• Go to page :
  • 1 2
  • Text Only
Voting History
rated:
Bank service shortcomings for small businesses
Low-fee or no-fee wire transfers
Check 21 Law Shortens Check-Clearing Times
Direct Deposit Required: defining "direct deposit"
Any charge for cancelling direct deposit?
Internet-Only Banks
NetBank Account Inactivity Fees
Nuisance Fees
Deposited Items policies
Debit Card vs. Credit Card use - Why you should NOT use a debit card for purchases!
BofI issues - assets frozen, forced account closure, loan denial, etc. - and discussion of case
Help! Returned NetBank Deposits
Excessive bank overdraft charges?
Bank account with bad credit
Is Citibank good or bad to deal with?
Branchless Banks
National Interbank discussion with fee schedule
Problem with bank chargeback
Banks that do transfers?
My Bank is taking a few cents monthly
CNBT.com is a Bait and switch bank
Closing a Bank Account effect on FICO score
NetBank: Good, Bad, or Ugly?
Best Banking Arrangement for Out-of-State College Freshman?
Business banking accounts vs. personal accounts used for business
Online bank fraud
Online Banking
Bank One over draft and other fees can be taken off
Online banking-how safe is it?
Bank account in New Jersey
Bank error
Citibank Sucks!
Bank of Internet discussion
How long should I keep bank statements?
PC Banker-new rules and they are not good
Is Citibank good or bad to deal with?
Problem with bank chargeback

Q1: WHAT ARE ATM CHARGES AND SURCHARGES?
ATM operators have turned ATMs, which once were almost free to use, into a "profit center". Most banks still allow their own customers No-Charge access to their own ATMs. Banks operating large nationwide ATM networks - Bank of America, Citibank, Bank One, E*Trade Bank and American Express - heavily market this advantage.

"Foreign ATM Charges" are imposed by your own bank for transactions conducted at ATMs operated by other banks. The Foreign ATM Charge reimburses the bank for the "Network Interchange Fee" (25 to 50 cents), plus provides a liberal additional profit. Many banks' Foreign ATM Charge is $1.00 to $3.00. Internet banks often impose no charge.

"Noncustomer Surcharges" are imposed by ATM operators on noncustomers as an additional profit source IN ADDITION TO the "Network Interchange Fee". Noncustomer Surcharges typically are $1 to $3.

Q2. Do any banks or CUs offer No-Charge Access to "foreign" ATMs? Do any banks/CUs offer ATM Surcharge refunds?

Many CUs, and pure-Internet banks, offer No-Charge access to foreign ATMs. Also, many CUs offer No-Charge access to the nationwide "selective surcharge" Co-Op Network, with 14,000 ATMs in the US and Canada, or other "selective surcharge" ATM networks.

Q3. WHAT HAPPENS IF I INITIATE AN ATM WITHDRAWAL, BUT NO CASH COMES OUT?
ATM Problem at Casino

Q4. MAKING DEPOSITS AT AN ATM, WHEN WILL MY DEPOSIT BE AVAILABLE?
BofA ATM Deposit

Q5. WHAT KINDS OF OVERDRAFT FEES CAN BE IMPOSED?
Banks Knowingly Allowing Debit-Card Overdrafts As A "Courtesy" In many cases, banks have adopted a practice of allowing debit-card and check-card transactions even when a customer's account balance is negative, then they impose a very steep "Overdraft Fee" (i.e. $21 or even $31) for the "courtesy" of allowing such a transaction. Other more-conservative banks won't authorize new debit transactions when an account is overdrawn....be very wary of this new wrinkle which can be very costly.

Q6. What are fees for a stop payment order on a personal check.
Under the UCC, a customer can request a Stop Payment Order on a personal check, directing the bank to refuse payment. As a consumer, you should be cautious about using Stop Payment orders because in some jurisdictions a check recipient, or a third party, may have legal redress against you for a stop payment. Banks typically charge a fee of $15 to $30 for a Stop Payment, though some credit unions are as low as $5.

Additional information for Canadian bank account clients:
Guide to Basic Low-Fee Canadian Bank Accounts
Industry Canada Financial Service Charges Calculator


Member Summary
Most Recent Posts
Bumping thread - FAQ soon to be updated with more links to external sites.

