ATM Fees on the Rise
POSTED: Monday, March 21, 2011 - 6:18pm
UPDATED: Thursday, April 28, 2011 - 8:48am
"I think they're getting away with robbery. I wouldn't pay it," Torres said.
That's what some El Pasoans like Scotty Torres are saying about the rising ATM fees.
J.P. Morgan Chase Bank is testing out a $4 ATM fee for non-customers in Texas, but some people think that's about $2 too many.
"I think the $2 amount that they're doing right now is fine, but anything more than that is just too much," Torres said.
The CEO of CardHub.com, Odysseas Papadimitriou, says banks are doing whatever they can to replace $13 billion in revenue expected to be lost from new federal regulations on overdraft charges and debit card fees, but that's not all.
"Another motivation here is by making it so expensive for non-customers, is to potentially gain new customers as well," Papadimitriou said.
But, some people like Steven MacPherson say just the opposite will happen.
"It's a good way to lose customers just go someplace else where the fees are lower," MacPherson said.
If Chase Bank implements the new fee nationwide, we asked if other banks may follow the trend.
"Oh yeah, definitely. A lot of other banks are making hire monthly fees on their checking accounts," Papadimitriou said.
El Pasoans say even if the fee becomes permanent, there are other options.
"I would actually just cash in my check and not even worry about putting money in the bank because it's a lot of money," Torres said.
"Cash back, yeah I like that. Just as long as they don't charge you a fee," MacPherson said.