$5 ATM fees coming our way

[DemoTex]

ATM fees are on the rise at some of the country's biggest banks.

Chase, for example, is testing out $5 fees for non-customers. That means if you stumble upon a Chase on your way to dinner and decide to take out 20 bucks, you'll pay a 25% fee. And that doesn't even include what your own bank charges you for going out of network, which is typically around $3.

JP Morgan Chase (JPM, Fortune 500) is currently testing the $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs -- to see if they bring in enough revenue to introduce nationwide, according to sources familiar with the tests. A Chase spokesman declined to comment.



http://money.cnn.com/2011/03/16/pf/atm_fees/index.htm?source=cnn_bin&hpt=Sbin

Usurious bastards.

[SoCalDem]

1. I cannot understand why ANYONE uses that bank.. As soon as WAMU folded, we were gone..

:)

[disillusioned73]

15. Like the op says.. those $5 fees are already here..

$3.00 from the ATM provider and a kick in the backside from "your" bank at $2.50 a clip... i blow a gasket every time i HAVE to take money out...

Sorry, meant to reply to the op..

[SoCalDem]

33. Our bank charges nothing..

[Johonny]

24. I agree

They suck. I pulled my money out after 2 months of terrible service. Love WAMU, hate Chase.

[bemildred]

39. Yeah, I am working on dumping them now. nt

[taught_me_patience]

2. Simple... don't use a Chase ATM if you don't bank there... n/t

[davidinalameda]

8. and we have a winner

thank you-I'm glad someone has a few brains around here

[Duer 157099]

27. I'd be satisfied with a couple of brains

and someone here has a few?!?!? Greedy multibrained bastards.

[nadinbrzezinski]

3. CREDIT UNIONS

people need to leave these big banks behind, PERIOD

[LiberalEsto]

11. YES!

We switched to a credit union a few years ago and it has been a very positive experience.

To find a credit union in your area go to Credit Unions Online

Link: http://www.creditunionsonline.com/

[DemoTex]

14. I am 99% credit union ..

We keep a little money in Wells Fargo/Walkalloveryou (Wachovia) just in case we need to write a check to local trade people who like to go down to the bank and get cash. Otherwise, its CU all the way.

Along that line, my plumber came today. He prefers a check on our WF account: $150 today. But I said, "How about cash? I have $109 in my wallet."

"Great!" he says.

I saved $41 and he gets $109 in cold, hard cash, which - I am sure - he reports to the IRS. Right?

[CaliforniaPeggy]

4. Greedy, bottom-dwelling scum-suckers.

Fuck 'em.

I make a point of only getting money from my credit union's own atm, or at the grocery store, where they don't charge me.

Damn.

Edited to add:

Great to see you, my dear DemoTex!

[GodlessBiker]

5. The fee should be a percentage of the amount you withdraw from the ATM.

None of this flat-fee shit.

[Liberal In Texas]

6. My credit union refunds ATM fees from all ATMs. No matter who it is.

Would a bank do that?

:-)

[Statistical]

7. USAA refunds all ATM fees by other banks.

I use any ATM in the world and it costs me nothing.

That being said I rarely use ATM
1) I don't see the point of using cash 99% of the time.
2) I don't want USAA to rack up fees. Extra profits go to us members so I want to keep costs down. :)

[Cali_Democrat]

9. Don't expect any new legislation to stop the bankster vampires from sucking us dry

Obama just appointed a JP Morgan Chase bankster to be his Chief of Staff. They are firmly in control of the agenda in Washington.

[MrCoffee]

10. Chase has 30 ATMs within 10 miles of my house. My CU has 145 surcharge free ATMs in the same area

Just sayin'.

[gateley]

12. I also briefly heard mention that they're thinking of raising the rates of debit cards

on merchants, and putting a limit on the amount we can spend with a debit card. I glanced up and saw "Buying something for over $50? Write a check."

Don't know if they can do that - can they really deny us access to funds we have sitting the bank?

I don't HAVE a bank, but I have a debit card account at a Money Tree which I love. Flat $9/mo, direct deposit of my paycheck, no problem. Don't know if this would affect people like me or not, or if it's even going to be implemented. They're just thinking of ways to suck more money out of everyone, as California Peggy said. :grr:

[pitohui]

31. $9 a month to hold a debit card, that's insane!

i don't think they have to think of new ideas to get money out of you, they're already winning

try capital one, we have a free checking account there, no matter how low the balance gets, free debit cards-- no, that's wrong, the debit card is not free, if you hold off using it for a little while, they'll come back and offer you $25 to start using it, so between me & my hubby that's $50 we've picked up just for having that account

they're a big bank too, lots of locations, every big bank doesn't have to be shitty

and debit cards, if you hold a direct deposit at that bank, first off, when you sign up for the direct deposit you should be getting some kind of significent incentive like a lot of airline miles or some cash back, and using the debit card should be absolutely free

i have no reason to think we're the only household in america using this deal, considering capital one still runs their ads on teevee

[gateley]

34. At this point, it's worth the $9 to me and it's easy and a no brainer, not worth

switching. But if the situation changes, I'll take your advice.