SeattleNative (Dec. 15, 2004 @ 11:46p) |

Bump

noksagt (Apr. 05, 2005 @ 6:53p) |

bump to prevent archiving<br>

rollingT (Jun. 01, 2005 @ 11:42p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

American Bank/PC Banker fees
Bank of Internet fees
State Farm Bank fees
NetBank fees
First Internet Bank of Indiana fees

Incidentally,Nordstrom Bank Interest Checking imposes a $5 monthly service fee, notwithstanding the description of "No Minimum Balance Required". The fee is waived with a $5000 minimum monthly balance.


Props to Washington Mutual for not charging their own added fees on ATM withdrawals from their ATMs.

last post is not true
WaMu charges $1.5 if you use their ATM with other bank card

I use compass bank for my secondary and only local checking accont, Mainly for the ability to deposit cash which I occasionally need.

They have FREE CHECKING till 2099 and FREE ATM withdrawls at ANY bank. (None of the rebate garbage where you have to send in receipts & such)
As you would expect, they dont pay interest on this account but I only usually keep a $100 in there unless I anticipate needing more in which case I just ACH it in from my ING account.

But, I dont use their free ATM withdrawls as I dont see the need to use cash very often. I can keep a few hundred at home and usually less than $30 in my wallet.

With "rewards" for using credit/paypal debitcards, I only use cash for Fast Food,Sams club and bars since its just simpler to pay cash and i dont have to worry about them padding my tab after I have had a few.


I think I also get a free overdraft protection. Well, they charge you interest anyway.

As for other fees, i dont really care because I make sure I dont incurr them.

RussianInNYC said:

<< last post is not true. WaMu charges $1.5 if you use their ATM with other bank card >>

They have never charged me anything in California, but again, I havent used their ATM in about 2 months. Does it show the 1.50 right on your ATM receipt ? Maybe its your bank charging you on your bank statement.

UPDATE: I attended WM's Annual Shareholder Meeting today in Seattle. CEO Kerry Killinger was asked by a shareholder about WM's position on this.

Killinger responded that the surcharging in the New York metro area is NOT intended to be permanent. Dime Savings had very few ATMs. WM felt it was imperative to focus on adding enough ATM capacity to service WM's own customers before going "Surcharge Free".

Killinger declared WM was very pleased at how its Surcharge Free ATM strategy has attracted new customers to WM. WM management plans to extend the Surcharge Free ATM program to New York when they have added enough capacity to serve that huge market.

WaMu's presence in New York is due to their acquisition of Dime Bancorp. They are currently continuing Dime's policy of charging non-customers for using their ATMs. It remains to be seen, as Dime is fully integrated into Wamu's structure and systems, whether they will continue to charge non-customers.

Rallycap: that is news, indeed. In other markets, WM actually ran billboard campaigns and TV ads promoting the Surcharge-Free ATMs. I'm sure a few visitors to New York, accustomed to WM Surcharge-Free ATMs, have been ticked off.

It gets even funnier with WaMu
Cash deposits in most banks have same business day avail.
No the case in WaMu in NYC - 3 days if made via ATM
Except that the checking is free and it is closest bank to my basement appartment - nothing really differentiates WaMu from most NYC banks ( cannot be compared to CommerceBank 7 days a week , etc...) - even lines are sooo long. And I know that in many other places of US, WaMu is really great.
Can it be that they do not want to invest into low-affluence markets (like Brooklyn) and just want to pull resouces from there?

Seattle:

Are you sure about Bank of America charging its cardholders $2.00 to use a non-Bank of America ATM?

If I use a non-Bank of America ATM, I only pay $1.50 - maybe it's just here in Texas.

GoCowboys: BofA's fee structure varies depending on the state.

For BofA accounts based in Washington State, BofA charges cardholders $1.75 for foreign ATM usage within Washington State. BofA charges cardholders $2.00 for foreign ATM usage outside of the state (elsewhere in the US and overseas).

For Washington accounts, BofA's fee disclosures aren't posted on the web. When I obtain a copy, I'll post some responses to the FAQs.

For informational purposes, these fees are much higher than they were eleven years ago, in 1992: back then, BofA ("Seafirst" charged $0.60 for foreign ATM usage in-state and $1.25 for foreign ATM usage out-of-state. This increase has far outstripped the rate of inflation since 1992, but this is fairly typical of how B&M banks have made ATM usage into a lucrative profit center since the actual per-transaction cost of providing ATM services has DECREASED in the past decade instead of INCREASED.

