Bank ATM Fees Headed to $5
Some national banks have begun to raise fees for using their ATMs and otherwise tinker with their ATM polices in order to increase fee income, according to a story in The Wall Street Journal.
The story in today's edition reported that JP Morgan Chase has begun to experiment with a $5 ATM fee in the Chicago area and $4 in other parts of Illinois and Texas.
The paper also reported that TD Bank has started charging its account holders when they use another financial institution’s ATM and PNC Bank announced that it would stop reimbursing some account holders when they use another financial institution's ATM.
In all cases, the paper reported that the banks are trying to recoup fee income lost to federal regulations on debit interchange and overdraft protection programs.