - 9-18-2013 at 11:49 AM

Quote:

Originally posted by willardguy
ratz! do you suppose this will effect in bank transfers?? (the way I pay my rent) :?:

One of the new "fees" is a $15 charge on wire transfers so I assume your rent just went up by that amount.

DavidE - 9-18-2013 at 11:54 AM

NOT A JOKE

In 2008 in an interview the daughter of Giannini quipped, "If my father were alive today and he saw how much "they" screwed up his bank, those people would be going on a one-way boat ride".

Jack Swords - 9-18-2013 at 01:03 PM

Called Schwab this morning, drove up to office and opened account. Thanks.

B of A

cliffh - 9-21-2013 at 10:55 AM

Just got off the phone with B of A, said there where no fee's if you use Santander, Will let you know in 2 weeks. Person said to call if I was charged and the would reverse. Time will tell Cliff

USAA

bajaguy - 9-21-2013 at 11:07 AM

For those of you veterans and veteran family members, check out USAA.

USAA ATM fees are a 1% fee charged by Master Card on International ATM's (however no fees charged by USAA). USAA also reimburses "non-partnered" ATM fees.

United Airlines Explorer Card

Marla Daily - 9-21-2013 at 11:50 AM

Another credit card which does not charge foreign transaction fees is the United Airlines Explorer Visa Card. One gets 50,000 miles for signing up (= free UA ticket/US). The annual fee to have the card is $100. We find it well worth it. We charge everything we can on the visa; use the bank's $$ free for the month; then pay the bill in full each statement. We've never paid a penny interest. And we rack up the free miles and do a lot of flying for free. All for $100/year. More and more businesses are taking Visa these days. We can even pay at Leys in Loreto with Visa now.

MitchMan - 9-21-2013 at 12:52 PM

I would keep calling B of A to get corroboration. There's a lot of "banking double talk" going on...as usual.

Just looked at two different printouts today from B of A. One printout said "Starting November 8, 2013 certain fees will apply but that if you use an "International Partner" ATM (in this case, Santander ATM) you can avoid the $5 USD Non-Bank of America ATM fee. There appears to be an International Transaction fee of 3% computed on the converted US dollar amount of a transaction. Sounds like two different kinds of fees in this print out: International Transaction fee of 3% and a Non-Bank of America ATM fee of $5 USD.

The second printout refers to 3 different fees: "ATM operator fees" and to a "Non-Bank of America 'International' ATM fee" of $5 USD and an "International Transaction Fee". This printout says that you can use your ATM card at Santander Bank and incur NO ATM operator fees and NO Non-Bank of America 'International' ATM fee BUT that an "International Transaction Fee" of 1% for converting your currency may apply.

My take on this is, if you have a USA B of A debit/ATM card, and you use it to withdraw pesos from your USD BofA checking account at a Santander Bank in Baja, you may expect at least a 1% fee on the equivalent USD amount of the withdrawal. That's $10 USD on a withdrawal of $1,000 USD worth of pesos. And, that happens to be $10 USD more than I used to pay. To me, that's either two six packs of Pacifico (bottles) or two Mexican chickens (4 meals).

Time to look elsewhere.

[Edited on 9-21-2013 by MitchMan]

durrelllrobert - 9-21-2013 at 04:42 PM

Quote:

Originally posted by weebray
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!

According to this info the $5 ATM fee ONLY APPLIES to BALANCE INQUIRYS and NOT CASH WITHDRAWLS at non-partner ATMs but the 3% fee does apply:

" the fee charge for accessing a non-Bank of America ATM net is $5.00 fee for each; balance inquiry and 3% for withdrawals and purchases"

tjsue - 9-21-2013 at 08:16 PM

Quote:

Originally posted by bajaguy
For those of you veterans and veteran family members, check out USAA.

USAA ATM fees are a 1% fee charged by Master Card on International ATM's (however no fees charged by USAA). USAA also reimburses "non-partnered" ATM fees.

I just closed my savings account with USAA. I called customer service and asked them if ATM fees were refunded from ATM's in other countries. They said fees are only refunded if the "foreign" bank is in the US, not another country. I told them to close the account and send me a check.

[Edited on 9-22-2013 by tjsue]

The Free Market at Work.

MrBillM - 9-21-2013 at 08:22 PM

As noted, alternatives exist and market forces will determine the wisdom of their business decisions.

