Dropping Money-Transfer Fees

Bank of America recently began phasing in dropping fees for money transfers and foreign exchange transactions between Mexico and the U.S. The bank began by dropping all money-transfer fees from Chicago to Mexico and reducing fees in other areas of this country. Previously, the bank charged a $10 load fee in Chicago and an exchange fee of 3 percent of the transaction.

The bank will reduce all fees by the end of 2005. To take advantage of the no-fee service, a person must have a checking account at the bank.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 3, 4/05