« Airlines Changing Ticket Policies Amid Japan Crisis | Main | Lincoln Tops 2011 Vehicle Dependability Report »

Banks Increasing ATM Fees as High as $5

Goodshoot/Thinkstock(NEW YORK) -- People can soon expect to pay higher fees at the ATM. 

Banks are boosting fees on automated teller machines, which could prove costly for those who use ATMs at banks other than their own, according to, an online credit guide.

ATM customers in Illinois are already seeing fees as $5 for non-customer withdrawals at Chase machines.  The bank has also introduced a $4 fee to non-customers in Texas, according to a JPMorgan Chase spokeswoman.

And not only are banks increasing ATM fees, but some financial institutions like TD Bank and PNC Bank have stopped reimbursing customers for fees incurred by using ATMs from other banks.

Banking industry experts say the fee increases may be due to recent legislation limiting banks' income form debit card fees.  Last year, the Dodd-Frank Wall Street Reform and Consumer Protection Act imposed costly compliance regulations on banks.

"The new regulations add up to big money," Bill Bradway of Bradway Research, a bank consulting firm, told  "If the banks don't do anything, their income goes down.  So they're looking for new ways to replace that income, and increasing ATM fees is one way to do that."

But critics of this argument say the growing fees are just due to general banking trends over the last decade.

Whatever the reason, experts agree that using another bank's ATM is not the way to go.

Copyright 2011 ABC News Radio 

References (1)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    Response: Tyrone Moseby
    Business and Economic News and Headlines From ABC News Radio

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>

ABC News Radio