Wachovia Set to Increase “International Service Assessment” Fee

by Luke July 2, 2007

I received a tip from a reader today that Wachovia is set to increase their international transaction fees by 1% to 2% next month. Thank you!

“Beginning August 1, 2007, we are changing the International Service Assessment fee to 2% and amending our Debit Card Agreement and Disclosure by adding the following provisions:

Service Charges

Contact Wachovia before traveling internationally by calling 800-WACHOVIA (800-922-4684) for your Check Card. An International Service Assessment (ISA) fee will be applied to each international transaction (i.e. transaction occurring in any country outside the United States, Puerto Rico or the U.S. Virgin Islands), whether or not the foreign currency is converted. The current ISA fee is 1% of the transaction amount and may be included in the transaction amount or displayed as a separate transaction on your monthly statement.”

Wachovia seems to be following the general industry trend by raising their foreign transaction fees. Additionally these fees are being applied for all international purchases — not just ones where currency is converted. However dubious this may seem, many institutions claim that their costs are higher for international transactions. That said, if currency isn’t being converted, it goes without saying that their actual costs should be cheaper than if it was. With Wachivia raising their fees, that leaves an increasingly smaller number of institutions who only charge 1% or less for international transactions.

Comments (17)

17 Comments to "Wachovia Set to Increase “International Service Assessment” Fee"

on 02 Jul 2007 at 7:20 pm Posted by: Milan

Woohoo! Just great! Is that how globalization works? I always thought traveling will be easier in the future, I guess I was wrong. With all the security, delays and money all the financial companies are trying to make, traveler is just pressured to stay at home or just use car and go to another state. Oh wait, what about the gas, tolls, crazy drivers and busy highways? Just stay at home Yup, that is the new millennium for us.
on 14 Feb 2009 at 9:41 am Posted by: Anonymous

Effective April 1, 2009 Wachovia’s Ineternational Assessment Fee is at 3%. Just keep staying home.
on 27 Apr 2009 at 1:48 pm Posted by: Simone

Staying home isn’t the cure-all. I get charged for Internet transaction if the company is based outside the States. That includes Canada! And you’ve be suprised how many business that seem local are run outside of the U.S.
on 15 May 2009 at 6:15 pm Posted by: Kay Parker

So if I order something that comes from out of the states I get charged the fee?
on 27 May 2009 at 9:16 am Posted by: Pamela S

I just found this out today! I checked my account online and was shocked to see the INTL SERVICE FEE of six cents scattered about my account activity! I shop a lot online, so I thought everywhere I shopped was within the states, apparently not. I guess e-shopping will come to an end for me shortly. 6 cents here and there adds up!
on 08 Jul 2009 at 2:54 pm Posted by: RTS

Yep, I was just charged the 3% ISA this week. Fortunately, it was an insignificant amount that was purchased via the internet and I had to inquire as to what the few cents “INTL Service Fee” on my account was all about.

They blamed it on VISA. I sent them a link to this page along with a reminder that my wife and I also bank a the State Credit Union and Sun Trust and that I would be inquiring with them about their relative fees.
on 08 Jul 2009 at 4:03 pm Posted by: RTS

…also discovered that VISA is only responsible for 1 of the 3%. The other 2% was tacked on by most of the bailed out banks.
on 13 Jul 2009 at 5:11 am Posted by: jy

i went to germany and i had no clue how much the service charge was until i looked and it was 5$ each time i withdrew or used it and it racked up my money.
on 20 Jul 2009 at 6:48 am Posted by: harryo

Even if all companies list USA addresses and you pay
with PayPal, you get stuck with the international service fee.
This just a form of bait and switch.
on 12 Aug 2009 at 5:13 pm Posted by: pisted off like hell!!!

I tried online shopping because of the hot weather and not wanting to leave my dog home alone, and this is the fee I got. i might as well put my dog in puppy day care with amenities included. i did a lot of shopping so I expect to be paying the extras. Can’t win!!!!!!!
on 12 Aug 2009 at 9:12 pm Posted by: JW

I purchased something thru abebooks.com the other day and got charged the 3% fee. WHAT IN THE WORLD! No where in my contract agreement with Wachovia did it have anything about a percentage charge for something like this. Like I knew I was purchasing outside the U.S.A. All I knew was that the wedsite was in English.
on 28 Aug 2009 at 1:50 pm Posted by: Laura

Yup – I got charged this fee for purchasing a British Airways ticket. Purchased online, on BA’s American website, for a flight originating in the U.S., and paid with my American account. BA’s bank is located in London. Total bullsh*t.
on 01 Sep 2009 at 11:00 am Posted by: michael nickerson

this is just another means of fucing their customers i’m thinking about closing my account and just pay everything by cash
on 09 Sep 2009 at 4:47 am Posted by: Andrew

I am charged 0.18 cents for a 5.95 payment for an online game. I know it is only 18 cents, but still. Also not to mention it costs the reciever of the money extra to convert it not the sender. So thanks Wachovia, seems as though once you were sold to the other Jew that this price went higher. I will be closing my account. Also Bank of America isn’t any better folks. They wanted to charge me for a basic account I had with them, I never recieved my sign up bonus with them.
I don’t know now.. Maybe M&T? Dunno.
on 17 Oct 2009 at 3:03 pm Posted by: PATRICIA CAIAZZA

THEIR IS AN AMOUNT OF MONEY COMMING OUT OF MY WACHOVIA CHECKING ACCT.
I DONT KNOW WHAT THIS IS BUT I WANT IT CANCELLED!!!!!!!!!!!!!!!!!NOW/////////
70463xxxxxx
on 14 Apr 2010 at 9:41 pm Posted by: A couple in Tokyo

You want to hear about real pain and suffering? My wife and I bank with Wachovia in the U.S., but we live in Japan and withdraw our living expenses via a Japanese bank. While Wachovia maintains two large offices in Tokyo, they refuse to allow us to use their facilities for such withdrawals. Therefore, we are charged the bank’s 3% ISA fee for each withdrawal which has amounted to almost $500 in bank fees since last April when the fee was increased to 3%. Now to add insult to injury, Wachovia has just started to add an additional $5.00 fee for using a “non-Wachovia ATM” when making our withdrawals. Talk about double taxation! We also wonder if there
is any legal limit to this usurious ISA fee?
on 20 Apr 2010 at 3:51 pm Posted by: Max Miles

Sounds like a dirty deal to me.

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