BofA Sells Stake in CCB

[Randy W]

Hopefully, this won't mean the end of their ATM agreement that I take advantage of whenever we need money. My wiring route also takes it through BofA to CCB.

 

BofA Sells China Construction Bank Shares

 

http://www.nasdaq.com/article/bofa-sells-china-construction-bank-shares-20130903-01308

 

Bank of America now has no stake in CCB, and is the last major American bank to sell out of the large Chinese banks they bought into before those banks went public in Hong Kong seven to eight years ago.

 

 

[Randy W]

Bad news here - the 3% fees just showed up for the first time on my transactions earlier this month.

 

In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM Operator Fees or Non-Bank of America International ATM fees. International Transaction Fees of 3% for converting your currency may apply.

 

[credzba]

 

Bad news here - the 3% fees just showed up for the first time on my transactions earlier this month.

 

In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM Operator Fees or Non-Bank of America International ATM fees. International Transaction Fees of 3% for converting your currency may apply.

 

 

Very bad.

Can you please be certain that is what is going on?

If certain, I will go close my b of a account. The only reason I kept it was for this benefit.

 

Edit:

Given Randy's information I called and checked my Schwab account.

They will refund any domestic or foreign fees I incur.

They have no foreign use, or currency conversion fees.

 

Looks like my next trip will be with my Schwab card.

Edited December 9, 2013 by credzba (see edit history)

[Randy W]

We will most likely go to wire transfers, beginning next month. At $10 each, that just might work, although the trip to the bank each time might be a killer - we may not have any other choice.

[Randy W]

from the BofA itself -

 

 

Keep in mind that when you use your debit card to withdraw money from an international ATM, Bank of America will assess an international transaction fee of 3% of the converted U.S. dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion. You can refuse the foreign ATM conversion and be assessed the 3% Bank of America international transaction fee instead.

 

. . . and lists the China Construction Bank (Mainland China) as one of the Banks it applies to.

 

Like they say, though, you can refuse the ATM fee by the OTHER bank (there ISN'T one) and pay the BofA fee "instead".

 

The way that seems to work is that the withdrawal is made at the ATM. The ATM then enquires the BofA Network for the cash in RMB. Whether in dollars, or in RMB, the foreign transaction fee applies.

 

There doesn't seem to be any way to decline the BofA conversion fee.

[Randy W]

We will most likely go to wire transfers, beginning next month. At $10 each, that just might work, although the trip to the bank each time might be a killer - we may not have any other choice.

 

 

We ARE using wire transfers - using the BofA after the TDA folks got tired of shoveling money in our direction.

 

The BofA has a "SafePass" card which generates a little six digit code anytime I need one that I can use to conjure up a wire transfer in minutes. Almost worth the $45 transfer fee just for the stress that saves.