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Another (different?) ATM question

Posted by (Tel Aviv) on

Is there any problem with using an ATM card in Europe that is linked to a money market account?

I am trying to find an ATM card with low fees. Capital One offers a $1.50 fee - about the lowest I've found. The thing is, they only offer checking accounts in 5 states, where they have branches, so my only option is to open a money market account. I seem to recall warnings here about not trying to withdraw from savings accounts. Does that apply to MM a/c's, which are (I think) a variation of a checking account?

Posted by
1167 posts

You can open a Capital One Money Market Account online from anywhere in the country. It is more like an investment account with checkwriting privileges than a standard checking account. No ATM fees and it pay interest but there is a limit on the number of checks you can write per month.

Posted by
15777 posts

Sorry I wasnt clear with my question.

Capital One allows unlimited ATM w/ds from a MM a/c, which I can open online.

The question is whether there is any problem withdrawing cash from a MM a/c using European ATM's.

It seems to me that I have seen warnings (didn't pay attention, they weren't applicable to me then) that you can't draw on a SAVINGS account from some (most?) European ATM's.

Thanks

Posted by
317 posts

Hi,

I took my ATM card for my Cap One money market acct and had no troubles in Great Britain.

I tested it in my local bank's ATM and had to pick the savings acct option, but it worked fine for the Great Britain ATMs. In Europe, in my experience, you do not pick an account type on the ATM, just how much money to withdraw.

Cheers.

Posted by
1167 posts

Betsey is right. The Cap One MM ATM card works just fine.

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