Russian: could you provide more information about Commerce Bank's fees in the New York area? I understand they offer New Yorkers a better-than-average consumer experience.

1. What are their ATM usage fees assessed for using other banks' ATMs.
2. Do they offer ATM surcharge rebates.
3. Fees for a stop payment order on a personal check?
4. "Returned deposited item" fee for depositing a bad check?
5. Fees for Bill Pay service, either online or telephone?
6. Fees for obtaining a money order or cashier's check?
7. "Account Inactivity" fees?
8. Nuisance fees such as: lack of Bill Pay activity; Bill Pay check returned due to bad payment address; paper statement returned due to address change; etc.?

FYI

When your back charges you a fee for not using one of their ATMS, they are actually charging you twice. Because guess who gets part of the fee that the ATM has charged you...

...your bank, of course!

Example:

ATM fee: $1.50 (your bank gets part of this)
Bank fee for not using their ATM: $1 (your bank gets all of this)

Sick, isn't it?

to Seattle Native:
see at www.commerceonline.com

Principal bank checking account has free online billpaying with no minimum balance requirement and pays interest (just noticed this on my last statement). I use the free mail-in deposit envelopes (deposit recorded in a few days). After paying monthly bills, I deposit leftover funds to the higher interest bearing INGdirect by ACH pull where I can park funds for quarterly or annual bills.

My local credit union doesn't offer free bill paying and pays much lower interest than ING's 2.3%, so going the route of Principal/ING is worth the slight inconvenience to save a few bucks every month. Doesn't seem much, but it adds up every month. Besides, now I'm hooked on paying everything online. I'm too lazy to even write a check or go to the post office to mail it.

tooshy said:

<< Principal bank checking account has free online billpaying with no minimum balance requirement and pays interest(just noticed this on my last statement) >>

I've never received interest before. Did they just recently start to pay you interest ?

Bank of Internet has the most interesting way of calculating atm fees from foreign banks. Since most of them do not disclose fees on receipts, Bofi calculates fees based on last 3 digits of the amount withdrawn.

Example: Amount withdrawn is $493.28 and Bofi makes a refund of $3.28. Again: Amount withdrawn 490.03, Bofi refund is $0.03 .

This has been the case in all my withdrawals made this year. Has anyone else noticed it too?

Alcibiades said:


<< tooshy said:


<< Principal bank checking account has free online billpaying with no minimum balance requirement and pays interest(just noticed this on my last statement)
>>

I've never received interest before. Did they just recently start to pay you interest ?
>>



Interest started appearing on my 3/14/03 statement. I earned $.19 or .21% APY on $1,210 average balance.

The interest is pathetic, hence the discussion in this thread, but it is better than nothing I suppose. Maybe they started paying interest when they noticed customers weren't leaving any balances in the account for long.

Everyone: today at WM's Annual Meeting in Seattle, CEO Kerry Killinger responded to a shareholder question about the ATM surcharges. He explained it is a temporary issue while WM adds enough ATMs to the inadequate small ATM network it inherited from Dime Savings. He stated bank management strongly supports Surcharge Free ATMs as an excellent marketing tool to attract new clients and to cross-sell more products, and they intend to add Surcharge Free ATM service to New York eventually.

As a consumer, ATMs can be a very expensive convenience. For all intents and purposes, you often end up with "Double Charging":

Your bank imposes a Foreign ATM fee of $1.50 to $3.00
The ATM operator imposes a Surcharge of $1.50 to $3.00

If you get into the habit of withdrawing $20 or $40 from foreign ATMs several times a month, you can end up spending an awful lot of fee dollars just to use your own money. Whenever possible, avoid using ATMs that dont belong to your own bank or CU - and if you really need the convenience of using any ATM, consider using an account at a branchless Internet bank that offers no foreign ATM fee and some Surcharge refunds.

More alternatives to using surcharging ATMs:

1. Using a PIN-based debit card at a merchant offering cash back. Be advised that some merchants are imposing POS surcharges.

2. Using a VISA/MasterCard check card for over-the-counter cash advances at a bank teller window - but be sure your own bank doesn't have an obscure "cash advance" fee.

