BajaNomad - Revised B of A fees charged

Revised B of A fees charged

Pages: 1 2

beachbum1A - 11-13-2013 at 07:25 PM

Remember when B of A said they were going to begin charging a 3% "International" fee for using ATMs out of the USA, EVEN if it was with a partnered bank (IE" Santander here in Mexico)...
Well it has now begun!
I used my B os A debit card at a Santander ATM here in Ensenada on Monday (Nov 11th) and a 3% fee just showed up on my bank statement.
Here is the explanation:

Type:
Bank charge
Description:
BANCO SANTANDE 11/12 #000423768 WITHDRWL BANCO SANTANDE/ ENSENADA INTERNATIONAL TRANSACTION FEE

Print transaction details
What is this fee?

This fee is assessed whenever you access an ATM outside Bank of America's network of over 18,000 domestic Bank of America ATMs or one of our international partner ATMs for withdrawals, transfers, or balance inquiries. In some instances, you may be charged a terminal fee by the network which operates the ATM as well. This charge will show up on your statement separate from the non-Bank of America ATM fee. For more information about fees specific to your account, refer to the Personal Schedule of Fees.

Hope you've made an alternative plan.

Hook - 11-14-2013 at 10:26 AM

So far, I have found nothing on the B of A website, announcing the new fee. Even in the section of international transaction fees, there is nothing.

I dont doubt that they have begun this, though. Too many people reporting this.

LaPazGringo - 11-16-2013 at 11:05 AM

Yes, I can also confirm the 3% "International Fee" is now being charged. This is terrible news. We would pull out $600 at a time with no fees. That will now cost $18?!

Is there any other way to access funds in a US bank at a Mexico ATM without incurring costs?

[Edited on 11-16-2013 by LaPazGringo]

oxxo - 11-16-2013 at 11:45 AM

Quote:

Originally posted by beachbum1A

This fee is assessed whenever you access an ATM OUTSIDE Bank of America's network of over 18,000 domestic Bank of America ATMs or one of our international partner ATMs

The line above makes it clear that there is no fee charged when accessing money from one of BofA "international partners." Santander Bank is one of their "international partners."

This happened to us once about 4 years ago at the Santander branch in San Jose. We complained to BofA and they refunded the 3% fee. BofA investigated and found that there was a glitch in the Santander computer system and it was quickly corrected. I have a feeling that this might be the situation again, a problem on Santander's end. We called BofA yesterday and they confirmed that there is no fee when withdrawing money from a Santander ATM with a BofA debit card. However, the issue bears monitoring.

cabobaja - 11-16-2013 at 12:18 PM

I have been using my BofA debit card at Santander in La Pax & Cabo San Lucas for ovér
a year and have never been charged a fee. Yesterday I withdrew $$ from Santander in
Cabo and was charged 3% ($9.00). I just called BofA and they stated there is no fee
and they credited my account.

2004avalon - 11-16-2013 at 02:29 PM

Was charged the fee for using a Santander Atm in Maneadero called B of A today and they removed the fee

Hook - 11-16-2013 at 02:45 PM

I dont get it. Why did some account holders receive a notice of the 3% from B of A in their statement?

I think it's butt covering. WHY would Santander be charging a 3% fee? It's B of A that is doing the conversion.

[Edited on 11-16-2013 by Hook]

oxxo - 11-16-2013 at 03:39 PM

Quote:

Originally posted by Hook
WHY would Santander be charging a 3% fee?

When it happened to us 4 years ago, it was an error in the computer programing at Santander which they corrected (at that time).

BornFisher - 11-16-2013 at 04:09 PM

Quote:

Originally posted by oxxo

Quote:

The line above makes it clear that there is no fee charged when accessing money from one of BofA "international partners." Santander Bank is one of their "international partners."

Looks to me like there IS a fee when you access "one of our international partners". Shorten the statement to "this fee IS assessed whenever you access an ATM............. one of our international partner". Santander would be a partner, so a fee applies.

DavidE - 11-16-2013 at 04:38 PM

Dealing with a bank is as effective as dealing with someone with a mask and gun during a robbery. "Yeah! I got my right you know!"

Hook - 11-16-2013 at 05:33 PM

Born Fisher gets the Read Closely Award for the day. It appears that is exactly what they are saying; they WILL charge a fee.

oxxo - 11-16-2013 at 08:35 PM

Quote:

Originally posted by Hook
Born Fisher gets the Read Closely Award for the day. It appears that is exactly what they are saying; they WILL charge a fee.

Then why is BofA reversing the fees as recently as yesterday and they are saying there are no fees?

Hook - 11-16-2013 at 08:37 PM

Hell, I dont know.

The left hand doesnt know what the right hand is doing?

[Edited on 11-17-2013 by Hook]

sequoyah - 11-17-2013 at 10:05 AM

This is seriously messed up.

All of a sudden I am getting outrageous charges for everything!

I had researched and found that Santander was a partner bank. First cash withdrawals, not problem.

But for the past week, everything has had a 3% additional charge.

Totally outrageous.

And with no notice at all. If I hadn't been reading here, I wouldn't have even known to check.

I've written to them asking for all the charges to be reversed and for them to give me a solution.

If they can't, then I'm changing banks.

Any suggestions?

MitchMan - 11-17-2013 at 11:28 AM

Banks are notorious for handling administrative changes very poorly in the short run, same goes for correcting administrative inconsistencies. Last year I got replacement ATM cards (BofA) for two different checking accounts and withdrawing pesos at Santander ATMs using those two new ATM cards resulted in ATM fees, but the use of my third checking account old ATM card resulted in NO fees at all. Neither BofA nor Santander could explain that even with all my hard copy documentation.

