On a related topic, I recently returned from a trip to Europe, where I used my Chase Manhattan ATM card to obtain local currency in France and the UK. On my banking statement, there is the usual $3 Cirrus fee for each transaction.

There is also a new fee labeled "I'ntl 3.5% ATM W". This fee totals 3.5% of the amount of each transaction. My inquiry to Chase yielded the following response:

"In response to your inquiry, I have reviewed your account
profile and our systems indicate that the international
3.5% ATM withdrawal exchange rate that was deducted from
your account was the service fee for the international
CIRRUS ATM withdrawal that was deducted from your account
on the same day as the international 3.5% ATM withdrawal
exchange rate.

Please be advised that as of April 2005, the international
exchange rate appears as a separate transaction, whereas
previously, the transaction was combined. A fee of $3.00
is still assessed for each international CIRRUS ATM
transaction as well."

Can anyone shed some light on this?