5 ms·
I checked out their fee schedule and the "3%, plus a $7 charge" appears to be for international transfer fees: https://www.mctrpayment.com/pdf/CA_MCTR_Fee_Tran
by chevman 4y ago
I checked out their fee schedule and the "3%, plus a $7 charge" appears to be for international transfer fees:
https://www.mctrpayment.com/pdf/CA_MCTR_Fee_Trans.pdf https://www.mctrpayment.com/pdf/CA_MCTR_Fee_Trans.pdf
For domestic transfers, appears free per your linked article:
"As long as you have your bank’s routing and account number, you can transfer funds to your bank account without paying a fee in the following ways
Transfer funds online at mctrpayment.com
Transfer funds using the Money Network Mobile App
Transfer funds by calling 1-800-240-0223"
- fnordpiglet 4y agoYes but OPs way seems more exciting.
- Animats 4y agoThe news article says you can do a transfer easily, but the actual contract terms do not. An "external transfer" means out of their bank, not out of the country.
- RecklessSir 4y agoI don't see anything in https://www.mctrpayment.com/cardholder-agreement https://www.mctrpayment.com/cardholder-agreement that defines "external" as outside of their bank. The "Transaction Limits" refer to "Transfer to External Bank Account | Domestic or International" but the "Fee-Based Services and Transactions" section only references "Transfer to External Bank Account | International" and all the context there on the 3.5% + up to $7 fee is all about foreign exchange conversions.
- Animats 4y agoI don't see anything in https://www.mctrpayment.com/cardholder-agreement https://www.mctrpayment.com/cardholder-agreement that defines "external" as outside of their bank. It's standard banking terminology.[1][2] [1] https://www.commercebank.com/personal/online-features/external-transfers-faqs https://www.commercebank.com/personal/online-features/extern... [2] https://www.lawinsider.com/dictionary/external-bank-account https://www.lawinsider.com/dictionary/external-bank-account
- RecklessSir 4y agoI don't usually cite on other sites, when this is plainly spelled out in the site I'm talking about ("International" clearly different than "Domestic and International"). Regarding using information for marketing purposes, the privacy policy at https://www.mctrpayment.com/privacy/ https://www.mctrpayment.com/privacy/ explicitly says they don't do that, they only share information related to everyday business purposes, not for marketing. What leads you to believe otherwise?
- Animats 4y agoThe New York Community Bancorp, Inc.'s consumer privacy notice mailed with the VISA debit card. Their form M-135389, rev 12/21, page 1 of 2. If there is sufficient interest, I will scan it and post the scan. Table: -- Reasons we can share your personal information: For joint marketing with other financial companies. Does New York Community Bancorp, Inc. share?: YES. Can you limit this sharing: NO. -- This probably violates the California Consumer Privacy Act.
- RecklessSir 4y agoInteresting. Is there also conflicting information (what came with the card mailing vs. what's published on the website) regarding the fees or does that match?
- jhart99 4y agoIt does not unfortunately because this is covered by federal law under the Fair Credit Reporting Act. There are exceptions to the CCPA for FCRA, HIPAA, and GLBA.