# Bank of America - Now 3% International Transaction Fee at Global ATM Alliance ATMs



## Tanning machine (Feb 21, 2002)

basiluf said:


> There wasn't a warning. Now looking at the BofA website, it's pretty clear that you can only use Deutsche Bank ATMs in Germany to avoid paying the $5 fee. I didn't even immediately need the cash on the spot, I just saw the bank and thought that it would be a good idea to top off.


Yeah, this has always been the case. It's only the specified bank _in the country specified_ that gets the reduced (or previously zero) fees. I think someone here a couple years ago discovered that the hard way as well, with perhaps BNP in Switzerland or something.


----------



## Me530 (Feb 17, 2005)

It's funny to me that it's so expensive to get access to our own money as cash. I realize an international inter-bank monetary network costs money to operate and maintain and to deal with regulations, but that doesn't make me think it's any less funny.


----------



## Fastpaddler (Sep 29, 2013)

gkr778 said:


> That word sums up my relatively brief experience as a Bank of America customer.


And how did Bank of AMerica react during the 2008 financial meltdown? Who kept them afloat?


----------



## Fastpaddler (Sep 29, 2013)

Boraxo said:


> High net worth customers (or those with high balances) may also qualify for ATM fee waivers (and no forex fees) with a Wells Fargo PMA, CitiGold or JPM Chase Private Client account. For the rest of us other options include Capital One Bank and Fidelity - the former charges 0% like Schwab and the latter has a 1% forex but no ATM fees.


Wells Fargo. If I never visit one of their branches again it will be too soon. Rude and unhelpful and wouldnt cash an American Express Traveller's cheque because we were VISITORS.
Nice attitude. ATMs usually are fine and no 3 percent fees yet...:rofl:


----------



## Fastpaddler (Sep 29, 2013)

chrischeung said:


> Just to put this in perspective. Say you draw $1000 for your trip. 3% is $30.


I see your point. Gouging and silent theft. This is a time for Government controls on charges.


----------



## Fastpaddler (Sep 29, 2013)

gkr778 said:


> $30 goes a long way toward a nice gift item at bmw welt shop, dinner, train tickets, etc.
> 
> My perspective? Bank of america isn't worthy of my (or anyone's) business. I closed my account there prior to this fee being applied to global atm alliance transactions. Ridiculous fees and abysmal customer service will ensure that bank of america remains a contender for 'worst company in america' in the years ahead.


+1 And add WELLS FARGO!!!!!


----------



## Fastpaddler (Sep 29, 2013)

chrischeung said:


> I've lost a lot more money to BMW than any financial institution, having purchased or leased 9 new BMWs in 15 years. But I don't hate them, and I'm not going to switch to Toyota.


True but it is YOUR choice to have BMWs at whatever costs there are. It is different when a financial institution such as a well known bank like Bank of AMerica or in my experience,. Wells Fargo treats you shabily or just charges you what they can charge(for next to nothing essentially).


----------



## Stealth.Pilot (Jul 2, 2009)

Bank of America is a piss poor operation.

I was once out of the country and missed one payment on my BofA credit card. I pointed out to them that at the time I had well over $500k of assets in various accounts with them and insisted they remove the late payment fee and remove any reference to this charge from my credit report.

They refused. I told them that I would cancel my credit card and close my bank account unless they did what I asked. They still refused. I moved the account to Schwab where my accounts have grown substantially since then. They lost someone who became a HNW customer because of a lack of customer service.

Schwab charges no international transaction fee, and also refunds atm charges from both domestic and overseas banks.


----------



## Fastpaddler (Sep 29, 2013)

Stealth.Pilot said:


> Bank of America is a piss poor operation.
> 
> I was once out of the country and missed one payment on my BofA credit card. I pointed out to them that at the time I had well over $500k of assets in various accounts with them and insisted they remove the late payment fee and remove any reference to this charge from my credit report.
> 
> ...


Well done. I understand your feelings. I once moved several hundred thousands of dollars to another bank because the bank Manager of the branch I was using said they were too busy on a Friday to give me any service--I had flown in from Tokyo and had only a couple of days. They lost plenty but, I guess nobody learned anything. Just another customer. Next!!!


----------



## chrischeung (Sep 1, 2002)

Stealth.Pilot said:


> They refused. I told them that I would cancel my credit card and close my bank account unless they did what I asked. They still refused. I moved the account to Schwab where my accounts have grown substantially since then. They lost someone who became a HNW customer because of a lack of customer service.


