$ 5 ATM FEES U.S. Banks Start Charging More

_________________________________________________________________________

U.S. banks start charging $5 fee to use ATMs

If the new fees could bring in a significant amount of income to JP Morgan, the bank would likely charge similar ATM fees in other states.

Vittorio Hernandez
March 17, 2011


_________________________________________________________________________


Some U.S. banks have started to increase their ATM fees, according to report. Among them are JP Morgan Chase and Hong Kong and Shanghai Banking Corporation USA.
JP Morgan is testing the higher $5 charge on non-customers in Illinois who would withdraw from their ATMs. The bank charges a $4 fee for a similar ATM transaction in Texas. If the new fees are successful then JP Morgan will likely charge similar ATM fees in other states.
About 20 percent or 3,600 out of 16,000 JP Morgan ATMs are located in Texas and Illinois. The bank has spent about $400 million to put the cash machines in place and allocates another $200 million yearly for ATM maintenance.
HSBC Bank USA also started to charge this month non-customers a $3 fee when they use the bank’s ATMs.
60 percent of HSBC’s cash machines charge the $3 fee on non-clients, the remaining 40 percent charges a lower $1.75 or $2.50 fee.
An industry observer forecast that other major American banks such as Wells Fargo, Bank of America and Citibank would soon follow suit and charge similar ATM fees on non-customers who would use their cash machines.

Read more:

__________________________________________________________________________
.

.
__________________________________________________________________________

Reciprocal links:
http://HermannHearsay.blogspot.com/(Hermann Area News, Commentary & Discussion)
Post views: