The convenience of using an ATM now costs $5 a pop for some bank customers.
Why so much? According to CBS News Business and Economics Correspondent Rebecca Jarvis, many banks are increasing fees and penalties to make more money in response to new federal regulation.
“They’re all over the place,” she said. “JPMorgan Chase, for example, has just rolled out this new program where they’re going to charge non-customers in Texas and Illinois (that charges) as much as $4 to $5 per transaction (to) non-customers.
TD Bank at the other side of things, they used to let customers use other bank ATMs for free. Now they’re charging them $2 for every transaction.
And PNC used to actually reimburse customers when they used another bank’s ATM. Now they’re going to take that away. They’re stopping with those reimbursements.
She advised, “One of the best things to do, and it will cut back on time and make life more efficient, is get the cash back with purchase. Every time you swipe your debit card you’re entitled, in many cases, to get a cash back.
You can do that.”
http://www.cbsnews.com/stories/2011/03/18/earlyshow/living/money/main20044658.shtml
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This is the banks greed once again. Bankers are nothing more then greedy little creatures. $5.00 to retrieve your own money. How ridiculous is that?
The truly despicable thing about this, is that banks make money on ATM transactions without fees. They save a fortune every time a customer uses an ATM over going to the teller. I can count on one hand the number of times I deal with a teller over a year.
She promotes AllPoint as an iPhone app, which purportedly identifies ATM locations that offers “free” ATM services…AllPoint has been receiving bad reviews as not being a useful nor updated location finder–and showing bank locations that still charge fees.
It’s inportant for the banks to make money. Then they will trickle it down to us. NOT!
How come we aren’t breaking them up? No more too big to fail.
Shez did we forget too soon?