Upon return to USA, went to the local BofA in California, showed them all the receipts and bank statements. BofA said that the fees were charged by Santander and that they should not have charged me anything pursuant to the partnership agreement between BofA and Santander. Santander said it was BofA who was responsible. Never got resolved.

I opened up a new "E" account at BofA, got a new ATM card, used it at La Paz Santander last month and got no fees charged. So, I now use the "E" account ATM card exclusively at Santander in La Paz.

The point is that getting good timely accurate info from banks is nearly impossible. The banking personnel are trained in a very compartmentalized way and virtually no one there knows actual current administrative realities at every level at any point in time.

So, I'll keep watching here to see who else gets charged fees using BofA ATM cards at Santander banks in Baja. If it continues, I'll switch from BofA to another bank that doesn't impose fees for peso withdrawal...in an instant.

[Edited on 11-17-2013 by MitchMan]

sequoyah - 11-17-2013 at 12:40 PM

So, I just got them to refund the 3% fee on recent ATM transaction but they said they will charge it in the future.

Then, I found this on their site:
"In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank
ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM
Operator Fees or Non-Bank of America International ATM fees. International Transaction Fees of 1% for converting your
currency may apply. " when looking at the locations page.

I'm finding another bank if they can't fix this. I'm not paying 3% every time I use my ATM card.

MitchMan - 11-17-2013 at 02:05 PM

Quote:

Originally posted by sequoyah
So, I just got them to refund the 3% fee on recent ATM transaction but they said they will charge it in the future.

Then, I found this on their site:
"In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank
ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM
Operator Fees or Non-Bank of America International ATM fees. International Transaction Fees of 1% for converting your
currency may apply. " when looking at the locations page.

I'm finding another bank if they can't fix this. I'm not paying 3% every time I use my ATM card.

...and, if you take this info to BofA or Santander, you will get all kinds of double talk and misinformation no matter how high you go up the chain of command.

The best info is simply third party testimony of customers disclosing their own experience. You know, after-the-fact info.

weebray - 11-17-2013 at 02:20 PM

On Sept. 18th I warned the forum of these coming charges and advised to dump BofA. I have done so and now use Charles Schwab bank and their debit card. They have all the services inc. online banking that BofA has. The major bottom line is their are NO charges of ANY kind involved. It seems like a no brainer to me.

LaPazGringo - 11-17-2013 at 04:41 PM

Utterly outrageous.

3 freaking percent.

No warning.

Yeah, right. Don't worry, B of A. That's just fine. In fact, you know what? Let's just round it up to 5%. No problem at all.

Will be looking immediately into the Charles Schwab solution as there's no way in the world I'm giving B of A 3% of MY money.

Another question: What number did you guys call to get the fees refunded?

sequoyah - 11-17-2013 at 05:06 PM

Quote:

Originally posted by LaPazGringo
Utterly outrageous.

3 freaking percent.

No warning.

Yeah, right. Don't worry, B of A. That's just fine. In fact, you know what? Let's just round it up to 5%. No problem at all.

Will be looking immediately into the Charles Schwab solution as there's no way in the world I'm giving B of A 3% of MY money.

Another question: What number did you guys call to get the fees refunded?

I contacted them via email. They got back to me within about 6 hours.

Lee - 11-17-2013 at 05:13 PM

Switched to CS last week when I started seeing these posts again.

Think BofA is being greedy. http://www.schwab.com/public/schwab/banking_lending/checking...

sequoyah - 11-17-2013 at 06:37 PM

Quote:

Originally posted by Lee
Switched to CS last week when I started seeing these posts again.

Think BofA is being greedy. http://www.schwab.com/public/schwab/banking_lending/checking...

Thanks for the link. I just told BOA that if we can't resolve this in 48 hours, I am closing all of my accounts and moving them to CS.

LaPazGringo - 11-17-2013 at 07:04 PM

I sure do hate to see the convenience of the BofA/Santander partnership come to an end. However, I'll be damned if I'm going to allow them to take 3% of my money without even a simple notice. It will be a pleasure to close the account and take my business elsewhere if this is indeed their plan going forward, which it appears to be.

beachbum1A - 11-17-2013 at 10:38 PM

Quote:

Originally posted by Hook
I dont get it. Why did some account holders receive a notice of the 3% from B of A in their statement?

I think it's butt covering. WHY would Santander be charging a 3% fee? It's B of A that is doing the conversion.

[Edited on 11-16-2013 by Hook]

It's not Santander Bank -it's B of A, plain and simple!

beachbum1A - 11-17-2013 at 10:41 PM

Quote:

Originally posted by oxxo

Quote:

Originally posted by Hook
Born Fisher gets the Read Closely Award for the day. It appears that is exactly what they are saying; they WILL charge a fee.

Then why is BofA reversing the fees as recently as yesterday and they are saying there are no fees?

They haven't given me credit and I sent them an email complaining to that affect.

LaPazGringo - 11-17-2013 at 11:13 PM

Update: Just did an ATM transaction at Santander and was NOT charged a fee. It's been 90 minutes and nothing is showing on my account.

Will check again in the morning and will send an email demanding a refund of the original charge and also stating that I will never do business with them again if they try this.

LaPazGringo - 11-18-2013 at 06:53 AM

Further update: Still no charge appearing this morning for last night's ATM withdrawal at Santander. I have emailed BofA requesting the original charge be refunded and informing them that if it ever happens again I will assume this is a new policy with them and will immediately close my account and switch to Charles Schwab Bank.

