Cash Advance - Charges

wensley

Please can you help?? I have just been charged a 'CASH ADVANCE FEE' for using my DEBIT card to purchase some foreign currency - my account has never been overdrawn and I was not withdrawing any money against any chqs or uncleared funds.
I feel as though I have been well and truly ripped off by my Bank being charged to take my own money from my account - how can they class this as a Cash Advance when the money is already mine!
Is there anything I can do?

Thank you for your help!

grumbler

See this recent thread: Buying foreign currency with a credit / debi card - ripoff warning! .
See also this Martin's article: Spending Overseas: Cut the cost by over 6% .

And always read T&C (or, for debit cards, at least 'Rates and Charges') of all financial products you use ...

jonesMUFCforever

Did you purchase currency from your bank or the Post Office or Travel agent?
Buying them from your own bank would have been fee free - anywhere else and you will probably get charged.

oldfella

explain to the bank you were not aware of the charge and they are likely to refund

Mike

chelle

They do class this transaction as a cash advance, and it would be in your T&C.

Some places (ie my local PO) do warn people that the bank will charge them for the cash, and suggest they draw the money from the cashpoint first. But AFAIK they are not obliged to warn you, as they are not charging you, your bank it.

It may be worth a letter to the bank, as they may refund.

Rafter

Alternatively move your current account business to Nationwide and use your debit card or cash card overseas when you get there.

Tell your bank why you are moving too, and maybe next time they will think first before introducting such unfair charges in the hope that customers won't complain.

R.