Bank of America charges an additional fee whenever you use your debit card for a purchase made abroad or processed outside the US, including online purchases from foreign merchants even if billed in US dollars.
Travelers and online shoppers who purchase from foreign retailers may be charged a foreign transaction fee on every purchase, including those priced in US dollars, adding a percentage surcharge to each transaction without a clear point-of-sale warning.
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Compare across platforms →The fee applies even to US dollar-denominated transactions processed outside the US, which consumers may not anticipate when shopping online from foreign retailers.
REGULATORY FRAMEWORK: Foreign transaction fee disclosures are governed by the Truth in Savings Act and Regulation DD (12 C.F.R. Part 1030) for deposit accounts, and the Electronic Fund Transfer Act (EFTA) for debit card transactions. CFPB has jurisdiction over fee disclosure adequacy. The Currency and Foreign Transactions Reporting Act (Bank Secrecy Act, 31 U.S.C. § 5311 et seq.) may apply to foreign currency conversion.
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