I think you're a little short sighted, though I have heard similar stories. It may be worth your while to look at BoA again - I would presume their HNW offering is different from their retail one. Many service companies don't do well at a "retail" level, like hotels, airlines, banks etc., but at the upper echelon's it truly is different. All I'm saying is that you likely would be treated differently now. Perhaps better. But your attitude is not only their loss, which I agree. But it may also be your own loss. For all you know, the head of their credit card division, or CEO may have changed - and it's now a totally different show. Who are you really upset with now? Someone who isn't even there? They may now be at Schwab!

Personal example. Verizon once screwed me over on a promotion. Didn't honor it after agreeing it was valid. In the end I still use Verizon - but I sure made them make up for it and more upon renewal. I told them to prove it was worth me continuing to be a customer after such an experience. They needed to offer much more. But a competitor basically doesn't need to do anything for you - they just don't need to not screw up. It's a low bar. You get more when you have set a high bar for a company. In your shoes, I'd ask BoA HNW to make up for the loss, make an offer to win your business, and up it for any inconvenience in case they screw up - all up front. You're way ahead, plus they'll treat you with kid gloves.

I read a lot of similar types of things about cars. "I'll never buy another BMW, etc. again". I'd be lying if I said I felt sorry for those folks, since they are making a personal, deliberate and conscious decision. But it's just unimaginable to me that someone would sacrifice their own future experience over a relative triviality.


----------



## chrischeung (Sep 1, 2002)

Fastpaddler said:


> They lost plenty but, I guess nobody learned anything.


How do you know they didn't learn anything? Did you try them again? Did you get anything for giving them another chance? What did they do the second time?


----------



## chrischeung (Sep 1, 2002)

What I'd like to see is someone much better than BoA - or JPMorgan, Citi etc. Sort of turn things on their head like Amazon did to retailing. I just don't think any current bank out there is truly outstanding.


----------



## Stealth.Pilot (Jul 2, 2009)

chrischeung said:


> What I'd like to see is someone much better than BoA - or JPMorgan, Citi etc. Sort of turn things on their head like Amazon did to retailing. I just don't think any current bank out there is truly outstanding.


Charles Schwab is pretty excellent in my opinion. I do all my banking with them. Excellent customer service and very friendly policies. Also no bull**** fees. They see the big picture.

Sent from BimmerApp mobile app


----------



## Stealth.Pilot (Jul 2, 2009)

chrischeung said:


> I think you're a little short sighted, though I have heard similar stories. It may be worth your while to look at BoA again - I would presume their HNW offering is different from their retail one. Many service companies don't do well at a "retail" level, like hotels, airlines, banks etc., but at the upper echelon's it truly is different. All I'm saying is that you likely would be treated differently now. Perhaps better. But your attitude is not only their loss, which I agree. But it may also be your own loss. For all you know, the head of their credit card division, or CEO may have changed - and it's now a totally different show. Who are you really upset with now? Someone who isn't even there? They may now be at Schwab!
> 
> Personal example. Verizon once screwed me over on a promotion. Didn't honor it after agreeing it was valid. In the end I still use Verizon - but I sure made them make up for it and more upon renewal. I told them to prove it was worth me continuing to be a customer after such an experience. They needed to offer much more. But a competitor basically doesn't need to do anything for you - they just don't need to not screw up. It's a low bar. You get more when you have set a high bar for a company. In your shoes, I'd ask BoA HNW to make up for the loss, make an offer to win your business, and up it for any inconvenience in case they screw up - all up front. You're way ahead, plus they'll treat you with kid gloves.
> 
> I read a lot of similar types of things about cars. "I'll never buy another BMW, etc. again". I'd be lying if I said I felt sorry for those folks, since they are making a personal, deliberate and conscious decision. But it's just unimaginable to me that someone would sacrifice their own future experience over a relative triviality.


I know from experience that it takes a lot more than a few personnel changes to change a corporate culture. And cultures cannot be changed in just a few years.

BTW a good company would automatically figure out who their HNW customers are and transition them to the right level of service. It's not hard. They know their monthly deposits and balances.

I'm not losing out. I've read their latest policies and they don't seem to have got any better. The fact that they still charge ATM fees is ridiculous. It's not that it makes any difference to me to pay ATM fees. It's chump change. The issue is that it tells me they are in the business of nickel and diming. It tells me their customer service and back office operations are managed to save every penny rather than a balance of efficiency and customer experience goals. I have no time for that.

Sent from BimmerApp mobile app


----------



## chrischeung (Sep 1, 2002)

Stealth.Pilot said:


> I'm not losing out.


I'm not talking about fees. I'm talking about things like access to bonds, offerings, wealth management products. I know a lot of people bank with Goldman for that reason for example. I expect BoA US Trust (formerly Schwab) customers get this access.