Sandlefoot - 11-18-2013 at 08:08 AM

Today is a holiday here and the banks are closed. May pay to wait for another day or so

Happy Trails

""""CASH IS KING"""

captkw - 11-18-2013 at 08:11 AM

Hook - 11-18-2013 at 08:17 AM

Yes, cash is King but, unless you have a printing press, you have to GET the cash from somewhere.

That's what this thread is all about, Cappy, how to CHEAPLY get cash in Mexico!!! :rolleyes:

NOB rules dont apply.

Hook - 11-18-2013 at 08:18 AM

Quote:

Originally posted by beachbum1A

Quote:

It's not Santander Bank -it's B of A, plain and simple!

Then, we are in agreement.

LaPazGringo - 11-18-2013 at 09:51 AM

Totally incredible. :no:

Quote:

Thank you for your inquiry dated 11/18/2013 regarding the International ATM withdrawal fee. We will be happy to assist you.

We see that the ATM withdrawal was made at Banco Santande in La Paz, Bolivia. You can avoid the ATM Operator Fees or Non-Bank of America International ATM fees only if you use your debit or ATM cards using Banco Santander in Mexico.

As the withdrawal was no made in Mexico the fee is correctly charged. Therefore, we are unable to refund the fee for you.

Hook - 11-18-2013 at 10:49 AM

Wow, that's a fajor muckup. They may have a country coding problem in their software.

[Edited on 11-18-2013 by Hook]

CaboMagic - 11-18-2013 at 01:02 PM

BofA had - don't know if they still do - an online only account - no checks no mail statements etc. But there were restrictions on activities per month for no fees. For example more than a certain number of deposits per month got a fee, or deposit/s made in a branch using a teller vs ATM there was a fee.

First they troll to attract for your deposits and then try and set the hook. Spit the hook?

There will always be finger pointing - Its BofA says Santander - Its Santander say BofA.

its just part of the costs of having an enviable life and style.

Every best wish.

Lee - 11-18-2013 at 04:09 PM

Quote:

Originally posted by CaboMagic
BofA had - don't know if they still do - an online only account - no checks no mail statements etc. But there were restrictions on activities per month for no fees. For example more than a certain number of deposits per month got a fee, or deposit/s made in a branch using a teller vs ATM there was a fee.

That's what I have. Visit a Teller, $8.00. No human contact, no fees. Seriously, the writing is on the wall. Start talking to Schwab now or someone else or else pay the fees and hassle with BofA.

CS has a individual checking account that I'm told can be done online.

DENNIS - 11-18-2013 at 04:28 PM

OK....let's play Jeopardy:
=====================

Answer is....."They won't."

Question is............"How will banks make money if they don't charge fees?"

http://www.youtube.com/watch?v=IxAKFlpdcfc&feature=youtu...

Beware the bank that says anything is free.

Hook - 11-18-2013 at 04:58 PM

I have one of those online accounts from B of A w/o checks, etc. Minimum balance of 5k and there are no restrictions like you guys are talking about.

I guess a lot depends on if you are comfortable maintaining a balance of 5k. I've been fine with it for the convenience of the Santander Shuffle. After all, even money market accounts arent paying squat, much less a checking/savings account.

I've got enough exposure to the stock market, so that money would just be sitting somewhere safe, earning next to nothing, anyway.

LaPazGringo - 11-18-2013 at 06:57 PM

Okay, I got a response and this fee is indeed permanent and they're refusing to refund. The response in part:

Quote:

the 3% of the account conversion is a new fee independently of $5.00 waived. We regularly review the cost of our products and services to comply with the benefits our customers receive which this time has been effective as of 11/08/2013. Information regarding this pricing change was notified within the August monthly statements and can also be found online at https://www.bankofamerica.com/deposits/manage/faq-atm-fees.g... scrolling down to "Using your Debit Card or ATM Card in international countries" and select "What are the fees for using your debit card at an ATM in a foreign country?"

See ya!

Lee - 11-18-2013 at 07:08 PM

Quote:

Originally posted by DENNIS
OK....let's play Jeopardy:
=====================

Answer is....."They won't."

Question is............"How will banks make money if they don't charge fees?"

I'm a Jeopardy fanatic. The correct answer is: ''What is ''They won't.''''

Nothing is free. CS makes money having access to it's clients monies. They want their clients doing business with them only: banking, checking/savings, investments. BofA has had no fees for years. It's greed primarily penalizing travelers with fees. Profit's the name of the game. Research CS. No complaints.

CaboMagic - 11-18-2013 at 07:39 PM

Hook and others - the online only acct has a $25 minimum balance - at least it did when we opened it .. I suppose all depends on where the account was opened and if they had promos and such ..

Banks make big money having "use" of yours .. that's why its immediate to TAKE from your account but can take upwards of 3 weeks (in extreme situations) to credit for refunds/returns ..

Hook - 11-18-2013 at 08:52 PM

Ok, that's enough for me. The fee is real. The fee is probably here to stay.

But it wont surprise me if the Schwab free lunch wont last long, either. They are gonna see all these folks abandoning the S.S. Bank of America and soon realize that these people are not going to be opening a brokerage account. Which is probably the whole idea behind their offering these accounts. They'll grow tired of absorbing the fees (Visa definitely assesses banking institutions 1% for international transactions) plus the ATM usage fee by the foreign bank.

sequoyah - 11-19-2013 at 09:43 AM

Hah!! BOA just granted me a waiver of the 3% fee until January 14, 2014!