Viva Capitalism.

beachbum1A - 11-12-2013 at 01:40 PM

Quote:

Here it is, November 12th, 10 days after B of A was supposed to make some big changes with their ATM fees here in Baja - NEVER HAPPENED! I just returned from using an ATM for a Santander Bank; I was charged no ATM fees and no foreign transaction fee PLUS I received a conversion rate of 13.15% to one. Go figure huh! After all the calls & letters, it remained the same. Do you think our complaining might have made them change their policy plans? hahahahahahahaha yea right!

bigmike - 11-12-2013 at 05:42 PM

I used Santander yesterday, using my Bank of America Debit card and was charged nothing by either Bank and got 13.15 to the dollar also.

complain complain

huesos - 11-12-2013 at 08:40 PM

If more people wrote irate letters, not emails, to the fatheads at the corporate main offices, a lot of these policy flubs would likely be reversed. B of A was sued in a class action after they charged foreign transaction fees to customers in Asia around 2004. I received notification. They settled that but some pernicious individuals decided to have another try at it. Not the old friendly California of the 1970's.

Hook - 11-12-2013 at 08:51 PM

If I'm not mistaken, the 3% intl transaction fee is charged by VISA and MC, not B of A. They had simply agreed to absorb the cost for their best customers. Now, they may have decided not to.

Heck, even credit unions often have to pass on the 3% fee from VISA and MC.

Didn't Walmart try and issue their own credit cards, independent of VISA/MC because of their 2-4% rake, and the Feds told them they couldn't? I was hoping for them to be allowed. The damn credit card companies need competition!!! IMO, they collude on fees. How COINCIDENTAL that both charge the same intl transaction fee.

New BofA ATM Fees

bajabk - 11-21-2013 at 11:41 AM

Just got hit from BofA for 3% International Transaction Fees for an ATM withdrawal from Banco Santander. I contacted them and apparently as of 11/8, this will be their new policy. They will continue to not charge ATM fees or Non BofA ATM fees. Current cost was $13.87 US for $6000 P. This is going to hurt! They did (for this withdrawal only) refund the $13.87 to my account because of "my long association with Bank of America."

tiotomasbcs - 11-21-2013 at 12:11 PM

The cost of living in Paradise?! Now the IVA tax will soon go up, too. They're catching up with us. Cerveza next?

Tio

weebray - 11-21-2013 at 01:08 PM

bajabk. I know that this forum is a bit daunting at times for a newbie, in fact I still wander around vacuously here at times. You may want to refer to a current thread on this topic it pretty much covers the subject. Now just wait till you want to download a photo here ------HOOOOOOOO Boy!

bajabk - 11-22-2013 at 10:48 AM

I should have been more clear. BofA is in a group of International banks who honor each others members by charging no fees for ATM withdrawals while traveling world wide. In Mexico, BofA members using Banco Santander or Scotia Banks were not charged any fees for withdrawals at their ATMs. I have been using these banks here in Baja for several years without incurring any fees. I was notifiying those with BofA accounts that as of 11/8 you may be charged the 3% International Transaction Fee. At that rate, multiple withdrawals per month for living expenses at $13.89 per withdrawal will be a large, new expense. Just trying to provide information here.

weebray - 11-22-2013 at 11:49 AM

At the risk of being pedantic but you are confused. The 3% fee is a "foreign transaction" fee not an ATM fee and B of A is going to charge you that if you withdraw money from an ATM or charge anything outside the US of A. This is the NEW part of B of A's policy. B of A has always waived the ATM fee when using a "partner" bank anywhere in the world. We have taken advantage of that fact in more than 10 countries. My point was that, had you used the search feature in this forum, you would of discovered my post of the 18th of September. If you had you would of been able to save yourself $13.89. Now that may seem like a sniveling amount to some on this forum but hell, I've got a bunch of $ because, all my life, I have refused to line the pockets of some corporate goofballs to pay their greens fees in La Jolla.

bajaguy - 11-22-2013 at 12:11 PM

Southwest Airlines/Chase VISA - No foreign transactions fees when using charge card

bacquito - 11-28-2013 at 03:10 PM

I was charged $13 dollars and change by BofA 11/28/2013 to withdraw $460 from my BofA account and deposit the $460 in Bank Santander.
I will be more careful ion the future! I bank in Ensenada.

LaPazGringo - 11-28-2013 at 06:42 PM

Quote:

Originally posted by bigmike
I used Santander yesterday, using my Bank of America Debit card and was charged nothing by either Bank and got 13.15 to the dollar also.

Yeah, that's what I thought too until I realized that the fees don't appear on the account until 36-72 hous later.

bank charges

C-Urchin - 12-1-2013 at 12:27 AM

Quote:

[Edited on 9-18-2013 by durrelllrobert]

[Edited on 9-18-2013 by durrelllrobert]

I am a Citibank customer from California and they never have charged me a fee.

