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E*Trade Banking Update
Posted by Dave on October 18th, 2007
I previously wrote about how my new E*Trade checking account included ATM refunds. I confirmed I was wrong, as Frank so kindly pointed out in the comments. In the end though, it didn’t make a difference whether I had the checking account or the money market account.
I reviewed the current features of the money market account, and I’m quite sure the policy must’ve changed under my nose. I’d have to keep $5,000 in the account, which is too much for my purposes, or I’d have to meet some rather high standards ($50,000 in E*Trade linked accounts, or 30+ stock trades/year). You can read E*Trade’s current policy on ATM refunds here.
So, it looks like I’ll be going with a run of the mill checking account to compliment my high-yield E*Trade savings account. I’m using my previously established ING Direct savings account to tuck away the money I saved to re-establish myself upon returning home.
Based on my reading, ATM bank fees are *not* the norm outside the United States, so hopefully this will all be a non-issue. And if I’m able to arrive back in the US with some travel money to spare (as planned), then I should be able to use my debit card with most merchants, thus limiting the need for cash via ATM’s.
Dare Me to do something fun, weird, or challenging on the road!
It’s not the norm for our banks to charge us when in the EU, for example, but here in Vietnam I am charged 2 Euro per withdrawal. Also, your bank will hold its policy abroad, so you’ll end up paying the charge wherever you go.
Hope all is well!
-t.
Timen -
Good to hear from you. E*Trade doesn’t charge a fee normally, however I’ll have to cover any ATM owner fees assessed. And, suck up a 1% fee on foreign transactions.
A small price to pay for the fun that awaits!
Hello again. It’s not that big a point about the refunds, as I have never been charged fees at an ATM (unlike here in the USA) while traveling overseas – other than the 1% conversion fee (which is not refundable, I think). I am also considering the ING account. While the Flyertalk website implies an 1% conversion fee, the ING website says 2%. However, that higher fee is balanced by the fact that the ING account has a very high interest rate – which is important when putting several thousand dollars in an account for several months at a time.
Frank
Davis, California