I told them I had my new Charles Schwab accounts set up (which I actually do) and intended to close my accounts this week.

They finally stopped sending me form letters and sent me a real letter stating they we granting the waiver.

Yoohoo! Saves me a lot of anxiety as I am about to hit the transpeninsular and really wanted a way to get some cash without the fee.

Lee - 11-19-2013 at 10:08 AM

Quote:

Originally posted by sequoyah
Hah!! BOA just granted me a waiver of the 3% fee until January 14, 2014!

I told them I had my new Charles Schwab accounts set up (which I actually do) and intended to close my accounts this week.

They finally stopped sending me form letters and sent me a real letter stating they we granting the waiver.

Yoohoo! Saves me a lot of anxiety as I am about to hit the transpeninsular and really wanted a way to get some cash without the fee.

May I suggest you have your CS account up and running -- as a backup. BofA cannot be trusted. A ''real letter'' is meaningless, in my opinion. Just saying.

sequoyah - 11-19-2013 at 10:49 AM

Quote:

Originally posted by Lee

Quote:

May I suggest you have your CS account up and running -- as a backup. BofA cannot be trusted. A ''real letter'' is meaningless, in my opinion. Just saying.

Thanks Lee.

I've got the CS accounts up and just need to fund them. I'm going to do that over the next month or two, as well as switch direct deposits to them. They have been really easy and accommodating so far.

Still, the waiver gives me some breathing room and I do have it in writing.

I don't trust them either, though.

LaPazGringo - 11-19-2013 at 06:49 PM

Is there only that one CS checking account available? And if so, the only way to apply is to fill out/mail in a 9-page application?!

oxxo - 11-20-2013 at 07:21 AM

Quote:

Originally posted by LaPazGringo
Is there only that one CS checking account available? And if so, the only way to apply is to fill out/mail in a 9-page application?!

The application CS sent me was 16 pages! They will not accept a signed PDF attachment via email. The applicant must either mail the completed application to them via snail mail or FAX it to them or drop it off at a CS bank which are few and far between in California.

There is no reason not to have the CS account as a backup since CURRENTLY there is no cost and no minimum balance and currently checking account balances pay a whopping .1% (yes that is one tenth of a percent) interest rate! Better than nothing I suppose.

BofA is still telling me that they will reverse all fees charged by Santander ATMs because of the kind of checking account I have at BofA. Quien sabe?

Hook - 11-20-2013 at 07:32 AM

What kind of checking account do you have at B of A? What is your minimum balance?

LaPazGringo - 11-20-2013 at 08:34 AM

Asked B of freaking A for fee waiver and got this response.

Quote:

Please be informed that we are unable to provide any waiver for international transaction fee.

CS, here I come!

weebray - 11-20-2013 at 05:00 PM

Quote:

Originally posted by Hook
Ok, that's enough for me. The fee is real. The fee is probably here to stay.

But it wont surprise me if the Schwab free lunch wont last long, either. They are gonna see all these folks abandoning the S.S. Bank of America and soon realize that these people are not going to be opening a brokerage account. Which is probably the whole idea behind their offering these accounts. They'll grow tired of absorbing the fees (Visa definitely assesses banking institutions 1% for international transactions) plus the ATM usage fee by the foreign bank.

In 2004 Charles Schwab retook control of the company ousting the new COB and getting rid of all the ridiculous petty fees that had been imposed by his successor. He went back to the basic fundamentals the firm was based on. We are not newcomers to CS, we have been there for many years. His return, and return to his fundamental principals, has proved to be positive for his clients as well as his firm. I doubt the company is going to veer off this successful track. Those of you that think that you don't need a firm that is truly basing their policies on customer service and satisfaction can stick with B of A. You'll get what you deserve.

MitchMan - 11-20-2013 at 07:13 PM

If you have a Charles Schwab checking account in the USA, which bank ATMs can you use in Baja to withdraw pesos and experience no fees at all?

oxxo - 11-20-2013 at 09:01 PM

Quote:

Originally posted by MitchMan
If you have a Charles Schwab checking account in the USA, which bank ATMs can you use in Baja to withdraw pesos and experience no fees at all?

Mitch, CS customer service told me, "any of them." Any fees or service charges will be reversed on your account. On the surface, it sounds pretty good.

bigmike - 11-21-2013 at 01:38 AM

I filled out the Schwab application today and am waiting to have it taken to the states and mailed, I have talked to Schwab Reps several times in the last two days, they say no fees at all, any fees charged by banks to use ATM's are reimbursed to your account once a month. I am keeping BofA open for a time and just transferring money from BofA to the Schwab account as needed, once I am satisfied with Schwab I will close BofA
accounts out completely. :spingrin:

EnsenadaDr - 11-21-2013 at 06:57 AM

Yes. A very financial savvy woman in Punta Banda has advised me that if you get an account with Banamex USA, (available at least at the San Ysidro Border on the US side near the San Ysidro post office) you will not be charged a fee at Banamex ATMs in Mexico. She has been signed up with Banamex USA for 10 years and no international fees have been assessed. Why would anyone want to go through having to contact a bank to reverse fees every month. sounds time consuming and frankly it appears to be a rip off cause if you don't contact them, the charges will be assessed.

Quote:

Originally posted by sequoyah
This is seriously messed up.

All of a sudden I am getting outrageous charges for everything!

I had researched and found that Santander was a partner bank. First cash withdrawals, not problem.

But for the past week, everything has had a 3% additional charge.

Totally outrageous.

And with no notice at all. If I hadn't been reading here, I wouldn't have even known to check.