Hook - 12-1-2013 at 05:56 AM

Called B of A to inform them we are closing the account. They asked, "why" and I said because of the new 3% intl transaction fee. They basically said, OK.

For those of you who already have a Mexican bank, has anyone looked into using an online exchange house, like XE.com, to transfer money, electronically, into your Mexican bank account?

[Edited on 12-1-2013 by Hook]

Bank of America international fees

Susun - 12-1-2013 at 09:11 AM

I live in Yucatan. I was directed to your forum by other ex-pats asking me to share my petition, but I cannot figure out how to post it. Basically, BOA has decided to start charging a 3% international fee on all transactions regardless of whether one uses a global alliance bank or not. We are protesting the charge of this fee and hoping that with many voices they will reconsider the charge. Can you please share the petition with the members? http://www.change.org/petitions/bank-of-america-eliminate-th...

BofA International Trans Fee

skippermike - 12-1-2013 at 11:42 AM

Yup - Got boinked for $13+ for withdrawing 6000 pesos from a Santander ATM while down for the Baja 1000.
Went into my branch to get fee refunded, and the couple at the next "officer's" desk was complaining about the same thing. My "officer" - 20-something airhead - said that "there must be a lot of San Diego people going to Baja" --- Duh!!
In any case, no refund - for a 20+ year customer.
It was very ho-hum, don't give a good sh&t.

MitchMan - 12-1-2013 at 02:11 PM

After working with both Wells Fargo and B of A professionally for twenty years for some very high balance clients, I can tell you that neither BofA nor Wells Fargo care one whit for small peon people like us. My experience has been that for us small clients those banks will make us cross every "T" and dot every "I", charge us every fee they can.

For their high roller clients, they will bend over backwards to accommodate them, break their own internal control rules and policies left and right, all day long, bend over backwards to give prompt accommodating service at every opportunity and on call, and even go to the high rollers' places of business to do mundane service things and keep up their PR efforts.

This is also a ramification of The Free Market At Work and the result of the "wisdom" of BofA/Wells Fargo business decisions. When you recite "Viva Capitalism" you are also reciting that to the circumstance I described hereinabove.

comitan - 12-8-2013 at 12:20 PM

Petition::

https://www.change.org/petitions/bank-of-america-eliminate-t...

Lee - 12-8-2013 at 01:47 PM

Keep a small balance and use BofA as a backup card. Activated my CS card last week. Used it at a BofA ATM, withdrew $800, and was charged $3.00 by BofA. CS is refunding the fee. I like that.

monoloco - 12-8-2013 at 02:14 PM

Quote:

Originally posted by MitchMan
After working with both Wells Fargo and B of A professionally for twenty years for some very high balance clients, I can tell you that neither BofA nor Wells Fargo care one whit for small peon people like us. My experience has been that for us small clients those banks will make us cross every "T" and dot every "I", charge us every fee they can.

For their high roller clients, they will bend over backwards to accommodate them, break their own internal control rules and policies left and right, all day long, bend over backwards to give prompt accommodating service at every opportunity and on call, and even go to the high rollers' places of business to do mundane service things and keep up their PR efforts.

This is also a ramification of The Free Market At Work and the result of the "wisdom" of BofA/Wells Fargo business decisions. When you recite "Viva Capitalism" you are also reciting that to the circumstance I described hereinabove.

I would argue that what is going on is anti-capitalism, because the lack of competition that allows them to have that attitude is directly attributable to government legislation and federal reserve policy that has enabled and ensured the virtual monopoly that they now enjoy.

bajaguy - 12-8-2013 at 02:17 PM

I don't know what all the hand wringing is about. If you don't like BofA, dump them. It is apparent BofA does not care about the individual, only the corporations.

My suggestion is to open accounts at your local/employer Credit Union in the US. Have your money work locally. At least you can walk in or call up and talk to the CEO or the Chairman of the Board........then transfer what you need to your Schwab account and withdraw till you smile

philodog - 12-9-2013 at 01:50 PM

Fidelity charges no fee for ATM withdrawals in Baja, reimburses you for all other bank`s fees and only charges 1% for CC purchases. And best customer service ever.

Pompano - 12-9-2013 at 02:18 PM

Hah! I misread the title of this thread. Thought 'B A'...Bahia Asuncion.. was under attack!

On Bank of America...I have tried them and others over the years for managing money to Baja. My old credit union is still the best. Personal service means a lot. They recognize my voice when I call.