Wollongong
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if only I had seen that post by Frank before...
Mindark charging new 3% fee on deposits?
- Thread starter ~CHOPPER~
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Borealis
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Here is an article on the subject:
Visa/Mastercard's "Foreign transaction fee",
http://www.boingboing.net/2007/02/03/ripoff-visamastercar.html
A short summary:
1. its a bank thing, not a Visa fee
2. its entirely optional (for the bank)
3. they (the banks) do it, because they can get away with it.
Visa/Mastercard's "Foreign transaction fee",
http://www.boingboing.net/2007/02/03/ripoff-visamastercar.html
A short summary:
1. its a bank thing, not a Visa fee
2. its entirely optional (for the bank)
3. they (the banks) do it, because they can get away with it.
~CHOPPER~
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Hmmmm,
Interesting, My bank specifically told me it was not a bank thing..
(was a supervisor too) I'll have to go chat with them again about the explanation they gave me, and see if I get a different answer again!
dlspiderdmb
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Gandolf
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OK, where to start again on this one-lol
Well had a nice long chat with my account manager, the guy who originally said this was a MA fee, who when I explained I contacted MA and they said it was a Bank thing he then back tracked and "Did some further investigating" to then blame? Ding Ding, Visa! for the fee(Same line of shit they gave Chopper basically) For which I than told him I never got a notice of this from Visa or the Bank and that makes it illegal to charge because it is not per my "Contract" with either company. I then told the manager to hang on the line while I contacted a person from Visa and Confrenced them in for a nice little chat. Well Well when Visa got on the line it turns out to be a Bank issue--The Bank charges the fee (Visa takes it out for them automatically on these types of transactions) to cover an extra expense they incure for processing some paperwork to the Federal Government for making a transactions over seas (Seems Bushy Boy wants to know who, what, when, and how much we sending over the boarder-Not suprised TBH) So in the end the Bank agreed to credit me the fees for these past ones and they promptly drafted an ammendment to cover future ones which basically I have to agree to or not use the Visa to make the transaction(However a bank to bank transaction is 6 dollars flat fee and these charges were all less than a 1 each). So I will be soon looking for another Bank/Credit Union but it just amazes me how hard it is to get to the bottom of some of these issues and how everyone tries to blame someone else until all the roads point nowhere but back at them. I have a formal letter of disapproval going to the region VP of the bank which explains that he is pushing away a very nice account holder by charging a very stupid fee as well as not being honest about the fee from the start.
Well had a nice long chat with my account manager, the guy who originally said this was a MA fee, who when I explained I contacted MA and they said it was a Bank thing he then back tracked and "Did some further investigating" to then blame? Ding Ding, Visa! for the fee(Same line of shit they gave Chopper basically) For which I than told him I never got a notice of this from Visa or the Bank and that makes it illegal to charge because it is not per my "Contract" with either company. I then told the manager to hang on the line while I contacted a person from Visa and Confrenced them in for a nice little chat. Well Well when Visa got on the line it turns out to be a Bank issue--The Bank charges the fee (Visa takes it out for them automatically on these types of transactions) to cover an extra expense they incure for processing some paperwork to the Federal Government for making a transactions over seas (Seems Bushy Boy wants to know who, what, when, and how much we sending over the boarder-Not suprised TBH) So in the end the Bank agreed to credit me the fees for these past ones and they promptly drafted an ammendment to cover future ones which basically I have to agree to or not use the Visa to make the transaction(However a bank to bank transaction is 6 dollars flat fee and these charges were all less than a 1 each). So I will be soon looking for another Bank/Credit Union but it just amazes me how hard it is to get to the bottom of some of these issues and how everyone tries to blame someone else until all the roads point nowhere but back at them. I have a formal letter of disapproval going to the region VP of the bank which explains that he is pushing away a very nice account holder by charging a very stupid fee as well as not being honest about the fee from the start.
Thanks for the head up Frank! I`ll have to look at my statement next deposit to see if my bank is charging it. So far I don`t think so but you never know. And yes the cc companies and banks are and have been getting way out of hand. SOme thanks they give us for allowing them to play with our money.
its the needless dishonesty that would get me. if said bank just said "we charged it as we have to due to federal regulations" you'd probably have let it go. but no, each party has to try and shift blame.
