ATM FEES TO RISE AGAIN IN CHICAGO! You Surprised? (Didn't Think So!)
BANK OF AMERICA NON-CUSTOMER SURCHARGE RISES TO $3, EFFECTIVE JUNE 23RD!
Last month, banking giant Bank of America became the second largest bank in the Chicago area. On May 5th, it completed the purchase and re-branded all former La Salle Bank branches here.
Effective in less than two weeks, they plan to raise the ATM fee non-customers pay to use one of their 18,000 machines nationwide by 50% - up to $3.00 for each ATM transaction. The bank actually raised their non-customer use fees last fall, in all of its markets EXCEPT Chicago, but delayed the increase here until their absorption of the old La Salle Bank was complete.
Chase, which leads the area in number of bank branches, and ATM machines, raised its ATM fees for non-users to $3 per transaction earlier this year. The new $3 fee is one of the industry's highest - and applies IN ADDITION TO any "foreign ATM" fee imposed by your own bank.
For example, if a Chase customer gets $100 cash from a B of A ATM machine, that customer will be charged $3 for using the Bank of America machine, plus an additional $2 fee, imposed by Chase, for using a non-Chase ATM. The total fee - $5, or a steep 5% of the withdrawl amount!
"Less than 10 percent of our ATM transactions are completed by customers who otherwise do not maintain an account with Bank of America," bank spokesman Robert Darmanin said Friday.
Still, there are times, when your own bank's machine is simply not available or convenient to reach. For those times, you'll have to reach into your pocket a bit more, each time. (I had that situation inside Wrigley Field the other day, and had no choice but to pay the fee).
See Becky Yerak's story in today's Chicago Tribune.
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