PackingIt

That is all indeed true. But if the math and location works, I highly recommend them. I've probably had hundreds of dollars of fees reimbursed, and never a single hassle from them.

jcsimard

They also list a $10 Excess Activity Fee:
Each transfer/withdrawal exceeding six per monthly statement cycle

FT777

For Passbook Savings and Money Market accounts

PackingIt

I think the government limits activity on savings accounts. But as darthrevan1211 mentioned, the fees do NOT apply to the ATM Checking account.

uds0

I totally agree that having a reliable hassle free card has high value, and there are cards like Schwab and State Farm that have excellent reputations that have 0 minimum balance that are worth a look too. Republic may have been the leader when these products weren't around. Folks need to check in on occasion to see what shows up and perhaps go back to their long relationship cards and see if they can negotiate a reduction in requirements or fees.

PackingIt

Totally true. I believe you are already implying this, but a minimum balance is not necessarily a bad thing. And in the case of First Republic, the level of service is off the charts. I had a State Farm account for about a year, and was less than impressed with their service.

uds0

Having a small reserve makes account management soooo much easier than running so close to the edge that reconciling each check or purchase prior to doing it is prudent. I always try to keep at least $200 for brain farts or math failures. Having the $0 threshold means tying up only $200 vs $3700 for First Republic.

I'm curious, being new to State Farm bank, what less than "off the charts" service you are referring to.

Since the link doesn't seem to address AF, FTF, and/or 1% VISA ISA fees, are they also $0 or ??? These all are $0 for both Schwab and State Farm as far as I can tell. Is this a chip & signature card?

The 1% VISA ISA fee is quite subtle since some card issuers claim that since VISA originates the fee, it is a fee from VISA, not the issuers, and thus does not need to be disclosed by the issuers. This is flat wrong according to the VISA site: the ISA fee is charged to the issuer for use of the international VISA network. The issuer independently chooses to "pass through" that fee, or not, to their card holders.

I'll be using both cards in Europe during my 5 week trip starting in April to test them for fees and to test the Schwab chip card behavior at unattended kiosks.

tmiw

This was probably answered before but how does the 1% fee show up on statements if a bank charges it? From what I could tell there were no extra entries on my February statement at Schwab other than the ATM rebate. The exchange rate Schwab seems to have used was also pretty good.

uds0

You don't want to look through hundreds of blog pages to determine the answer didn't come up before?!?

My Onpoint credit union experience is that the 1% is a separate transaction directly before or after the actual cash withdrawal/purchase.

From their pricing schedule "FEES:
Annual Fees None
Transaction Fees
• Foreign Transaction Fee
Up to 1% of the US dollar amount of the foreign transaction"

I understand that some changes in the law in the last few years now require that ALL fees charged by the card issuer to be disclosed in their pricing schedule and as separate transactions (not hidden in exchange rate or elsewhere). My limited experience seems to support that understanding.

I went round and round with State Farm Bank chat and phone conversations about the 1% ISA fee not being mentioned in their disclosures at all - as either being passed through or being absorbed by them. Some reps stated that since it was a fee charged to a card holder (NOT true, it is charged to the card issuer for use of their international network) by VISA, they did not have to disclose it, and it should show up as a separate transaction. Testing next month will yield what actually happens with them. The pricing schedule also doesn't mention the $0 AF and FTF.

They seemed uninterested in my observation that leaving those important details out of their benefits lists was a missed marketing opportunity!

tmiw

Cool, looks like Schwab doesn't charge the 1% then for the checking account. ^

uds0

That's one more much appreciated verification of a true NO FEE card. Now we just need someone to report on a balance inquiry or other fee beyond ATM non-cash-withdrawal fee (which some Schwab reps say will not be reimbursed).

I'll be using that card in various places between Istanbul and Amsterdam next month and will report the results in short order.

mikemcft

Hi,

I have a Bank of America ATM card. For many years it served me well during foreign travels. There was only a 1% foreign transaction fee and many times BofA had partner banks in foreign countries that would not charge ATM fees, so I got out with a 1% total hit if I went to the right ATMs. But a year or so back BofA upped the foreign transaction fee to 3%.

Where can I get the lowest foreign transaction fees for my cash withdrawals? I am going to Japan, where cash is used heavily, so I'd like to not waste 3% up front. I'd like a better ATM card, but I'm open if there are different options. I've always thought that changing money at a bank or foreign exchange business is quite expensive, so I've avoided such options.

Thanks,
Mike

bigshooter

Schwab checking. No foreign transaction fee and refunds all ATM fees.

mikemcft

Thanks, Bigshooter! That sounds like exactly what I want. I'll check it out.

Mike

AAL

Yes, Schwab has been great for us -- card has worked everywhere without a fee. The only problem I've had was my fault -- I forgot to tell Schwab that I was going to Italy. But I was able to get the problem fixed over the phone. (We used Bank of America before Schwab.)