I've written to them asking for all the charges to be reversed and for them to give me a solution.

If they can't, then I'm changing banks.

Any suggestions?

[Edited on 11-21-2013 by EnsenadaDr]

EnsenadaDr - 11-21-2013 at 06:59 AM

looks like B of A will try to get away with charging outrageous fees in Mexico if you let them, bottom line. How sad.

Quote:

Originally posted by LaPazGringo
Asked B of freaking A for fee waiver and got this response.

Quote:

Please be informed that we are unable to provide any waiver for international transaction fee.

CS, here I come!

oladulce - 11-21-2013 at 08:17 AM

Quote:

Originally posted by oxxo
The application CS sent me was 16 pages! They will not accept a signed PDF attachment via email. The applicant must either mail the completed application to them via snail mail or FAX it to them or drop it off at a CS bank which are few and far between in California.

Schwab website calls this checking account an "online" account which usually means you can apply online as well as use online features. I just did a Chat with Schwab to clarify and asked if the application can be submitted online? He said Individual account apps can be submitted online, Joint accounts must be mailed, faxed etc as oxxo mentioned.

Cracks me up when I'm told to "just fax it over" or "mail it in" by a company Rep.- if they only knew what I was looking at out the window...

Lee - 11-21-2013 at 09:47 AM

According to CS, the individual account can be done online. Joint accounts take some paperwork, signatures, mail.

Thought I'd mention this. The CS rep I spoke with said the CS account is for US residents. He said if I were living in MX, I would not qualify.

So, a US address, minimum, would be needed and not discussing the amount of time spent SOB would be prudent.

Having a MX checking account would be at the bottom of my list regardless of fees. I would be too paranoid of my money disappearing overnight though I'm sure some here have not run into that problem.

oladulce - 11-21-2013 at 10:00 AM

Quote:

Originally posted by Lee

...Thought I'd mention this. The CS rep I spoke with said the CS account is for US residents. He said if I were living in MX, I would not qualify.

So, a US address, minimum, would be needed and not discussing the amount of time spent SOB would be prudent...

Naw, you never mention you live in Mexico to banks, credits cards, health insurance companies etc- it throws them in to a tizzy. It's way easier to taper your responses to the situation so I usually say we're traveling or visiting our 2nd home in Mexico if I have to explain why I have no US Mail access or fax service at the time. We'll always keep a US domicile "address" for this reason.

oladulce - 11-21-2013 at 10:05 AM

When this topic was started in Sept, Bajajudy mentioned First Republic bank has no ATM fees. Their checking acct is actually called ATM Rebate Checking

Anyone else have this, or know of pros and cons with First Republic?

I'm happy with our current US/Mexican bank relationship for the primary account, but BofA (Santander and Scotia Bank in Mex) has been is our back-up bank in case pesos are needed and the other bank's ATM isn't available. Might as well explore no-fee ATM options.

Hoagey - 11-21-2013 at 11:52 AM

So can one open a CS checking account without a US address? To the ones that have the CS checking account...do you use a US address?

DENNIS - 11-21-2013 at 11:57 AM

Quote:

Originally posted by Hoagey
So can one open a CS checking account without a US address? To the ones that have the CS checking account...do you use a US address?

Welcome to BajaNomad, Hoagey.
If you don't have a US address and need one, Postal Annex or any other of the many mail services with a street address, qualifies.
Just a thought.

weebray - 11-21-2013 at 01:03 PM

First of all if you don't like filling out a 16 page application that is required for ANYTHING these days then work on repealing the "Patriot" act instead of whining about chit that CS or any institution is required to ask you for. Second, it's a fact of life that if you live in Mexico it is just about totally necessary to have a US address unless you're living under a flat rock somewhere. Third, as I have been saying, Charles Schwab charges no, zip, zero fees for ATM transactions anywhere in the world. You don't even have to ask them - it's automatic. Bottom line, as the messenger, I don't care what you do with the information, it's your money and if you want to give it to the mighty Bank of "AMERICA"??? Well that's just swell!

oxxo - 11-21-2013 at 03:46 PM

Quote:

Originally posted by weebrayThird, as I have been saying, Charles Schwab charges no, zip, zero fees for ATM transactions anywhere in the world.

According to the information given to me by CS customer service, that statement is mostly true. However CS said that there are some ATMs in remote locations where a CS card is not accepted. They said maybe 5% of ATMs in remote locations will not accept the CS card. They did say that if the ATM spits out local currency to you, the card has been accepted and all fees will be reversed at the end of the month.

I don't mind filling out a 16 page application for a joint account if it will make my life easier.

chuckie - 11-21-2013 at 04:25 PM

Once again, this whole thread belongs in the "so what" category...If I make 3 peso withdrawals per month= 20,000 pesos it costs me about 25 bucks..so what? About the price of a couple dinners....geez..nuttin to put knots in your undies...

LaPazGringo - 11-21-2013 at 05:38 PM

Quote:

Originally posted by chuckie
Once again, this whole thread belongs in the "so what" category...If I make 3 peso withdrawals per month= 20,000 pesos it costs me about 25 bucks..so what? About the price of a couple dinners....geez..nuttin to put knots in your undies...

At what point do you prefer to not give your money to a bank? At 4%? 7%? 14%?

3% is "so what" to you, so what would bother you?

