Hey everyone. Searched through the forums. And it looks like if I open a China Construction Bank account, I can make a wire transfer to this account from a Bank of America account WITHOUT the normal $45 wire transfer fee.

So I set a China Construction Bank Account up. I had someone in the states initiate a transfer on a joint account (which I am part owner) to my new CCB account. However, my stateside owner indicated me that BofA was going to charge me $45 for the transfer.

Customer Service at BofA also indicated that I'd be charged a $45 wire transfer fee. I tried to explain that it was a special partnership between BofA and China Construction Bank to no avail. Perhaps this is an obscure partnership some representatives are not aware of?

Has anyone made a wire transfer recently and can attest that there is indeed no wire transfer fee, despite what a walk-in teller and phone customer rep might say?

daijobu wrote:Hey everyone. Searched through the forums. And it looks like if I open a China Construction Bank account, I can make a wire transfer to this account from a Bank of America account WITHOUT the normal $45 wire transfer fee.

So I set a China Construction Bank Account up. I had someone in the states initiate a transfer on a joint account (which I am part owner) to my new CCB account. However, my stateside owner indicated me that BofA was going to charge me $45 for the transfer.

Customer Service at BofA also indicated that I'd be charged a $45 wire transfer fee. I tried to explain that it was a special partnership between BofA and China Construction Bank to no avail. Perhaps this is an obscure partnership some representatives are not aware of?

Has anyone made a wire transfer recently and can attest that there is indeed no wire transfer fee, despite what a walk-in teller and phone customer rep might say?

You totally misunderstood.

Wire transfer fees are not waived. Only ATM fees are waived -- for now.

Thanks for the quick reply. But I've found the following information regarding the pilot program regarding the waiving of wire transfer fees. Perhaps this program no longer exists?

http://www.finextra.com/fullpr.asp?id=11980

Source: Bank of America, 27 October 2006
Bank of America and China Construction Bank introduce free wire transfer service

Bank of America and China Construction Bank (CCB) today announced a joint pilot program to offer free consumer account wire transfer service to and from China by eliminating all fees on transfers.

I have BoA and I use the free ATM deal often, but that article is the first time I've ever heard of free wire transfers. I would say you should see if you can find another source. Otherwise, send an email to somebody in BoA and ask them to research. Email would be better than a phone call, because as you mention, this seems to be very obscure, if it does exist and you'd have better results if you gave them time to research.

^ there was once a reduced fee for transfers between the two banks, but that was years ago.

^ Right.

It only lasted for something like half a year. It's long gone now.

By the way, ATM fee waiver also has one foot in the grave.

underh20 wrote:^ Right.

It only lasted for something like half a year. It's long gone now.

By the way, ATM fee waiver also has one foot in the grave.

Why do you say that? Just because they sold a small stake recently? I was uner the impression they still held 10% or so.

llamagatekeeper wrote:

underh20 wrote:^ Right.

It only lasted for something like half a year. It's long gone now.

By the way, ATM fee waiver also has one foot in the grave.

Why do you say that? Just because they sold a small stake recently? I was uner the impression they still held 10% or so.

Because that fee waiver was never designed to be a permanent fixture.

Bank of America sells Chinese bank stake
By Geoff Dyer in Beijing

Published: January 7 2009 02:32 | Last updated: January 7 2009 10:51

Bank of America became the latest cash-strapped western financial institution to divest lucrative holdings in Chinese banks on Wednesday when it sold part of its stake in China Construction Bank for $2.83bn.

China’s three largest banks received investments from a string of international financial groups shortly before they floated in 2005 and 2006, however some of those investors are now facing pressure to sell all or part of their stakes despite potential objections from Beijing.

BofA sold 5.6bn Hong Kong-listed shares in CCB at a fixed price of HK$3.92, a discount of 12 per cent to Tuesday’s closing price, reducing its stake in the Chinese bank from 19.1 per cent to 16.6 per cent. BofA made a profit of around $1.1bn from the sale based on the price of the shares at CCB’s IPO.

Lucrative in that they earned over a billion $ on the sale of the approximately 3% of their shares in CCB?

Nobody can know for sure, but maybe they needed the extra $4 billion to keep their US **** afloat an extra month or so.

Anyway, they dropped 3% of their holdings and earned a billion $. Not too bad.

BoA has already received $15 billion from TARP and has its hand out for another $20 billion excusive of the $118 billion in asset guarantees they have been given. If they are one of the more solid banks, it's all relative.

Yes, it almost does. A 3 - 5 year Depression might be just the thing. Just have to buy a few grenades and rocket launchers to keep the house safe.

Under - Have you heard any word on potential timing of the possible discontinuance of ATM fee waiver of CCB for BoA customers?

seanryan471 wrote:Under - Have you heard any word on potential timing of the possible discontinuance of ATM fee waiver of CCB for BoA customers?

No word on timing. I just heard from acquaintances at BoA HQ that a) the fee waiver is not intended to be permanent, b) they will evaluate how many people take advantage of it and c) the financial implications of keeping it in place much longer.

