Big Banks Test $5 ATM Fees
NEW YORK – Several big banks, faced with smaller fees for debit and other transactions, are testing larger fees on a variety of services, including ATMs.
JP Morgan Chase is testing out surcharges of $5 and $4 for non-customers using their ATMs in Illinois and Texas. That would be the highest ATM surcharges in the country.
The banking giant operates 16,000 ATMs in the U.S. Illinois and Texas, where the bank is testing higher fees for non-customers, represent two of the bank's biggest retail markets with about 3,600 ATM machines combined.
Some financial institutions recently introduced new charges on checking accounts as a way to make up some of the revenue that will be choked from rules imposed by the Dodd-Frank financial-overhaul law.