$3 ATM fees

Friday, July 27, 2007

Bank of America appears to be upping the ante again. According to U.S. PIRG, Bank of America will raise its ATM fees for non-customers to $3, as of July 31. This is 50% more than any other major bank is currently charging in “foreign ATM” fees.

Perhaps when a bank’s CEO gets $97 million in total compensation for 2006, it has to make up the difference.

Ed Mierzwinski, U.S. PIRG’s Consumer Program Director, obtained what appear to be talking points for the bank’s leaders so they can respond to anticipated criticism of the fee hike. One recommended non-answer is:

Q. Does it cost any more for you to process transactions for non-customers? A. The bank continues to make significant investments in its ATM network and we continue to grow the network for the convenience of our customers.

Avoiding ATM fees

Bankrate has a search tool to compare ATM fees banks charge to customers and non-customers. Not all banks charge their non-customers extra ATM fees, and a few banks and credit unions will even absorb a rival bank’s foreign ATM fee.

If your ATM card is also a debit card, you can avoid ATM fees by buying something you need at a drugstore or supermarket and getting cash back with the purchase.

U.S. PIRG leads a campaign to end this practice of charging depositors multiple fees for a single ATM transaction. They have more information at Stop ATM Fees (www.stopatmfees.com).

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