{just wow} :rolleyes:

chuckie - 11-21-2013 at 06:23 PM

What do you propose as the alternative?Drive to the US and get cash? I dint move to Baja to fret over nickles and dimes....I dont have a great dealof money, but I also cant see getting ulcers over small beer....If it bothers you that much..get more money or move back to the US.....What does an ATM withdrawal cost in Kalifornia? Will the difference buy you even a peck of spuds??? Not much bothers me anymore, especially things I cant control...

LaPazGringo - 11-21-2013 at 06:46 PM

Quote:

Originally posted by chuckie
What do you propose as the alternative?Drive to the US and get cash? I dint move to Baja to fret over nickles and dimes....I dont have a great dealof money, but I also cant see getting ulcers over small beer....If it bothers you that much..get more money or move back to the US.....What does an ATM withdrawal cost in Kalifornia? Will the difference buy you even a peck of spuds??? Not much bothers me anymore, especially things I cant control...

Do I have your permission to be concerned about paying $18 every single day for pulling out what it costs my large family to live on? You're cool with bank fees. Fine. But if it's alright with you, I'm not.

Hook - 11-21-2013 at 11:06 PM

Uh, Chuckie, you're forgetting the 5.00 US charge, per transaction, for using a non-affiliated bank. And I know there isnt one in the Mulege area. No Santander. No Scotia Bank.

And your math is, well, something beyond even "new math". 3% of 20,000 pesos is 600 pesos. Add your 3 transaction charges per month @ 5.00 US you allude to and the withdrawal of that 20,000 pesos means a total charge of 62.00 US on that 20,000 pesos. This assumes a 12.5/1 exchange rate.

I guess you could rationalize this as being "only" 4-6 dinners per month, though............

Admit it; you have no alternative in the Mulege area, and that's why you accept it.

[Edited on 11-22-2013 by Hook]

oladulce - 11-22-2013 at 08:22 AM

First Republic Bank says their No-ATM-fee account application cannot be submitted online- same situation as applying for Schwab when you're in Baja. Both have online features once the account is set up and both have "mobile banking" so you can take photos of any checks to deposit. First Republic account is $500 to open, and $3500 balance for no monthly account fees. Even fewer branches of First Republic in OC/RIV/SD than there are of Schwabs (not a biggie).

Are there any disadvantages or requirements of having the "open" investment account at Schwab that goes with their no-ATM-fee checking?

MitchMan - 11-22-2013 at 09:05 AM

In my view, the cost of the new fees that B of A is now charging is not chump change.

MitchMan - 11-22-2013 at 09:37 AM

Looking for alternatives to BofA; so far my research has disclosed:

1. Banamex USA at San Ysidro and Otay are closed to new accounts being opened for at least the next two months.
2. First Republic bank requires sustaining a minimum average daily balance of $3,500 USD. Inconvenient as not many branches exist.
3. Charles Schwab: Inconvenient as not many branches exist. Best option so far.

ATM fees V. exchange rate

durrelllrobert - 11-22-2013 at 10:20 AM

I just withdrew 6,000 pesos from an HSBC machine in Ensenada with the following fees:
HSBC commission 18.90
Mexican IVA 2.08
Total withdrawn 6,02.98 pesos

Wells Fargo's charge $465.88 = 12.87 peso / $US
Non-WF fee 5.00
Total US cost $470.88 = 11.63 peso / $US

Current rate at San Ysidro + 13.08 / $US
and 13.08 - 11.63 = 1.45 pesos = 0.11 dollars
WELL WORTH THE CONVIENCE

[Edited on 11-22-2013 by durrelllrobert]

BornFisher - 11-22-2013 at 10:42 AM

Quote:

Originally posted by durrelllrobert
I just withdrew 6,000 pesos from an HSBC machine in Ensenada with the following fees:
HSBC commission 18.90
Mexican IVA 2.08
Total withdrawn 6,02.98 pesos

Wells Fargo's charge $465.88 = 12.87 peso / $US
Non-WF fee 5.00
Total US cost $470.88 = 11.63 peso / $US

Current rate at San Ysidro + 13.08 / $US
and 13.08 - 11.63 = 1.45 pesos = 0.11 dollars
WELL WORTH THE CONVIENCE

[Edited on 11-22-2013 by durrelllrobert]

Must be the new math?????? The way I interpret your transaction, WF charged you $5 and HSBC another 21pesos.
So your cost was $6.63.
When I read your post I thought you meant, 11 cents (.11 dollars)

durrelllrobert - 11-22-2013 at 11:38 AM

Quote:

Originally posted by BornFisher

Quote:

Must be the new math?????? The way I interpret your transaction, WF charged you $5 and HSBC another 21pesos.
So your cost was $6.63.
When I read your post I thought you meant, 11 cents (.11 dollars)

yep, I shudda said 11 cents per dollar more to get 6000 pesos outa the ATM in Ensenada than at the Cambio in San Ysidro
[(13.08 p/$) -(11.63 p/$)] / (13.08 p/$) = .11 /$ ???

chuckie - 11-22-2013 at 03:49 PM

Anyone who gets money from an ATM every day is addled....Get enough for a month...transaction fee is the same..about 6.90 here and a few bucks from the stateside folks....18.00/day? Thats nuts....even to "feed my large family"...

LaPazGringo - 12-15-2013 at 07:03 PM

Quote:

Originally posted by chuckie
Anyone who gets money from an ATM every day is addled....Get enough for a month...transaction fee is the same..about 6.90 here and a few bucks from the stateside folks....18.00/day? Thats nuts....even to "feed my large family"...

You're so totally confused you're starting to confuse me.

It's simple. Let me break it down for you.

We have a BofA account and for the last two years we've been able to pull up to $600 per day per ATM card out of our account at the current exchange rate with no fees.

