Atm Receipts

[Pib]

I prefer to keep my sliding scale small enough to where I can easily calculate the best deal...and a person needs to replace banks making up their sliding scale periodically in order to get/maintain the best deal...preaching to the choir I know.

[GrahamF]

Thanks again everyone, lots of great information here. I have passed on this info to a friend who lives full time in Thailand and it looks like he will be using Schwab for at least his atm transactions now. He has been using USAA, and will continue to use them for some other stuff, but he is sick and tired of going around and around with them and also the 1% transaction fee. I don't live in Thailand, but I travel extensively and I too am sick of transaction fees and atm fees. Both my friend and I can afford the fees but we both feel that we would rather spend our money on things we want to spend it on.

[JimGant]

Notwithstanding what they did for Pib, it seems they're saying as a policy matter that they're not set up for their members to send in requests for ATM reimbursements where their system hasn't already recognized it.

Interesting. I too had asked USAA about ATM reimbursements on the phone, and was told it didn't apply to ATMs in foreign countries. Then, I saw Pib's message about sending the ATM receipt to USAA -- and getting reimbursed. So, I too used the secure email attachment feature of their online site, and sent in my ATM receipt -- after first advising them via message of what I was about to do. Got the reimbursement early-on -- with the following message:

Thank you for your message regarding the ATM fee. We have refunded the ATM fee your account was charged. Please allow 24 hours for the $4.96 refund to post to your account.

So, yeah, USAA does eventually come around -- but has trouble finding their policy ass with both hands.

Having said that, and crunching the numbers, it's a no-brainer to agree with JFC and Pib. The USAA ATM card (with its less-favorable MC rate vs. Visa) and its 1% FT fee, is only for emergencies. It's cheaper to ACH money to Bangkok Bank, and then use their ATM card for required withdrawals. And that's what I've been doing.....

....until now. After all the dialogue here about Schwab, I now have their debit/Atm card, as I found that I would be 600 baht/month better off using Schwab vs.AChing money to BB, and using their (BB) ATM card. (Should Schwab stop their ATM reimbursement policy, it would then be a dead draw between Schwab and ACHing to BB.)

Aeon is not an option, as I live in the sticks.

Charge cards? Right now I use my USAA Visa card (with their MC as a backup). They have a 1% cashback, which pays for the 1% FT fee passed-on by USAA. However, the Capital One credit card, with NO FT fee -- and up to 2% cashback -- looks too inviting to pass up. So, that's next in my agenda.

Lopburi, why don't you have a USAA credit card? It won't clean out your checking account from fraud -- plus the cashback is twice the debit card amount...? Plus, you can have it direct debit the full balance due -- from you USAA checking (or savings) account. Thus, essentially, acting the same as a debit card -- but doubling your cashback awards -- and preventing fraudsters from emptying your bank account.

Edited May 23, 2011 by JimGant

[jfchandler]

Welcome aboard, Jim... I knew you'd come around sooner or later... $20 U.S. a month is a nice piece of change.

After all the dialogue here about Schwab, I now have their debit/Atm card, as I found that I would be 600 baht/month better off using Schwab vs.AChing money to BB, and using their (BB) ATM card.

BTW, I have no great personal experience with USAA...other than knowing they generally have a good reputation. However, based on the comments and communications posted by you and Pib in this thread, it does indeed seem that USAA can't tell their head from their a**, at least when it comes to their ATM fees reimbursement policy.

Hardly a great endorsement for doing banking business with them, particularly as an ex-pat.

[lopburi3]

I set up the USAA account as a test using only foreign address so likely not eligible for CC card (I know am not for Mutual Fund type investing from them). I am retired civilian with only one tour military service.

Schwab appears to require US address for account setup from brief look.

[Pib]

Jim,

Good to hear you got the Schwab debit card. Just an hour ago I went to Lotus, withdrew some money from an AEON ATM using the card, took about 20 steps around the corner to a Bangkok Bank cash deposit machine, and put the money in my Bangkok Bank account...whole process took about 5 minutes...no fees...cash immediately in hand/in the bank.

Definitely get the Cap One 2% cash back credit card with no foreign transaction fee and you'll can use that 2% cash back to pay your monthly landline bill, water bill, pay for your cooking gas, think you are paying 5% VAT vs 7%, etc...etc...etc....I always like to think of cash back in those terms. Used the credit card just today at Lotus to pay for my cases of Chang Beer and Pepsi Max...earned 2% cash back.

Cheers,

Pib

[jfchandler]

Schwab appears to require US address for account setup from brief look.

Lopburi, what gives you that idea re Schwab?....

FWIW, I've always advised that the best route for anyone here is to maintain a U.S. address of record for their banking relationships....

But when I look at the online application for the Schwab One brokerage account and the related checking account, I see a personal info page that asks if the applicant is a U.S. citizen and includes address options that allow listed countries other than the U.S.

[lopburi3]

Do not see an option to not select a "STATE" which I have found to be the issue with other online applications/payments as it has always been treated as a required field. I know my Chase account had to be manually processed to change to foreign address because of such.