Goodbye, $5 ATM fees

[The Straight Story]

Goodbye, $5 ATM fees

JPMorgan Chase (JPM, Fortune 500) said Monday it has finished testing $4 and $5 ATM fees for non-customers in two states, and it is now going back to the $3 fees it previously charged.

Earlier this year,the bank had been testing a $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs -- to see if they brought in enough revenue to introduce nationwide, according to a spokesman for the company.

Out of the bank's network of 16,000 ATMs, more than 20% -- or about 3,600 -- are located in these two states.

Chase spent an estimated $400 million to build the entire network and pays $200 million a year to run it. So the bank wanted non-customers to pay a little extra for the convenience of using its large network.

http://money.cnn.com/2011/05/02/pf/atm_fees_chase/index.htm

[Catherine Vincent]

1. $5? That's ridiculous!

I think $3 is a bit much. I remember when these atms first came about, it was said the fees would eventually end. When is the end?

[hobbit709]

2. I pay $0 in ATM fees.

If I can't get the cash out of a machine that doesn't charge me, I don't need the cash that bad.
Plus I normally carry enough cash on me to cover most transactions.

[Name removed]

3. Deleted message

Message removed by moderator. Click here to review the message board rules.

[nebenaube]

4. from my point of view

ATM's save so much money and displace so many workers that banks should be paying fees/transaction into unemployment and retraining programs while being prohibited from passing any portion of those charges on to the customer.

[sinkingfeeling]

5. Why pay any ATM fees? I use my debit card at a store and take extra cash. I live a thousand miles

away from my credit union and the nearest ATM for them is in Kansas City (240 miles).

[sammytko]

7. yes, why pay those fees - i don't understand

My bank (USAA) refunds the first 10 ATM transaction fees of the month. And seriously, I make maybe 2 ATM transactions a month. The cash back option at the checkout is great.

[Iwillnevergiveup]

8. Same here, sinking feeling

Get cash back in the grocery store. What's really nice about that, aside from the convenience, is that you can get back other denominations besides $20's.

[Uben]

6. I have an ATM in my home

..it's called a safe.

[Scuba]

9. Join a Credit Union. Some will reimburse you for any fee you pay to access your funds. n/t

[reggie the dog]

10. Here in France you get 5 withdrawls from other banks per month

without a fee. If you are smart about it you never pay any fees.

[Gormy Cuss]

11. Consumers CAN reject corporate policies that we don't like.

Don't like the fees, privacy policies, treatment of workers, etc.? Vote with your feet and your wallet.

[tech9413]

12. I quit working in 02 and have lived out of ATM's since then

I chose my bank because of their locations and my account would charge no ATM fees. I can't imagine anyone being foolish enough to fay fees to get your money just as a matter of convenience.