Bank of America raises ATM fees to $3

[meegbear]

Bank of America Corp. has raised surcharges for non-customers at most of its ATMs nationwide to $3 from $2. The Charlotte-based bank, which has more than 17,000 ATMs, made the change in most markets in July and August, spokeswoman Betty Riess said.

Bank of America has the largest ATM network in the United States and the higher fees could affect millions who do not hold consumer banking accounts there.

But Riess said, "The fee itself and the amount are disclosed on the ATMs, so (customers) can opt out and cancel their transaction."

"We really want to make our ATM network convenient for our customers," said Riess. "In order to maintain that, it is appropriate to charge people who aren't our customers for accessing our convenience."

<snip>

http://money.cnn.com/2007/09/13/pf/bofa_atm_fees.ap/index.htm?cnn=yes

I dropped those bastards a couple years ago and have a credit union on SUM. Unless it's at gunpoint, I will never use a BoA ATM.

[flashl]

1. ATM users are paying for the bailout of Countryslide. n/t

[Squatch]

2. "I will never use a BoA ATM."

Oh, yes you will. Most of the time, you won't even know it.

[meegbear]

4. Oh?

Explain.

[halobeam]

3. they also charge 15 bucks for a fee to pay by phone, while Chase charges NOTHING.

[Liberal In Texas]

9. Chase just charged me $10 to pay a vehicle payment on-line. n/t

[halobeam]

23. hmmm.. maybe just the credit card thats free?... I just did it yesterday.

[FormerDittoHead]

5. They're losing money! They'll go out of business if they don't increase prices!

Or is it that they don't fear gov't regulation and they'll charge as much as possible before a break even number of customers actually seek the competition?

[pampango]

10. In all probablility the latter choice.

They will raise prices until enough customers go elsewhere and cause them to lose money. I think that our local Kroger and car dealer set prices the same way. They don't sell me a pound of ground beef or a Chevy for less than they think will make me say, "Never mind." and go somewhere else to shop.

The problem comes, as you alluded to, when the banks, grocery stores or car dealers collude with each other in setting prices or some other way. This administration has no will to aggressively investigate and regulate business that deserve it.

You could, of course, choose to regulate ATM fees or grocery store prices or car prices, any price in the economy, if you thought that was the right thing to do.

[onehandle]

6. Bank of America is the worst.

My wife and I had to deal with them for years over her mom's estate.

They are inefficient total bastards.

[meegbear]

8. They became my bank when they merged with them ...

hated them and switched to a credit union. With the mergers, I had 2 of my 3 credit cards transferred to theirs. When the bankrupt bill went into effect, you know, the bill that's supposed to help people in debt, they retroactively raised my CC rates to 31%.

I went into debt consolidation and have they accepted - and sent me a letter saying that it's a shame I don't know how handle finances properly :grr:

[IndianaJones]

7. I use BoA and have had no problems with them. nt.

[_testify_]

13. same here.

I know other people have had issues with them, but I haven't had any problems with them. Had accounts with them for about 7 years now.

[IndianaJones]

14. now they have brokerage service as well. I'll have all my accounts with them soon. nt.

[RebelOne]

24. I have been with BoA for many years and have never had a problem. n/t

[Mike Daniels]

11. While it makes BOA seem greedy they aren't forcing non-customers to draw money from their machine

and where's there's one ATM from BOA there are probably 2 to 3 others from other banks with smaller convenience fees within walking or driving distance.

[PCIntern]

12. Biggest Bastards in the Whole Financial World

I could go on and on. But it's a holiday and is not proper. I'll be back tomorrow!

[gollygee]

15. I'm trying to remember when ATMs were first coming out

It seems like there was some public resistance to the idea, but then there was some talk that they would save banks money because they wouldn't have to hire as many tellers, and that it would therefore somehow benefit us. I really don't understand why they charge money to give people the great privilege of accessing their own money.

I use a credit union that has no-surcharge ATMs and I will never belong to a bank that tries to charge me to get my own money. That's a cost of business, folks.

[Freddie Stubbs]

18. They don't charge their own customers, just the customers of other banks

Back in the time before ATM's you couldn't walk into a BOA branch and withdraw money if you had an account at another bank. Why do people expect to get this service for free now?

[TreasonousBastard]

21. Ahhh... the voice of reason gets lost...

in the overall outrage.

I have a BOA account after they bought Fleet, which bought out NatWest, which bought First Jersey...

All banks have problems, and problem customers. So far, I have had no problems with BOA, although I could quibble about some charges being more, and some less, than in the past.

Anyway, yes, the bank has to buy and maintain the ATM, pay into the various networks, and keep the thing filled with cash, none of which is free. I occasionally use ATMs at other banks, 7-11s, and such and while slightly pissed at my own lousy planning in not just using my bank down the street, have no problem with paying hem for the service.

[Gormy Cuss]

22. Why? Because in addition to the $3 hit directly to your account, they're charging your bank too.

Your bank is charged another $1 or more for the same transaction. Most banks do not pass on this second charge or only do so if a customer has a high number of transactions each month.

