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Bank of America Ups ATM Charges
Non-customers will have to pay $3; other banks are likely to follow
By Sam Gale Rosen
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Posted Sep 13, 07 1:07 PM CDT
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(Newser)
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Bank of America has raised its ATM surcharge to $3 for non-customers—and other banks' are likely to follow. That's the highest surcharge in America, and it affects millions, because BoA has the largest ATM network in the country, USA Today reports. Expect the hike to be contageous: "Banks often move like a school of fish on punitive charges such as ATM surcharge," says an analyst.
BoA has been quietly introducing the new fee at ATMs throughout the country since July. A spokesman says the charge will remain $2 at machines in malls, convenience stores, and airports; the higher fees in the other two-thirds of their ATMs will "reduce wait time for our own customers," she notes.