I got a surprise when I looked at my bank statement the other day. Apparently I’m now being charged a fee for paying a bill to a company that is located in Canada. Bank of America now calls this an “International Transaction” even though I haven’t left my U.S. home. Here’s the officialÂ description of the new bank charge:
What is this fee?
An International Transaction Fee is assessed when you use your check card for purchases in foreign currency or in US dollars with a foreign merchant, including U.S. internet transactions with a foreign merchant. This fee is also assessed when you use your check card or ATM card to obtain foreign currency from an ATM. The International Transaction Fee is a percentage of the U.S. dollar amount of each purchase or ATM withdrawal.
How can I prevent this fee in the future?
To help prevent this fee in the future, you can obtain foreign currency or traveler’s cheques prior to your departure, or use one of our Global ATM Alliance partners to withdraw money without paying an ATM fee.
I’ve been paying this particular bill for almost 9 years now and was never charged an dime extra. I got no warning or notice of any kind to let me know that now I would be automatically charged 3% per payment by the bank just because they felt like it. Maybe that’s how they plan to pay back the money from the government bailing them out. Nickle and dime the customers!!! And you wonder why we are in a recession.
See this article:
If I continue to use Bank of America to pay my bill I will be losing $100 or more a year. Don’t think so. At this writing Capital One does not impose this type of bogus fee so more than likely I will use that to pay the bill.
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