Bad news for Bank of America clients in DR

[caribeman]

Mauricio,

Call B of A at 800 432 1000. I have a long time Biz account. Called today to ask about a refund of the 5 dollar charges for non Scotia transaction. They informed me on a chat(which i saved a copy of) that Scotia is still a cooperative relationship and there is NO charge. Call and bitch about it. We talk so often that I have them on Skype speed dial.

 

[caribeman]

I just got off the phone with Bank of America. The representative told me that those fees are not Bank of America fees.

Time to have a chat with ScotiaBank her in Santo Domingo

I had problems with the now, not so new ATM at Metro in Sosua...once it got straightened out no more fees. Sometimes their network is messed up...

 

[Mauricio]

I withdrew money today as well, this time at the ATM I always use. No fee (yet). It seems the customer service rep took te easy way out and just insisted these charges apply on the withdrawal of two days ago. Unless tomorrow the charge is there. We'll see...

 

[TP666]

Correct

 

[malko]

My bank takes 5 euros by withdrawl ( and some atm only allow like 4000 pesos ) , so that makes it expensive ( thats why I never use atm here, never ).

 

[kkelley31]

scotiabank in punta cana charges fees

 

[Mauricio]

Well, I rejoiced too early....all my withdrawals are incurring fees. It's since 8 November. I'll just think of another way to get my money here cheap. But whatever I find, it's all about the same, either in fees or in rate.

 

[keepcoming]

I have a B of A account in the US however I will not use it again to withdraw money because of the fee's. I have been charged once ( my error, should have known better) and one time was one too many. Cash my checks with a local cambio as do some other's here. Unfortunately the fee's are with almost all banks. My "cambio" has always been fair.

 

[chrisrose97]

Writing a U.S. check to my local "Cambio", getting top exchange rate:

-ZERO- charges -

Priceless: Some people here just never learn....................

This is the way to do it....been doing it for years at my casa de cambio...!

 

[Manzana]

I have citi and boa. both charge fees
I will try Charles Schwab from now on. No ATM fees worldwide, free checks and no minimun.
I think It must be linked to a brokerage account.

http://www.schwabcdn.com/public/file/P-6425867/HYIC_features_and_fees_public_SLS77378_FINAL.pdf

Correct. No ATM fees. They rebate any ATM fees charged at the machine. No currency exchange fees. No fees for visa debit card. It is linked to brokerage account which doesn't have any associated cost. It's an online bank, FDIC insured, offers free physical checks, free internet bill pay, you can deposit checks with a phone app.

There's no direct answer to the DR's reputation for cc fraud but they do have a good web interface to monitor your account.

 

[Astucia]

Writing a U.S. check to my local "Cambio", getting top exchange rate:

-ZERO- charges -

Priceless: Some people here just never learn....................

Right - I'll get out my hammer and chisel and pound out a check on a rock. Seriously : who writes checks nowdays ? I'm not sure I could even find my check book. Ever hear of online banking / paypal / credit card ?

 

[MiamiDRGuy]

Dude,

Just get Bluebird from AmEx, they dont charge forgien fees at all. Works for me!

 

[bonao99]

http://www.schwabcdn.com/public/file/P-6425867/HYIC_features_and_fees_public_SLS77378_FINAL.pdf

Correct. No ATM fees. They rebate any ATM fees charged at the machine. No currency exchange fees. No fees for visa debit card. It is linked to brokerage account which doesn't have any associated cost. It's an online bank, FDIC insured, offers free physical checks, free internet bill pay, you can deposit checks with a phone app.

There's no direct answer to the DR's reputation for cc fraud but they do have a good web interface to monitor your account.

Thanks for confirming. Do anybody use Schwab while in the DR?
My job's 401K is with them. I do not like their trading platform/web interface.

 

[InsanelyOne]

Thanks for confirming. Do anybody use Schwab while in the DR?
My job's 401K is with them. I do not like their trading platform/web interface.

Schwab has been my primary bank for at least 5 years. I can't sing their praises enough. As Manzana said, no immediate solution to the ATM fraud issue (just need to be prudent) but otherwise it's an amazing bank. I set up the account from here in the DR. I average 40-50 dollars in ATM rebates a month! I still don't understand how Schwab can afford to do this. I believe in the years since I've had the account, my card has been compromised 3 times, one of those while I was in the US. Scwhab was very quick to get the money back in my account. I also had an ATM malfunction (the one that was in front of Barcelo in Cortecito) by not dispensing the money even though it recorded the transaction as complete. They refunded the money with no hassle.

