Bank of America Raises ATM Fees
Bank of America raises ATM fee for non-customers…
Recent rate increases for non-customers of Bank of America may come as a big surprise when they go to balance their bank accounts. An increased surcharge of $3 per transaction, raised from $2, for non-customers using Bank of America ATMs was imposed at most locations. Consumer groups are concerned that the most financially vulnerable - low and middle income consumers - will feel the most serious impact. Consumers who cannot reach their own bank during business hours rely heavily on the convenience of ATMs even for small dollar amounts and will also be impacted.
Bank of America defended raising ATM fees to $3 for non-customers. Spokesperson Betty Riess said, “We really want to make our ATM network convenient for our customers. In order to maintain that, it is appropriate to charge people who aren’t our customers for accessing our convenience. Higher fees help offset the “significant investment” the bank has made to upgrade and expand its cash machines.” The bank decided to charge non-customers a $3 fee at 10,700 ATMs — nearly two-thirds of its network — in bank branches and supermarkets as a way to “reduce wait time for our own customers,” Riess says.
Most non-customers who use Bank of America ATMs do so at shopping malls, convenience stores and airports according to Riess; and the withdrawal fee at those machines remains $2. But the increase across the rest of their network is sure to have an impact. Not only will Bank of America ATM customers pay more, but other banks could follow B of A’s lead. This could cost consumers millions more in banking industry already riddled with fees.
