Under pressure from Massachusetts State Treasurer Shannon O'Brien, Fleet Financial Group Inc. has agreed to cap the noncustomer surcharge at all Fleet and BankBoston automated teller machines in the state to 75 cents, if the proposed Fleet-BankBoston merger is approved.

Under the agreement, the ATM noncustomer surcharge at 1,324 BankBoston ATMs would fall from $1 to 75 cents and the fee at 471 Fleet ATMs would be frozen at 75 cents, Ms. O'Brien announced. The freeze is promised through the end of 2000.

Terrence Murray, chairman and chief executive officer of Fleet Bank, also agreed to commit $250,000 toward a marketing campaign for Fleet's low-cost Basic Banking services and, when possible, provide bank customers with detailed customer notification at least 60 days prior to converting accounts. -- Helen Stock

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.