I doubt that Schwab would give you a personal financial plan for free - I think it's $1,000-2,000 (most banks charge for it). They review your tax, estate, and wealth strategy with experts. So in your case, I was thinking you'd go to BoA and ask for that as the hurdle.


----------



## chrischeung (Sep 1, 2002)

Stealth.Pilot said:


> It tells me their customer service and back office operations are managed to save every penny rather than a balance of efficiency and customer experience goals.


Did you ever stop to think that BoA is a retail operation and not a HNW one? Their profit model, and many retail banks, is made to make money off those on paycheck to paycheck. How do you make money off those accounts with a customer experience model? It's a fee model. Most people with more funds generally transition to the higher tiers within the big banks. It looks like BoA did a poor job doing so for you. My experience is that they should have offered to transition you - I have no specific idea how it works though.

"As a U.S. Trust client, you can enjoy banking benefits that include waivers and discounts on many day-to-day cash management services, such as ATM and wire transfer fees. Please contact your advisor to learn more about the banking benefits available to you."

http://www.ustrust.com/ust/Pages/ArticleViewer.aspx?Title=personalized-banking-and-credit
Citi - https://www.privatebank.citibank.com/#_tab1
JPM - https://www.jpmorgan.com/pages/jpmorgan/private_banking
Wells - https://www.wellsfargo.com/theprivatebank/oursolutions/privatebanking


----------



## Stealth.Pilot (Jul 2, 2009)

*Bank of America - Now 3% International Transaction Fee at Global ATM Alliance...*



chrischeung said:


> Did you ever stop to think that BoA is a retail operation and not a HNW one? Their profit model, and many retail banks, is made to make money off those on paycheck to paycheck. How do you make money off those accounts with a customer experience model? It's a fee model. Most people with more funds generally transition to the higher tiers within the big banks. It looks like BoA did a poor job doing so for you. My experience is that they should have offered to transition you - I have no specific idea how it works though.
> 
> "As a U.S. Trust client, you can enjoy banking benefits that include waivers and discounts on many day-to-day cash management services, such as ATM and wire transfer fees. Please contact your advisor to learn more about the banking benefits available to you."
> 
> ...


Well that failure to transition me is another indicator of poor processes.

Also see that word "discounts". Again that's a red flag to me. I get "free" wire transfers and refunded ATM fees at any ATM globally.

I am familiar with US Trust but if you read reviews of members they will say service has been worse since BofA bought them.

Also I don't qualify for US trust. uS trust is for 3m and up in managed assets. I am at many many multiples of the 250k minimum of Merrill Lynch Wealth Management but short of 3m. Unfortunately I don't think MLWM is very good.

Sent from BimmerApp mobile app


----------



## Stealth.Pilot (Jul 2, 2009)

*Bank of America - Now 3% International Transaction Fee at Global ATM Alliance...*



chrischeung said:


> I'm not talking about fees. I'm talking about things like access to bonds, offerings, wealth management products. I know a lot of people bank with Goldman for that reason for example. I expect BoA US Trust (formerly Schwab) customers get this access.
> 
> I doubt that Schwab would give you a personal financial plan for free - I think it's $1,000-2,000 (most banks charge for it). They review your tax, estate, and wealth strategy with experts. So in your case, I was thinking you'd go to BoA and ask for that as the hurdle.


Yes I get free personal financial plan. I also regularly see my financial advisor and have never once been charged for this service.

Sent from BimmerApp mobile app


----------



## Tanning machine (Feb 21, 2002)

Stealth.Pilot said:


> Bank of America is a piss poor operation.
> 
> I was once out of the country and missed one payment on my BofA credit card. I pointed out to them that at the time I had well over $500k of assets in various accounts with them and insisted they remove the late payment fee and remove any reference to this charge from my credit report.
> 
> ...


That's remarkable for any credit card issuer, let alone one that you have other accounts with. Every card I have has made several "one time exceptions" for me when my payment has been late by a bit. Of course, the ones that didn't are cards I no longer have (I think I had to cancel one for the same reason you did).


----------



## chrischeung (Sep 1, 2002)

Tanning machine said:


> That's remarkable for any credit card issuer, let alone one that you have other accounts with. Every card I have has made several "one time exceptions" for me when my payment has been late by a bit. Of course, the ones that didn't are cards I no longer have (I think I had to cancel one for the same reason you did).


Personal experience - they'll give you one "freebie" a year. No experience with BoA, but with AMEX and Citi. The next one they'll charge, no matter how strenuous the protest. It's good business sense - client acquisition costs are higher than the penalty fee.


----------

