On my latest WaMu statement they have included a Notice of Change in Terms which is effective June 5, 2008. The changes in their foreign transaction fees as follows:

ATM Transactions - 1% of total
Other Transactions - 3% of total

I don't have a WaMu credit card but I assume the 3% is for the fee for charging. I don't remember there being an ATM fee so I guess that one is new. It looks like it will now be Capital One for everything.

Carole

I got a Cap One card because of the zero transaction fees. I was only going to use it for travel abroad but they now have pretty much 100% of my domestic business.

Hopefully Cap One will not change their policies too.

I've used my Capital One abroad for many years. It's always the best rate with zero fees. I don't see why someone would use any other card.

As for the checking account, per my research the best deal seems like a Charles Schwab Investor checking account since there are no fees for ATM use and also a refund of fees incurred from the other bank.

If I am interpreting this correctly the 1% is not a change, it is the currency transaction fee charged by virtually all Atm cards.It is a fee from Visa/MC. As I plan on using this card I will confirm and post.

I like to use cash so therefore cancelled by Capital One credit card. RR

Forgive me for jumping on here, in a discussion, thus far, on American banks.

I was quite shocked at the variance in charges and exchange rates between my UK banks. Needing about €1000 in cash for accomodation, and not wishing to carry that amount with me from the UK, I ended up drawing two lots of €250 from two separate accounts.

On one card, I was charged no fee and the exchange rate worked out to around £196, on the other it came to just over £203 and then charged me a further £3.20 "Transaction fee". I know rates fluxtuate from day to day, but I found a 3.5% difference on the same day to be rather a large disparity.

TimW

Tim, following up on your UK banks post, I'd add that one of the most important factors affecting the change of our primary account over to Nationwide a few years ago was the absence of foreign fees.

Jonathan

quote:

Originally posted by TimW:
I know rates fluxtuate from day to day, but I found a 3.5% difference on the same day to be rather a large disparity.

For Canadian banks at least it's been more or less tick to tick changes. Doing things at the day closing price hasn't been done for years.

My primary Canadian bank [HSBC ] doesn't charge me anything and the exchange rate is reasonable.

My backup RBC charges $5 per transaction.

I can do a two or three day online move between accounts so I only keep the RBC card if the other one gets eaten.

Robert, I interpret it to mean the 1% is WaMu's fee not Visa/MC. I don't recall an ATM charge from Visa/MC. Would that charge be listed separately on my bank statement?

Carole

I saw that on my WaMu statement also and I interpreted it the same as Robert. I went back and checked my statement from September 2007 when I used my ATM in France. I took out 100 euros on 9/17. The exchange rate according to XE.com was 1.3855. On my statement, I see ATM 138.98 and a following line 'Foreign Transaction Fee" $1.38. I think this is what they are referring to.

I called Wamu. Not that I totally trust the info but it appears the major change is charges on the Atm card will now be 3%, I don't use my card that way.
As about 1% was the total charge for atm use which appears to be unchanged. RR

Robert, I thought WaMu has been charging 3% for credit card charges.

Carole

I'm not sure I never used it to charge like a CC.
RR