That changed.

Now BofA is charging 3% of the total transaction.

$600 x .03 = $18

I don't like paying $18 when it used to not cost anything.

Is that a little more clear now?

bacquito - 12-15-2013 at 07:06 PM

Quote:

Originally posted by Hook
So far, I have found nothing on the B of A website, announcing the new fee. Even in the section of international transaction fees, there is nothing.

I dont doubt that they have begun this, though. Too many people reporting this.

BofA sent me a notice via snail mail sometime ago.

willardguy - 12-15-2013 at 07:16 PM

Quote:

Originally posted by LaPazGringo

Quote:

same boat here, I emailed BofA to complain, they said for security reasons they couldnt discuss it online :?:

time to change banks, whats your plan? schwab?

El Jefe - 12-15-2013 at 07:29 PM

Quote:

Originally posted by MitchMan
Looking for alternatives to BofA; so far my research has disclosed:

1. Banamex USA at San Ysidro and Otay are closed to new accounts being opened for at least the next two months.
2. First Republic bank requires sustaining a minimum average daily balance of $3,500 USD. Inconvenient as not many branches exist.
3. Charles Schwab: Inconvenient as not many branches exist. Best option so far.

Why not try Citibank. They own Banamex. No fees if you use Banamex ATMs. We've been living on cash out of our Citibank checking account with the Citi ATM card for over 8 years now and it works fine.

LaPazGringo - 12-15-2013 at 07:34 PM

Quote:

Originally posted by willardguy

Quote:

Originally posted by LaPazGringo

Quote:

same boat here, I emailed BofA to complain, they said for security reasons they couldnt discuss it online :?:

time to change banks, whats your plan? schwab?

Yeah, looks like Schwab. I am applying now as I have friends coming who can bring the ATM card early next month.

LaPazGringo - 12-15-2013 at 07:36 PM

Quote:

Originally posted by El Jefe
Why not try Citibank. They own Banamex. No fees if you use Banamex ATMs. We've been living on cash out of our Citibank checking account with the Citi ATM card for over 8 years now and it works fine.

First I knew of this! :light:

LaPazGringo - 12-15-2013 at 07:53 PM

Quote:

Just tried an online chat with Citibank to find out more. Their response?

Quote:

Ashley: As you have reached Citibank US, we do not know how Mexico bank works. I would recommend you to contact Mexico Citibank. They love to serve their customers.

Then radio silence. Nothing after I explained I was an American citizen. They were gone.

Which account do you have?

LaPazGringo - 12-15-2013 at 07:57 PM

Just tried applying online for the Schwab account and the best way to describe that experience is a comedy of errors.

To make a long story short, had to fill the application out twice, finally got to the very last step and they say they can't verify my identity and that I need to download a .pdf of the application and mail it in. Click to download that document and repeatedly get "Network Error Failure."

Looks like I'm going to need to make a trip to California soon.

willardguy - 12-15-2013 at 08:10 PM

hmmmm, im confused. I was a long time citibank customer and switched to BofA when citibank couldnt offer me no international fees?? even at banamex? el jefe, are you talking about atm fees and transaction fees? :?:

Bill Collector - 12-15-2013 at 08:37 PM

I withdrew 13,000 peso last week,Bank of America charged me $29.66 international fee.
This is nuts.

LaPazGringo - 12-16-2013 at 08:53 AM

Quote:

Originally posted by Bill Collector
I withdrew 13,000 peso last week,Bank of America charged me $29.66 international fee.
This is nuts.

This has already cost us hundreds of dollars. :mad:

durrelllrobert - 12-16-2013 at 09:23 AM

Quote:

Originally posted by Bill Collector
I withdrew 13,000 peso last week,Bank of America charged me $29.66 international fee.
This is nuts.

My $12k Canadian hospital charge on my Citibank Visa card cost me $362 for international fee. :fire:

[Edited on 12-16-2013 by durrelllrobert]

weebray - 12-16-2013 at 02:30 PM

Quote:

Originally posted by LaPazGringo
Just tried applying online for the Schwab account and the best way to describe that experience is a comedy of errors.

To make a long story short, had to fill the application out twice, finally got to the very last step and they say they can't verify my identity and that I need to download a .pdf of the application and mail it in. Click to download that document and repeatedly get "Network Error Failure."

Looks like I'm going to need to make a trip to California soon.

Don't blame Schwab for making the rules. In case you have been living under a flat rock, since the passing of the "PATRIOT" act, all the rules have changed. Every financial institution is now required to verify your ID and have on file the appropriate butt print.

oxxo - 12-16-2013 at 03:22 PM

Quote:

We just completed our Schwab account set up. It took about two weeks to receive our account information. If you want a joint account, you cannot sign up on line. You have to download the application (which we did with no problems), both parties sign it, and send it in. We needed no identity verification other than DL # and SS #. It was really quite simple for us. If you are trying to sign up with a Mexican ISP address it may be a problem.

suerte

El Jefe - 12-16-2013 at 04:02 PM

Quote:

Originally posted by willardguy
hmmmm, im confused. I was a long time citibank customer and switched to BofA when citibank couldnt offer me no international fees?? even at banamex? el jefe, are you talking about atm fees and transaction fees? :?:

I'm talking about ATM fees. There are none listed on my statements when I use Banamex. And I do it a couple times a month. And have done so for years. We use mostly cash. My retirement check automatically deposits into my Citi checking account in California and I withdraw down here in pesos.

