More bad news on the fees changed by banks. Bank of America is set to increase fee on ATM usuage and foreign transaction starting on June 1, 2009. If you’re looking to do a balance transfer with Bank of America, do it before June 1 as the finance fee will increase to 4%.
Effective June 1, 2009, the transaction fee (FINANCE CHARGE) we asses on each of the transactions identified below will be equal to 4% of each such transaction (Fee: Min. $10):
• ATM Cash Advances
• Balance Transfers
• Cash Equivalents
• Check Cash Advances
• Direct Deposit Cash Advances
• Wire Transfer Purchases
Also the bank if expanding their Foreign Transaction Fee:
Amendment to Your Credit Card Agreement:
Effective on June 1, 2009 we are replacing the definition of “Foreign Transactions” in the section of your Agreement titled Words Used Often in this Agreement with the following:• “Foreign Transaction” means any transaction made in a foreign currency, and any transaction made in U.S. dollars if the transaction is made or processed outside of the United States. Foreign transactions include, for example, online purchases from foreign merchants.
Ironically, Yesterday the Senate just passed the bill to limit amount of fees charged to cardholders.
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