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Heads up..if you don't bank with Chase be wary of taking money out of their ATM's.
Thank the new banking regulations for this. They got rid of some other fees and banks need to find new sources of revenue.
WHAT! JPMorgan Is Testing $5 ATM Fees
"JP Morgan has started testing $5 fees in Illinois and $4 fees in Texas for withdrawals at Chase ATMs by non-Chase customers, the WSJ reported."
Heads up..if you don't bank with Chase be wary of taking money out of their ATM's.
Thank the new banking regulations for this. They got rid of some other fees and banks need to find new sources of revenue.
WHAT! JPMorgan Is Testing $5 ATM Fees
"JP Morgan has started testing $5 fees in Illinois and $4 fees in Texas for withdrawals at Chase ATMs by non-Chase customers, the WSJ reported."
My Guess it would only effect Non/Chase users, I can't see them charging there own users. .. [Note to self: Never go to a Chase ATM] My credit union is on a network of 10's thousand ATM's for free. A free one is alway near by.
That is a terrible cop out and simply a way to deflect blame from the magabanks. They aren't doing it because of the financial regulation bill. They are doing it because they can. The same reason they do anything else. They are in business to make as much money as possible. If they limit debit card purchases to $50, cash becomes more important.
More and more I don't understand why people continue to use the large banks. They provide dubious value vs the competition and are designed to fleece you with fees and gotchas. I know changing banks seems daunting and unwinding lots of automatic payments to your debit card can be difficult. But if you are stuck paying any kind of dreamed up fee at your current bank, it will save you money in the long run.
There are alternatives. We talk about this a lot here. I think a sticky that outlines these alternatives (Credit Unions, online banks, etc) may be valuable.
I've never understood the rationale of people bitching and moaning about ATM fees. I've been banking with Bank of America for over 25 years and have never paid one penny in ATM fees. Of course, I've never used a non-BoA ATM either.
It's very simple: if you don't want to pay for the convenience of using an ATM that doesn't belong to your bank, then don't use that ATM.
I've never understood the rationale of people bitching and moaning about ATM fees. I've been banking with Bank of America for over 25 years and have never paid one penny in ATM fees. Of course, I've never used a non-BoA ATM either.
It's very simple: if you don't want to pay for the convenience of using an ATM that doesn't belong to your bank, then don't use that ATM.
I agree. And on top of that they tell you how much they are going to charge you right there on the screen. Don't like it, don't take the money out.
I think you guys are missing the bigger agenda here:
They don't want people to use cash. They want people to only use electronic means of transfers.
Isn't Chase one of the banks threatening to limit debit card transaction amounts to $50?
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