Credit cards are another story. They charge foreign transaction fees. Although I do not use a Citi credit card, we do use the ATM card as a debit card at the Mega store now and again. Not sure if we get charged foreign fees on that or not. Next time we go to town I'll try it and see.

Now, who knows if they are gouging me on the exchange rate or not? Or if they bury the "fee" in there. The rate has always seemed to be competitive, but I gave up tracking it long ago.

I guess it is what it is. Too pretty a day to worry about it. But I can understand how seeing fees to withdraw my funds, especially fees based on a percentage of funds withdrawn on any particular transaction would get my goat.

(Just checked, and no fee on debit card use at Mega grocery store.)

[Edited on 12-16-2013 by El Jefe]

LaPazGringo - 12-16-2013 at 04:28 PM

Quote:

Originally posted by weebray

Quote:

I read your post twice and still have no idea what you're talking about. I blame Schwab for their website errors which made applying for an account impossible. "Making the rules?" :rolleyes:

Just how many times are you going to use the phrase "living under a flat rock" in one thread?

I swear this is the prickliest bunch of people I have ever encountered anywhere. I've never witnessed a group that so consistently goes out of their way to be obtuse and downright unfriendly for no apparent reason.

[Edited on 12-16-2013 by LaPazGringo]

chuckie - 12-16-2013 at 04:36 PM

Maybe because you have been beating this dead horse for months? It is what it is, deal with it and stop whining.....

willardguy - 12-16-2013 at 05:15 PM

Quote:

Originally posted by LaPazGringo

Quote:

Originally posted by weebray

Quote:

I read your post twice and still have no idea what you're talking about. I blame Schwab for their website errors which made applying for an account impossible. "Making the rules?" :rolleyes:

I think it was bajabuddha that called em "gawd danged old women with testicles"! anyway I just opened a schwab account, seemed pretty straight forward, I did use one of those virtual IP gizmos, dont know if was necessary?

weebray - 12-16-2013 at 06:18 PM

Quote:

I read your post twice and still have no idea what you're talking about. I blame Schwab for their website errors which made applying for an account impossible. "Making the rules?" :rolleyes:

Touchy, touchy son. I was not taking a shot at you, merely commenting on what the problem might be. BTW, we also had no problem setting up a Schwab bank account, without id verification when we caught wind of B of A's plans to change the rules. We did, however, already have a brokerage account. We have never had any problems with Schwab's website, it is possible there was some sort of connection problem. Although we all know that Carlos Slim tries his hardest, sometimes there is a slight dropout. When this happens, especially when using a high security connection, the whole process goes south. PS Looks like you're living under the same flat rock (The Puerto de illusion) as us.

beachbum1A - 12-16-2013 at 06:26 PM

I too opened a Charles Schwab account. When my ISP indicated that I lived in Mexico they requested that I come to So Cal to provide positive identification to complete the process.

willardguy - 12-16-2013 at 06:30 PM

Quote:

Originally posted by beachbum1A
I too opened a Charles Schwab account. When my ISP indicated that I lived in Mexico they requested that I come to So Cal to provide positive identification to complete the process.

I guess it was necessary to use a VIP. tunnelbear works fine :yes:

LaPazGringo - 12-17-2013 at 10:39 AM

Yes, use a VPN for sure. As reported, when I tries to apply online I was held up and assumed nothing went through. Well, I just got a call on my Skype number here in La Paz and it was a Schwab rep following up with me to help me get the account set up. He said due to identity theft, applications from outside the US are not acceptable and I need to mail it in. So he's emailing it to me and I'm going to have to figure out a way to mail it.

He did confirm to me NO INT'L FEES OF ANY KIND. No ATM or Transaction Fees of ANY KIND. If an ATM quotes a fee, proceed with the transaction and then it's promptly refunded.

If you'd like to talk to this guy he gave me his direct number.

Richard @ 888-774-3755

[Edited on 12-17-2013 by LaPazGringo]

willardguy - 12-17-2013 at 10:44 AM

the banking is tied with a brokerage account you must sign up for, correct? or did I F-up?

weebray - 12-17-2013 at 11:37 AM

I'm not sure if you can open a bank acct. without a brokerage acct. but I AM sure that if you call the number *LP gringo* just gave out, or if you go to their website, you can talk to a rep. PROMPTLY. BTW we also use a proxy server. "Strong VPN" at about fifty bucks a year it just may be the best coin I've spent all year. It opens up Hulu, Netflicks, BBC, 'Mercian TV etc. etc. But the real bonus is you eliminate all the Mexican search results.

willardguy - 12-17-2013 at 11:45 AM

But the real bonus is you eliminate all the Mexican search results.

certainly a plus on some of the "less savory sites" :lol:

tjsue - 12-17-2013 at 03:29 PM

Quote:

Originally posted by LaPazGringo
Yes, use a VPN for sure. As reported, when I tries to apply online I was held up and assumed nothing went through. Well, I just got a call on my Skype number here in La Paz and it was a Schwab rep following up with me to help me get the account set up. He said due to identity theft, applications from outside the US are not acceptable and I need to mail it in. So he's emailing it to me and I'm going to have to figure out a way to mail it.

He did confirm to me NO INT'L FEES OF ANY KIND. No ATM or Transaction Fees of ANY KIND. If an ATM quotes a fee, proceed with the transaction and then it's promptly refunded.

If you'd like to talk to this guy he gave me his direct number.

Richard @ 888-774-3755

[Edited on 12-17-2013 by LaPazGringo]

If you can get it to me in Tijuana, I can mail it for you when I cross the border.

[Edited on 12-17-2013 by tjsue]

Pages: 1 2