Give them a shot, I think you'll be happy.

On a side note, can someone pitching the "cambio" solution recommend one in or near El Cortecito?

 

[Celt202]

Right - I'll get out my hammer and chisel and pound out a check on a rock. Seriously : who writes checks nowdays ? I'm not sure I could even find my check book. Ever hear of online banking / paypal / credit card ?

Have you followed the thread? Do you understand the issue?

I have a Bank of America debit card and my first four withdrawals this month at Scotiabank were without fee. After that Scotiabank started charging 3% per transaction which shows up on my online BofA statement. That's a flagrant violation of the Global ATM Alliance agreement they belong to with Bank of America and several other banks worldwide. The GAA agreement allows them to charge up to a 1% fee but it appears that SBDR has decided to screw a segment of their ATM users whom they don't really value.

If they continue doing this establishing a relationship with a cambio to cash checks is now an attractive alternative for me and many others.

 

[Celt202]

Dude,

Just get Bluebird from AmEx, they dont charge forgien fees at all. Works for me!

Read the thread. Bank of America does not charge fees for withdrawal at foreign ATM's at Global ATM Alliance associate banks.

Scotiabank DR is the issue. They are violating that agreement, so far with impunity.



Who charges for forging anyway? :cross-eye

 

[Mauricio]

Read the thread. Bank of America does not charge fees for withdrawal at foreign ATM's at Global ATM Alliance associate banks.

Scotiabank DR is the issue. They are violating that agreement, so far with impunity.



Who charges for forging anyway? :cross-eye

Actually the BofA clerk I talked to told me it was BofA that changed the rules.

Schwab unfortunately is not an option. They require a 10,000 dollar deposit for non US residents.

 

[Tamborista]

Right - I'll get out my hammer and chisel and pound out a check on a rock. Seriously : who writes checks nowdays ? I'm not sure I could even find my check book. Ever hear of online banking / paypal / credit card ?

No need to get all pi$$y on us, the check writing method to a cambista happens to be the most cost efficient means of obtaining cash, both fee free, and usually the best tasa. Thanks for the rant.

 

[Celt202]

Actually the BofA clerk I talked to told me it was BofA that changed the rules.

Schwab unfortunately is not an option. They require a 10,000 dollar deposit for non US residents.

I'm on the phone with BofA right now and the rep has told me the same thing. No notice was sent out and the BofA page about the GAA still says associate banks can charge up to 1% in fees.

I tore the rep a new orifice and I'm waiting for a supervisor. While I wait I'm definitely going to establish a relationship with a cambio. Although I don't use checks so much any more it turned out to be an astute* move to hang on to my checking account.

I may establish a relationship with Schwab so I can buy on penny stock tips I rescue from my junk mail filter and become so fabulously wealthy that I can squash anybody who pi$$es me off 'like a eggshell'. :laugh:

=========================

I just got off the line with a supervisor and he confirmed that indeed BofA has changed their policy and associate banks can indeed charge up to 3% of an ATM transaction. I did express my displeasure that no notification was sent and that their web page still says 1%. As a courtesy he's charging back the fees already made since they did not inform us of the changes.

Going forward it's BOHICA. :dead:




*Is the opposite of astute Astucia?

 

[Mauricio]

I'm on the phone with BofA right now and the rep has told me the same thing. No notice was sent out and the BofA page about the GAA still says associate banks can charge up to 1% in fees.

I tore the rep a new orifice and I'm waiting for a supervisor. While I wait I'm definitely going to establish a relationship with a cambio. Although I don't use checks so much any more it turned out to be an astute* move to hang on to my checking account.

I may establish a relationship with Schwab so I can buy on penny stock tips I rescue from my junk mail filter and become so fabulously wealthy that I can squash anybody who pi$$es me off 'like a eggshell'. :laugh:

=========================

I just got off the line with a supervisor and he confirmed that indeed BofA has changed their policy and associate banks can indeed charge up to 3% of an ATM transaction. I did express my displeasure that no notification was sent and that their web page still says 1%. As a courtesy he's charging back the fees already made since they did not inform us of the changes.

Going forward it's BOHICA. :dead:




*Is the opposite of astute Astucia?

I'll do an effort to get my paid fees of this month back too. It's more than a usd100 in the meantime