As a college student preparing for a night out, I typically would visit the automated teller machine (ATM) and withdrawal $5 from my account. Back then it was free, as financial institutions enticed customers to the world of labor-less banking. Times have changed, indeed.
Bank of America said it is hiking ATM fees to $3 in most U.S. markets. The $1 hike in fees went into effect July 31 for most of the country, and will take effect Aug. 31 in markets in Illinois, New Mexico, New York, Nevada and Massachusetts, reports the San Francisco Business Times.
The fee will not be charged to BoA customers, who do not have to pay to use BoA ATMs. Also, the increase will not be charged at the 6,300 off-site ATM locations such as airports, colleges, convenience stores and malls. At these locations, non-customers will continue to pay a $2 surcharge.
Two years ago, BoA had its last surcharge increase going from $1 and $1.50 to $2 in some markets. The current industry surcharge average is $1.64, according to Bankrate.com.
Ouch!
Statistics from the Credit Union National Association indicate that the average amount of non-member surcharge on owned or leased ATMs ranged from $1.25 to $1.59, depending on credit union asset size.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment