Driving Up ATM Fees at All Banks
Sick of high ATM fees? If Bank of America has its way, they'll only get worse.
Americans already pay more than $4 billion a year in ATM fees. In fact, fees are at a record high-an average of $1.64 per transaction.
Now, Bank of America is seeking to boost its fees for non-customers at many of its ATMs to $3.00 per transaction-the highest among major banks in the country-a move that many fear will force other banks to raise their fees even higher. "I'm sure a lot of other institutions will come right behind them, and say, 'If they can get $3, so can we,'" an executive at First Horizon National Corp. told American Banker magazine.
Bank of America has already raised ATM fees for customers of other banks from $2.00 to $3.00 in "most markets," excluding their ATMs at airports and malls. Increases won't go into effect in a handful of cities-including New York and Boston- until August 31. Chicago—where Bank of America is trying to woo new customers and increase its market share through the purchase of LaSalle Bank—is the only city spared the increase, but there's no guarantee out-of-network ATM fees will remain lower there once the LaSalle merger is completed.
It's not too late to take action. Send a letter to Bank of America executives and tell them that customers won't stand for $3.00 ATM fees!