Bank of "America"
Posted Fri, Jan 28, 2005 at 8:58 am
Bank of America plans to eliminate wire transfer fees for customers who send money to Mexico - the latest effort in the battle among big banks to win Hispanic customers.Many of "them" are illegal aliens who have been given Matricula Consular cards by Mexico in a scheme to get around our laws. See "Their money or your safety" for all the details.
Starting first in Chicago, the bank is eliminating a 3% foreign exchange fee and a $10 transfer fee for those who have checking accounts, and will roll out the program to New York and the rest of the country by year-end.
Until the no-fee program hits New York, the bank is also dramatically reducing so-called remittance fees to a flat rate of $8. That could result in a savings of $11 when a customer sends $300. The bank said it eventually will roll out similar plans to other countries.
The bank is doing this to "demonstrate a commitment to the community," said Marcos Rosenberg, a senior vice president of multicultural marketing. "It's important for us to build deep, long-standing relationships with them..."