DWooley, BofI has never given me a rebate of a sum other than the transaction fee. I do not recall ever getting a receipt that did not break out the transaction fee. Also, other than the ATM's of one transaction free CU which dispenses fives I am unaware of any ATM which dispenses anything but 10 and 20 dollar bills. Of course that makes the last 3 digits the fee, as in your example. Now, where in the world did you find an ATM with a 3 cent fee?

Alcibiades, IIRC Principal Bank has a $1000 minimum to get paid interest. My account has always been an 'interest bearing' account. Though I have never earned a penny of interest. I have had my account since 11/2001.

DWooley and WalStMonkey: cash withdrawals overseas are converted to U.S. dollars, leaving an odd transaction amount. Here is a sample Canadian transaction:

C$100 cash WD + $C1.50 ATM surcharge = C$101.50 transaction
C$101.50 transaction converted at 74.5% = US$75.62

BofI estimates the surcharge amount at US$0.62, although technically the actual surcharge amount would be US$1.12. In other cases, I have received a larger amount refunded than the actual surcharge. Other issues:

1. ATMs outside the U.S. often don't display the surcharge amount on the machine. The surcharge is only disclosed after entering your PIN and transaction amount.

2. ATM receipts issued outside the U.S. might not separately list the surcharge amount.

3. ATMs outside the cardholder's home country aren't supposed to impose a noncustomer surcharge at all - per the VISA and MasterCard bylaws. However, VISA, MasterCard and the ATM networks aren't enforcing this policy.

Almost all ATM cards and check cards issued in the United States have "Point of Sale" debit purchase capability. However, sometimes your ATM card won't work with the POS network used by a particular retailer. Some merchant POS systems only work with regional networks (i.e. Exchange/Accel or NYCE), while others are linked to nationwide systems like PLUS or Cirrus. Also, most U.S. ATM cards won't work at "Interac" POS debit terminals at retailers in Canada, the systems apparently are incompatible.

Unlike a VISA or MasterCard transaction, PIN-based POS transactions are processed in real time. The purchase is IMMEDIATELY debited from your checking account balance.

Most merchants offering POS debit will not impose a surcharge. However, many fast-food restaurants and some gas stations impose a surcharge, which may be only disclosed in small print on the terminal. The charge typically is 50 cents or 75 cents. On a $5 purchase, this is a steep price to pay for convenience.

Many merchants offering POS debit offer "cash back" option. Usually there is no extra charge for this, though I've read that some banks actually assess their own fee for "cash back" transactions.

Pay extremely close attention to the total dollar amount of the transaction, and be sure that you have enough funds in your account to cover the purchase since your bank otherwise may assess a very steep overdraft fee on your account.

ARCO gas station POS fee is either 0.10 or 0.25 in California.

Considering using a debit card overseas to obtain local currency. But depending on my bank, its relationships, and/or rebates for ATM usage, might there be some fees ? What if someone uses their VISA/MASTERCARD debit card to do a cash advance with the teller at a foreign bank ?

Or could it be cheaper to use a Capital One credit card to get Euros at an ATM or bank teller. Capital One does not charge fees for cash advances and my interest rate is 7.9% on cash advances, which could be avoided by just overpaying/prepaying.

Any opinions on my questions above ?

<<ARCO gas station POS fee is either 0.10 or 0.25 in California. >>
try 35

and i hate it when they call themselves as arco but some mom and pop store name disguised as arcos.

mshen11 said:

<< try 35, and i hate it when they call themselves as arco but some mom and pop store name disguised as Arcos >>

Even the local Shell seems mom and pop to me, a family affair. ARCO tankers do seem to fill the stations' tanks, so for better or worse one knows that ARCO gasoline is being pumped

Before traveling overseas, contact your bank about the following:

a)Which international ATM networks is their debit card affiliated with, such as Cirrus or Plus?;

b)Is your debit card's PIN number or letters in a format recognized by non-US ATMs? Some overseas ATMs require a 5-digit PIN, or may only display numbers and not letters for inputting your PIN;

c)What will your bank charge you for international ATM transactions, and what markup the bank will charge on foreign-currency transactions.

d)Outside the U.S., you may face noncustomer surcharges at the ATM. Technically speaking, ATM operators aren't supposed to surcharge out-of-country cardholders.

