Wednesday, March 16, 2011

ATM Fees Heading Higher

Some of the nation's biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines, the Wall Street Journal reported today. JPMorgan Chase & Co., TD Bank Financial Group, and PNC Financial Services Group are already changing their ATM policies to collect more fees. JPMorgan's Chase retail division, for example, is going after noncustomers who withdraw money from the bank's ATMs. Chase executives have grumbled about customers of rival banks using the company's machines even though it charges them $3, which is standard in the banking industry. Chase is now testing fees of $5 and $4 in Illinois and Texas, respectively, for noncustomer withdrawals.