The reason BofA and other banks can charge $3 of out of network transactions is that people will pay it for the convenience of getting cash. If people stopped using fee ATMs the policy would change.

[Freddie Stubbs]

26. So, apperently the fee is not too high, otherwise people would stop using their ATMs?

Funny how that works.

[Double T]

16. SO Chris Dodd, when the HELL are YOU going to start doing SOMETHING.........

about these out of control banks, specially the really BIG ones? Let's see if YOU really are Presidential material or just another bag of wind that says you'll do SOMETHING and end up doing NOTHING!!

[Freddie Stubbs]

19. What exactly is out of control about businesses wanting to be compensated for providing services?

If you don't like BOA's fees, use another bank's ATM. Or even better, use your own banks's ATM and pay no fees.

[Double T]

30. When is IT ever enough; fees for every transaction that increase 50%, 100% at a time.

How about loan shark bank card interest rates, 0% teaser, 12.99% to 14.99% to 18.99% to 21.99% to 29.99%; this is the kind of stuff that would make a CONman proud. BOA, as in constrictor or snake, is a perfect example for NOT allowing mergers and acquisitions of large and small banks to occur as there is too much control and power held by one financial institution and competition is drastically reduced. If one travels outside their bank's service area, why should they be price gouged with ridiculous ATM fees? Chris Dodd has said he recognizes that SOME banks are charging excessive fees and rates and he was going to give these financial institutions an opportunity to be reasonable and responsible without regulation and oversight; so much for that! NOW it is time to install HEAVY regulations and oversight.

[CTyankee]

34. My Smith Barney account pays me back for ATM charges.

I have their ATM card but since they don't have ATM machines,I guess they figure their customers have to use other banks' ATM machines. So I use the People's bank in my supermarket and it costs me nothing. Not bad.

If I recall correctly, I did have to pay the ATM fee in Europe. However, it is the cheapest and easiest way of getting Euros. Nobody seems to want traveler's checks any more.

[durrrty libby]

17. I have been with BoA for a long time with no problems

I never get charged a fee

Free accounts with direct deposit

Pay all my bills on-line

Get my electric, cable etc sent to my on-line account.

No paper No stamps

I rarely use any ATM. I pay my groceries with my debit card and get cash back. No charge

They give college going kids free accounts for 5 years

My credit card with them is 8%, but I rarely use it.

[IndianaJones]

25. I've been pretty happy with them.

Their bill pay is the best I've used. Most of my providers are next day and ebill capable. I just opened a brokerage account with them as well. Everything in one place.

[durrrty libby]

28. I have been happy with their customer service. 6 months ago

I signed up with a Voip co. and paid for a year in advance.

It was great and my phone bill averaged out to 12 bucks a month

Sadly the Voip went under. I filed a complaint with BoA.

Because I had used my BoA credit card, they refunded 3/4 of what I paid. I got back more than

I deserved. I hope my next decade with them goes as well


Edit to add. I just signed up with another Voip and had no qualms paying a year in advance

If they too go under, BoA will be there.

[bikebloke]

20. They've got to pay all the relatives and cronies

Having worked for them, Bank of Corruptia is infested with nepotism and cronyism. They don't work, but collect free paychecks.

I have some wishful schadenfreude waiting for their demise.

[sinkingfeeling]

27. I found that out last Tuesday. I got to the 'accept fee' screen, canceled, and drove down

the street to a local bank's ATM and was charged $.60. I have banked with a credit union for the last 35 years, but it's located in Minnesota and I haven't lived there since 1989. My paycheck and retirement check are direct deposited there, so if I need cash, I get extra on a debt card transaction and sometimes use an ATM.

[On the Road]

31. That's What it Will Take to Roll Back the Fees

The BoA people are certainly able to track the number of people who decline when they see the fee. ATMs are cash cows. If they lose enough customer, they'll reconsider.

While I believe in the market, a $3 fee is really outrageous and hits the working class the hardest -- for someone who only needs $20, that's 15% plus whatever their home bank charges (in my case $2 for a foreign ATM). That's why much of the unskilled working class does not even have a checking account and lives on cash.

I don't care about BoA in particular, but they are the price leader and others will probably start adopting the $3 fee. If it becomes universal, government-mandated limits might be a good thing.

[RB TexLa]

29. Another BOA customer here that has had no problem from them. Don't like their fee use a different

bank's ATM.

[RiDuvessa]

32. I hate Bank of America.

I refuse to use any of their ATM's. They are some of the slimiest banks around. I wouldn't use them at all. Unfortunately, the are the contractor for the Navy's government travel card program. I have so many instances where they used extremely shady tactics. Charging a late fee for a $0.02 balance. Charging a late fee for someone who paid their bill AT A BOA BANK! The day before it was due! (They said that the bank didn't upload the transaction until the next business day.) Many more tales like that. I hate them and will never do business with them unless forced.

[eppur_se_muova]

33. BOA leads the way again.

I wonder how many people bank there because they think it's somehow connected to the US gov't? A survey would be interesting.

I can't think of many reasons other than ignorance or confusion why anyone would bank there.