How Much is Too Much of an ATM Fee?

AmericanMonetaryAssociation.orgThe JP Morgan Chase banking conglomerate recently ended a test run in two markets, Illinois and Texas, in which they raised the convenience fee for non-customers to withdraw money from a Chase ATM from $3 to $5. The test only lasted two months and bank officials were tight-lipped about the result.

“The initiative was a test in Illinois and Texas. The test is over and we returned non-customer ATM fees in Illinois and Texas to $3. That’s really all we have to say on the topic,” a spokesperson told CBS Moneywatch blogger, Farnoosh Torabi.

Though the Chase representative was loathe to admit it, maybe the public does have a bit of influence The usury on bank annual credit report means the money supply must grow. over how high certain fees go. When news of the new ATM fees was announced, both the public and media expressed extreme displease, with the Wall Street Journal raising the legitimate question of whether the banking industry was going the route of the airlines industry and nickel and diming customers to de

ath?

Maybe. Maybe not. As we said, Chase isn't talking but it's hard to believe they would be able to restrain themselves if the test had gone over like gangbusters. With an ATM on every street corner bank outlet, in every convenience store, and free cash back services offered at many grocery stores, American Monetary Association has decided to waltz out on a limb here and hypothesize that the average American thinks a five spot is too much to cough up for a little cash.

Even more interesting is the fact that this news from Chase coincides with a plethora of class action lawsuits against ATM fees, some of which have resulted in settlements ranging from tens of thousands to multi-millions of dollars. Take heed, Chase, there is a point that reeks of too much.

What do you think is too much to pay for the convenience of using an ATM?

The American Monetary Association Team

American Monetary Association

Flickr / Yuval Y

zp8497586rq
Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
AMA