BofA $3 ATM Fee Comes Under New Attack
By Jim Rubenstein
WASHINGTON—Bank of America’s $3 hike in foreign ATM fees drew new fire Thursday from U.S. PIRG, the consumer advocate organization, who again urged the public start using credit unions to avoid the big bank’s “double dipping” practice on surcharges.
Though there not as many CU ATMs, “most credit unions waive surcharges on other credit union members” so “bank at a credit union not at a bank,” suggested Ed Mierzwinski, U.S. PIRG’s consumer programs director, on a blog quoted in the mainstream press.
“USA Today did a nice story on the problem today and now everyone’s finding out about” the 50% fee increase, wrote Mierzwinski. BofA disclosed its non-customer increase in July with the issue getting highlighted on national wire services yesterday and today.
“When a non-customer uses a BofA machine, it now costs him or her $5.50 or so, since their own bank also charges them a foreign ATM fee of $2-$2.50, which it shares with the ATM owner,” said PIRG in explaining double-dipping.
Mierzwinski urged the public “to plan your trips so you have enough cash so you don't need to stick your card into one of Bank of America's or some other big bank’s double-dipping ATMs.”
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