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CUs not hiking ATM fees big banks test 5 surcharges
NEW YORK (3/18/11)--Although U.S. credit unions and small banks don’t seem to be raising ATM fees, some of the largest U.S. banks are initiating new fees and even testing $5 noncustomer withdrawal charges. The banks’ moves are the most recent examples of new fees that banks are levying on customers to make up for billions of dollars in anticipated lost revenue because of new federal regulations on debit cards and overdraft charges (The Wall Street Journal March 16). JPMorgan Chase & Co., PNC Financial Services Group and TD Bank Financial Group already have amended their ATM policies to collect more fees, the Journal said. Chase is testing fees for noncustomer withdrawals of $5 and $4 in Illinois and Texas, respectively, the Journal said. While large banks are using “scare tactics” by increasing ATM fees at the same time they are battling new debit-card restrictions, credit unions and small banks don’t seem to be raising ATM fees yet, Ed Mierzwinski, consumer program director for the U.S Public Interest Research Group, told the Journal. ATMs nationwide generated $7.1 billion in fees during 2010, consulting firm Oliver Wyman told the publication. To read the article, use the link.
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