2. Check with your bank about over-the-counter cash advance transactions overseas. This usually avoids all fees and surcharges, but ask your bank for advice. An overseas bank might refuse to offer a cash advance if they are uncertain about your identity or concerned about fraud. Local laws and rules might give them the right to refuse service.

3. With your Capital One credit card, ask the same questions as applied in #1.

If you have an debit or check card with an Internet-based bank like PC Banker, Bank of Internet, or State Farm Bank, international ATM usage is entirely free of charge and you may obtain some ATM surcharge rebates. If you have a debit or check card with most banks, you will typically be charged $2.00 to $3.00 for each international ATM transaction, in addition to any ATM surcharges imposed.

Bank of America cardholders are charged $2.00 for an international ATM transactions plus applicable surcharges, except for FREE ATM transactions at ATMs operated by the Global ATM Alliance: Barclays Bank in the U.K., Westpac in Australia, Scotiabank in Canada, and Paribas Bank in France. Check the Bank of America website for details.

Principal Bank credit card CSR "says" they dont add any extra fees of their own when they compute the conversion on foreign purchases and ATM cash advances. Of course they charge interest immediately on cash advances.

CNBT debit card says they wont charge a fee for foreign ATM usage, and will rebate up to 4.95 a month.

Are there potentially 3 fees that could be charged for ATM usage, or just 2 with 1. and 2. below being the same fee ?

1. A fee that might immediately be charged to you and possibly shown on your ATM receipt total.
2. A fee that might be passed to your bank and then charged to your account, and rebated by certain banks.
3. A fee that might be charged by your bank for using an ATM that is not affiliated with them, or is in a foreign country, etc

Alcibiades said:

<< Considering using a debit card overseas to obtain local currency. But depending on my bank, its relationships, and/or rebates for ATM usage, might there be some fees ? What if someone uses their VISA/MASTERCARD debit card to do a cash advance with the teller at a foreign bank ?

Or could it be cheaper to use a Capital One credit card to get Euros at an ATM or bank teller. Capital One does not charge fees for cash advances and my interest rate is 7.9% on cash advances, which could be avoided by just overpaying/prepaying.
>>



In many European (especially Eastern European) countries VISA/MASTERCARD cash advances at banks are treated the same way as travellers checks and the customer is charged 1%-5% convenience fee. So you will probably be better off by getting cash at an ATM.

Alcibiades said:

<< Are there potentially 3 fees that could be charged for ATM usage, or just 2 with 1. and 2. below being the same fee ?

1. A fee that might immediately be charged to you and possibly shown on your ATM receipt total.
2. A fee that might be passed to your bank and then charged to your account, and rebated by certain banks.
3. A fee that might be charged by your bank for using an ATM that is not affiliated with them, or is in a foreign country, etc
>>



Number 1 is very common. In rare cases, as it is already mentioned above, the fee is not itemized on the receipt, but simply added to the total.
Number 2 is illegal. If it happens you can dispute it as an unauthorized transaction on your statement. If the fee is added to the total of your ATM transaction on your statement but not on the receipt, you can dispute it by showing your ATM receipt.
Number 3 is common too.

There are three types of ATM-specific fees, but only #1 and #3 are assessed directly to the cardholder:

1. NONCUSTOMER SURCHARGE collected by an ATM operator FROM THE CARDHOLDER.
2. NETWORK INTERCHANGE FEE collected FROM THE CARDHOLDER'S BANK, which reimburses the operator for the transaction cost. Typically this Network Interchange fee is about 50 cents.
3. "FOREIGN ATM" FEE collected FROM THE CARDHOLDER by the cardholder's own bank for using "off-us" ATMs. Typically this fee runs $1.50 to $3.00. Some credit unions and pure-Internet banks don't charge this fee at all.

A question about those banks(typically the online variety) that rebate ATM fees up to a certain dollar amount monthly. Whose fees are they rebating ?

Are they rebating part of the fees that they themselves are charging you to do certain ATM transactions, or are they rebating on fees that are passed through to them by the ATM Operator to them for your transaction ?

EDIT : I see, they typically are rebating on #1(if you send in your ATM receipt(s)showing the fee, or some banks automatically detect and rebate the fee) and #3 which basically encompasses #2

Bump!<img src="i/expressions/face-icon-small-smile.gif"border=0>

There have been reports that ATMs on casinos and cruise ships impose surcharges of $5 or higher.

Skipping 29 Messages...
bump to prevent archiving



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014