ATM Fees Soon to Surpass Minimum Wage
Last week, the banking behemoth Bank of America quietly raised the fees it charges non-customers to use its ATMs, to $3 per transaction, a record high. The rest of the big banks are likely to follow suit, according to USA Today. The Bank of America fee is likely to come on top of fees charged by the non-customers' own bank ATM fees, too, meaning that getting fast cash will cost many Americans nearly as much as an hour of work at a minimum wage job.
Bank of America defended the increase with the dubious claim that it will improve ATM access for its own customers. But I suspect that it's not a coincidence that the fee increase comes at the same time the mortgage industry is melting down. Banks can make a lot of money by nickel and diming the public. I wonder how high the fees will have to go before people will simply stop using ATMs and go back to standing in line at the branch?
(H/T Consumer Law and Policy blog)
- Stephanie Mencimer
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