^If I wanted to express to them that my loyalty to them in part depends on this relationship (and possibly have a few other heavy hitters do the same), do you know who I should contact? Do they have a Director of Customer Satisfaction or someone who overseas the bank's prescence in China?

seanryan471 wrote:^If I wanted to express to them that my loyalty to them in part depends on this relationship (and possibly have a few other heavy hitters do the same), do you know who I should contact? Do they have a Director of Customer Satisfaction or someone who overseas the bank's prescence in China?

Two possible avenues come to mind:

1. Curtis Bright +1 (602) 597-5259

He's one of the administrative aids in the chairman's office.

2. Sam Tsein 2847-6018

BoA's CCB guy in China. I forgot, though, if he is in Beijing, Shanghai or Guangzhou. I think he must be in GZ because I have him on my GZ SIM card.

^ Xie xie.

Two possible avenues come to mind:

1. Curtis Bright +1 (602) 597-5259

He's one of the administrative aids in the chairman's office.

2. Sam Tsein 2847-6018

BoA's CCB guy in China. I forgot, though, if he is in Beijing, Shanghai or Guangzhou. I think he must be in GZ because I have him on my GZ SIM card.

Trust me when I say that these two gentlemen are not involved in BAC's strategic assistance agreement with CCB. I can assure you that the importance of this benefit to BAC customers is recognized and the feedback from this forum will be passed along to senior leaders within the strategic assistance agreement.

As to the free BAC to CCB wire transfer, this offer is available in three Bay Area counties only and the BAC customer must be physically present in a banking center within one of these three Bay Area counties in order to take advantage of this offer. Here is a useful article describing both the wire and ATM benefits:

http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html

My guess is because of the Wachovia purchase. They were on pretty solid ground so when Wachovia went tits-up they swooped in.

Bank of America was not involved in the purchase of Wachovia. Wachovia was purchased by Wells Fargo. Bank of America purchased Merrill Lynch at the very strong suggestion of the U.S. Treasury Dept.:

[url]
http://online.wsj.com/article/SB123215299934192217.html[/url]

As p1atl10 correctly cited, BAC sold only a small portion of its investment in CCB and is committed to its long-term strategic partnership to China Construction Bank.

Hope this helps clarify the issues for you all.

Agent99 wrote:

Two possible avenues come to mind:

1. Curtis Bright +1 (602) 597-5259

He's one of the administrative aids in the chairman's office.

2. Sam Tsein 2847-6018

BoA's CCB guy in China. I forgot, though, if he is in Beijing, Shanghai or Guangzhou. I think he must be in GZ because I have him on my GZ SIM card.

Trust me when I say that these two gentlemen are not involved in BAC's strategic assistance agreement with CCB. I can assure you that the importance of this benefit to BAC customers is recognized and the feedback from this forum will be passed along to senior leaders within the strategic assistance agreement.

Kind of hard to trust you when you think that Ken Lewis, to whom Curtis reports, is not involved in BoA's relationship with CCB. Or are you going to try and bullfeces us into thinking Ken Lewis isn't BoA's CEO or Chairman of the Board?

The two names above were offered as contacts to whom one could give their positive views of the current fee-free ATM agreement. Obvious these people aren't decision makers, but both would pass these views on to the appropriate people. If you believe that anybody is more appropriate than Ken Lewis, please ask your doctor for a refund on that lobotomy.

Agent99 wrote:As to the free BAC to CCB wire transfer, this offer is available in three Bay Area counties only and the BAC customer must be physically present in a banking center within one of these three Bay Area counties in order to take advantage of this offer. Here is a useful article describing both the wire and ATM benefits:

http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html

(650) 615-4700. BoA in San Francisco Airport. They claim your information is outdated and there are currently no free wire transfers between BoA and CCB.

Please pass this along to senior leaders within the strategic assistance agreement.

Agent99 wrote:

My guess is because of the Wachovia purchase. They were on pretty solid ground so when Wachovia went tits-up they swooped in.

Bank of America was not involved in the purchase of Wachovia. Wachovia was purchased by Wells Fargo. Bank of America purchased Merrill Lynch at the very strong suggestion of the U.S. Treasury Dept.:

[url]
http://online.wsj.com/article/SB123215299934192217.html[/url]

You failed to mention Countrywide. After the acquisitions of Countrywide and Merrill Lynch, BoA has been left it a very tenuous financial position.

Agent99 wrote:As p1atl10 correctly cited, BAC sold only a small portion of its investment in CCB and is committed to its long-term strategic partnership to China Construction Bank.

Because BoA is on pretty unstable financial grounds, they were pretty much forced to raise cash by dropping their stake in CCB by 3% -- or approximately 15% of its total holdings. The fact is that BoA is forced to raise cash while fighting for economic survival. Whether 15% is considered "a small portion" is another issue.

Where can I find the nearest China Construction Bank to People's Square. Not ATM. Lost my debit card and NEED a wire transfer ASAP

Looks like BofA might need to sell more of CCB....if how their stock prices is a proxy for the health of the company . Glad though that their BofA/CCB ATM arrangement still ongoing...opened and kept an account with them these many years just for this benefit.

With this BofA/CCB agreement, can I take money out of my CCB account in the U.S. without fees? fees of any kind?