Good work.
If it was me, I'd also be very upset about the way your bank was lying to you and basically cheating you. The few $ it cost is hardly noticeable, but treating customers like that, would piss me off too.
Gandolf
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Exactly, the fee is not that bad considering other alternatives. It's the BS way of doing business that set me off.
Gandolf
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Well I got my response back from the Regional VP--Here we go again--In the letter he places the blame back on VISA so after reading this I just called the attorney and forwarded everything to him and asked if he would please get to the bottom of this situation so I can have some peace of mind. He did and this is what the deal is:
VISA charges the fee--for exactly what I listed before the processing fee for the paperwork to the government and ALSO to cover the exchange of currency from USD to whatever currency is required for making the payment--VISA charges .8% (yes point 8 of 1%) of the transaction for this(ON Debit cards--Credit Cards have different policies and fees). VISA will also collect a fee for your Bank should your bank need to cover any additional expenses they have for this type of transaction. In my case I was getting charged 1.5% of the transaction of which .8% went to VISA and .7% was going to my Bank.--On to the disclosure part--VISA sent the Banks that have Debit cards with them the disclosure in Late March to send out to customers who have VISA Debit cards--however many banks did not get those disclosures out with the statements--VISA claims that 10 buisness days after sending out the disclosures they can charge the fee-So 1st part of April sometime is when the fee went into affect-Now the Banks that couldn't get them out would have to eat the fee(Hence why my bank was willing to reimburse me for the fees I had before being notified)But know that I have the disclosures I am responsible for the fee BUT My bank has decided, after I objected and voiced concerns, that they will not be charging me anything additional so I now will only pay the .8% fee of the transaction amount to VISA.--Which sucks but this is VISA's new policy and still is my cheapest option for depositing.
I checked with a few other Banks I have accounts with and some will be charging, or already do, a flat fee for over boarder transactions and some will be charging a % like in my case however the 2 banks I spoke with are charging higher %'s than what I will pay at this bank so I'm staying put. Each Bank can figure out how they want to go about this on their own but VISA is now charging this fee so be warned--check your statements and know that it is NOT MA who is doing this. Keep in mind also this is for US customers of VISA Debit cards so outside of the US and those who use a CC instead of a Debit will have totally different policies. Hope all this helps lessen some confusion It took a lot of time to gather this info and I'm sure when my attorney bills me it will cost me way more than it was worth. Good Luck.
VISA charges the fee--for exactly what I listed before the processing fee for the paperwork to the government and ALSO to cover the exchange of currency from USD to whatever currency is required for making the payment--VISA charges .8% (yes point 8 of 1%) of the transaction for this(ON Debit cards--Credit Cards have different policies and fees). VISA will also collect a fee for your Bank should your bank need to cover any additional expenses they have for this type of transaction. In my case I was getting charged 1.5% of the transaction of which .8% went to VISA and .7% was going to my Bank.--On to the disclosure part--VISA sent the Banks that have Debit cards with them the disclosure in Late March to send out to customers who have VISA Debit cards--however many banks did not get those disclosures out with the statements--VISA claims that 10 buisness days after sending out the disclosures they can charge the fee-So 1st part of April sometime is when the fee went into affect-Now the Banks that couldn't get them out would have to eat the fee(Hence why my bank was willing to reimburse me for the fees I had before being notified)But know that I have the disclosures I am responsible for the fee BUT My bank has decided, after I objected and voiced concerns, that they will not be charging me anything additional so I now will only pay the .8% fee of the transaction amount to VISA.--Which sucks but this is VISA's new policy and still is my cheapest option for depositing.
I checked with a few other Banks I have accounts with and some will be charging, or already do, a flat fee for over boarder transactions and some will be charging a % like in my case however the 2 banks I spoke with are charging higher %'s than what I will pay at this bank so I'm staying put. Each Bank can figure out how they want to go about this on their own but VISA is now charging this fee so be warned--check your statements and know that it is NOT MA who is doing this. Keep in mind also this is for US customers of VISA Debit cards so outside of the US and those who use a CC instead of a Debit will have totally different policies. Hope all this helps lessen some confusion It took a lot of time to gather this info and I'm sure when my attorney bills me it will cost me way more than it was worth. Good Luck.