Online Banking 411

Here at Online Banking 411, we know that summer time is vacation time and many of you will be going overseas for vacation.  This raises questions about foreign ATM use and what the rules are and what Wachovia foreign ATM fees are like.

Many people are under the impression that fraud security systems will automatically deny foreign ATM use as a security concern.  This isn’t actually the case, but it is a red flag that fraud systems will use to rate a transaction’s chances of being questionable.  The best way to mitigate this chance of being stranded with no cash is to tell your local bank manager or Wachovia’s customer service hotline that you’ll be traveling.  This will remove the foreign ATM use flag from your account and keep you in the good.

Wachovia foreign ATM fees are another thing to consider.  While any Wachovia branch ATM is free to use (as are Wells Fargo, which now owns Wachovia), there are still foreign transaction fees associated with ATM fees at Wachovia.  So if you’re using an ATM overseas, expect to pay the exchange rate fees for your withdrawals, even if the machine is a Wachovia or Wells Fargo one.

These Wachovia foreign ATM fees are currently 3% of the transaction.  This could change, of course, so you’ll want to talk to your bank first, but the ATM fees at Wachovia haven’t changed in nearly a year.

So while traveling this year, make sure to stay safe, let your bank know you’ll be overseas, and to be mindful of ATM fees at Wachovia with foreign ATM use.