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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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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.
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sequoyah
Junior Nomad
Posts: 98
Registered: 11-13-2013
Member Is Offline
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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.
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Lee
Ultra Nomad
Posts: 3568
Registered: 10-2-2006
Location: High in the Colorado Rockies
Member Is Online
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| 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.
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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.
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sequoyah
Junior Nomad
Posts: 98
Registered: 11-13-2013
Member Is Offline
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| Quote: | Originally posted by Lee
| 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.
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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.
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
Member Is Offline
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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?! 
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oxxo
Banned
Posts: 2347
Registered: 5-17-2006
Location: Wherever I am, I'm there
Member Is Offline
Mood: If I was feeling any better, I'd be twins!
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| 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?
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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What kind of checking account do you have at B of A? What is your minimum balance?
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
Member Is Offline
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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!
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weebray
Super Nomad
Posts: 1094
Registered: 7-19-2010
Location: La Paz
Member Is Offline
Mood: lleno
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| 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.
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
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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?
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oxxo
Banned
Posts: 2347
Registered: 5-17-2006
Location: Wherever I am, I'm there
Member Is Offline
Mood: If I was feeling any better, I'd be twins!
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| 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?
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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.
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bigmike
Nomad
Posts: 175
Registered: 9-8-2007
Location: Punta Banda
Member Is Offline
Mood: Loving Life
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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.
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EnsenadaDr
Banned
Posts: 5027
Registered: 9-12-2011
Location: Baja California
Member Is Offline
Mood: Move on. It is just a chapter in the past, but don't close the book- just turn the page
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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]
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EnsenadaDr
Banned
Posts: 5027
Registered: 9-12-2011
Location: Baja California
Member Is Offline
Mood: Move on. It is just a chapter in the past, but don't close the book- just turn the page
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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! |
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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| 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.
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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...
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Lee
Ultra Nomad
Posts: 3568
Registered: 10-2-2006
Location: High in the Colorado Rockies
Member Is Online
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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.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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| 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...
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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.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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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.
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Hoagey
Newbie
Posts: 6
Registered: 10-22-2013
Member Is Offline
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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?
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| 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?
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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.
"YOU CAN'T LITTER ALUMINUM"
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