New York – Some of the nation’s biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines.
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The move is the latest example of the burgeoning new fees that banks are imposing on customers accustomed to years of free services. Banks are scrambling to replace billions of dollars in revenue expected to be lost from new federal regulations on overdraft charges and debit cards.
J.P. Morgan Chase & Co., TD Bank Financial Group, and PNC Financial Services Group are already changing their ATM policies to collect more fees.
J.P. Morgan’s Chase retail division, for example, is going after noncustomers who withdraw money from the bank’s ATMs, according to people familiar with the matter. Chase executives have grumbled about customers of rival banks using the company’s machines even though it charges them $3, which is standard in the banking industry. Chase is now testing fees of $5 and $4 in Illinois and Texas, respectively, for noncustomer withdrawals.
More ATM fee hikes are expected in the coming months. As regulations limit certain profitable practices in the industry, the banks are replacing lost funds with new fees. Some financial institutions recently introduced new charges on checking accounts as a way to make up some of the revenue that will be choked from rules imposed by the Dodd-Frank financial overhaul law.
I fully support this. This is capitalism at work. Chase has branches all over NY and why should non customers get to use chase’s atms at a price that chase isnt happy with? Chase pays rent and expenses assoicatied with their machines.
If you don’t like it, switch to chase. If you bank somewhere else and were negligent not to take out enough cash and are forced to use an atm that u dont bank with, tough noogs.
And as for PNC, they are anti-semite chazeirim….jews should not use PNC bank
I’d say more like a raging case of the Law of Unintended Consequences.
Congress’ last crop of liberal know-it-alls believed many of the banking industry’s traditional revenue models were unfair to the poor and undereducated. This despite the fact that many of the people they saw as getting screwed tend not to have bank accounts. Rather, those most affected by egregious banking fees are middle class bank customers, who tend to get hit with low balance, overdraft, and insufficient fund fees more often than wealthy bank customers.
Nevertheless, Congress valiantly legislated their skewed view of the universe by regulating the banking industry to its eyeballs.
Funny thing is, because when banks aren’t glomming for government handouts, they’re driven by profits. This is fine, because they are private companies and entitled to their revenue and profit. What’s not fine is when government meddling forces a boatload of new fees that will once again have the worst effect on middle class account holders…not those poor, undereducated people Congress was so eager to help.
Thanks a lot, you myopic, liberal loons. You screwed us again.
Let the market work. They can charge whatever they want. There is no shortage of competition among banks. If you think the price is too high, move your account down the block to another bank. If your mikvah tripled what they charge, you would simply go to another location where the price is reasonable. Why should banks be any different?
Another example of socialism and spreading the wealth by our lovely liberals. Regulate the banks so they can’t charge the poor poor person who overdrafts and take all the responsibility off the individual. Coddle him and protect him. Don’t worry sheifala
Another example of socialism and spreading the wealth by our lovely liberals. Regulate the banks so they can’t charge the poor poor person who overdrafts and take all the responsibility off the individual. Coddle him and protect him. Don’t worry sheifala we won’t let the big bad bank charge u for spending money u don’t have in the bank. Will just force the bank to spread the cost to everyone else. Now everyone else has to pay 5 bucks at an ATM so u don’t have to pay an overdraft fee. Let’s get everyone as equal as possible. Liberals disgust me.
chill out, we are far away from anyone getting charged to take money out at their own bank. if you use a different bank then theres a fee. use your own
VIN doesn’t allow posting of links. Additionally, explain the ATM increases in the 8 years Bush was in office and banks were deregulated. Where was the liberal scapegoat then?
Here’s the 4Q 2010 data on JP Morgan/Chase:NEW YORK —
JPMorgan Chase said Friday that fourth-quarter net income jumped 47 percent.
The New York bank earned $4.83 billion, or $1.12 per share. That compares with $3.28 billion, or 74 cents a share, during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn $1 per share.
JPMorgan Chase kicked off the banking industry’s earnings season on Friday with news that its profits surged 48 percent last year amid signs that consumers and businesses had slowly regained their balance in the aftermath of the financial crisis.
The solid results show how JPMorgan has emerged from the bailout era as one of the nation’s most powerful banks and seems poised to take further advantage of its position as the economy rebounds. Indeed, 2010 was the most profitable year in the history of JPMorgan, surpassing its earnings even at the height of the boom.
If Chase mde so much money in 2010 why do they have to such our blood out?? Pardon the expression. All they do is take and take and take.
If our delightful government- both liberals and conservatives- weren’t in the pockets of the big banks we’d have more alternatives. We’d have more credit unions, community banks and loan associations. However those organizations are limited in their scope and function by the government that’s in their pocket. Don’t be fooled by this liberal/conservative nonsense. This is purely an issue of corruption.