When I had bank accounts and checking accounts they were always 'free' except for 'this or that' charge - no more. This is straight forward and as I said, just so easy for me. I happily pay $9 for easy. :7

[Lugnut]

13. I love my credit union.

I dumped BofA years ago.

[abelenkpe]

16. we use a credit union

and take out cash at the beginning of each week. Why? Cause I'm cheap cheep cheep...hate all those not so little fees one has to pay to use their own money. :p

[Scuba]

17. Join your local Credit Union - you too can belong to a Union. n/t

[endless october]

18. seems like Chase is making a lot of bad business decisions lately.

http://finance.yahoo.com/news/Debit-card-spending-limit-cnnm-3728211539.html

[gatorboy]

19. "Testing"? What does that mean?

To see if people enjoy this? Are they polling, hoping for approval numbers?

[MrCoffee]

20. If X-1 people complain, we'll go ahead and do it nationwide. If X+1 people complain...

well, now we know how to handle the whiners.

[droidamus2]

22. My guess

Testing to see if people notice they are getting screwed. Probably looking at people that have incurred the fee at least once but probably multiple times and comparing their past usage patterns to their patterns after they were charged the fee and see if they continue to use their card at the same rate. If they continue their usage pattern Chase has another income stream for doing absolutely nothing.

Oops I realized that this is being done to non-customers so I guess they would just check to see if a non-customer that had been charged the fee comes back and uses their ATM again (believe it or not there are idiots out there that would).

[pokerfan]

21. They are also looking at putting a spending limit on debit cards

http://money.cnn.com/2011/03/10/pf/debit_cards_limit

[tanyev]

23. Remember the good old days when the only way they tried to make money off of ATMs

was by putting bank employees out of work?

[killbotfactory]

25. Free money!

For the banks!

A win-win!

[dkofos]

26. Hell, why not make it $10.

I'm sure there are a few million idiots out there that won't notice or care.

[customerserviceguy]

28. Just remember

the more the biggies do this and get away with it (and they will) the more 'room' there is for smaller institutions (yes, even your credit union) to do this. Chase and the other too-big-to-fail institutions will charge five bucks, but that leaves a shot for the community bank to charge two, and trumpet how they don't gouge you like the monsters do.

It's going to get a bit more expensive to do financial transactions in this country, that's almost inevitable. Only if people leave Chase, etc. in mass numbers, will there be any chance of stopping it. But, like so many sheep to be sheared, a lot of people will go along with it.

[pitohui]

29. i don't get how it works in the first place

i only use atms in foreign lands to get foreign currency, are they saying i could go to a chase bank and take out money even though it's in my own town and i could just as well get dollars at my own bank? why would anyone ever do that? does anyone ever do that -- go to a bank that isn't your own bank, except for an extraordinary reason such as it's japan, i need yen, so i go to the post office atm to take out money...?

just trying to puzzle out how they expect to make any money? it just doesn't seem intuitive that people would go to a bank atm and try to take money where they don't even have an account -- and the logic of thinking they'll get the money they don't even have in that bank FOR FREE is really making my head to spin

not apologizing for chase, i WON'T do business w. them because of their culture of rudeness but c'mon...who is affected by this?

[jp11]

35. People who can afford it and prefer the fees over the inconvenience of planning

ahead, ie carrying 'extra' cash in anticipation of needing it, or running across town or where ever to use their own bank's atm. I'd use a different bank's atm when payment was required and I couldn't use credit, checks (or had none), and didn't have easy access to transportation or it just wasn't worth it to drive 5-10 minutes to save $2-3 in fees.

That was like 10 years ago so now I get cash at the store when using my debit card or just plan ahead to have cash when I'll need it. As the other poster said we will probably all be affected by this if it takes off with the mega banks and other smaller ones raise or move up to fees that pale in comparison.

To me this is just another stupid greedy move by big banks and I hope more people move further from them as best fits their situation, the only way it seems these mega banks could 'learn' anything is from customers as the government is complacent in punishing or breaking them up.

[customerserviceguy]

38. Many people like doing business in cash

I even do a bit of it, but my bank is around the corner from where I work, so it's not a massive effort to get some.

I agree with you, I don't try to get cash from an institution where I don't have an account, but some folks do. That lack of preparedness is apparently going to cost them.

[MaeScott]

30. Move. Your. Money. nt

[brooklynite]

32. Sorry - this doesn't get me worked up...

Chase, for example, is testing out $5 fees for non-customers.

JP Morgan Chase (JPM, Fortune 500) is currently testing the $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs

This is a fee charged to non-customers using a bank's ATM because it happens to be convenient. No different than stopping at 7-Eleven and paying extra for milk than you would if you drove to the supermarket. If you don't want to pay the fee, go to another bank.

[RebelOne]

36. Simple. Just don't use an ATM that is not your bank. n/t

[no_hypocrisy]

37. I'm waiting for the other shoe to drop with Chase charging a fee to go into the bank

during banking hours and withdraw your own money or make a deposit or both.

[mmonk]

40. Use credit union ATMs