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Worldwide ATM Refunds Do Not Include 1% Foreign Exchange Visa Charge For ATM Use

Saturday, October 1, 2011 - 9:14 AMFirst Bank & Trust (SD)
I have generally been extremely happy with the Easy Grow rewards checking account and have appreciated the ATM refunds. After traveling internationally recently, I was disappointed to learn that using an ATM in another country will always cost a nonrefundable 1%, because the ATM card is Visa branded and Visa imposes the fee on all foreign transactions, including ATM withdrawals. The bank does not classify this as an ATM fee even though it is directly imposed for getting money out of an ATM and cannot be avoided if you want money out of an ATM. So they will not refund it. Is this a typical exception for rewards checking accounts that claim to refund ATM fees worldwide? I do understand the distinction they are drawing but thought it was a bit tricky.
leefleef19 posts since
Jun 24, 2010
Rep Points: 65