Bank of America Raised ATM Fees for Non-Customers
If you are not a Bank of America customer, but used their ATMs to get cash recently, you probably have already noticed that you paid more in fees now than before because BoA has raised fees it charges non-customers for using its ATMs from $2 to $3, the highest such fee among major banks.
According to a Reuters news, the bank started charging higher ATM fee on July 31 and within a month, it has imposed the change on most of its ATMs nationwide. However, depending on where you use their ATMs most often, the change may not affect you that much. The Reuters news says for about 6,300 ATMs located at “off-site” locations such as malls, airports and universities, the charge remains at $2.
A Bankrate.com study last year found out that the average ATM fee charged by banks to non-customers has steadily increased in the past three years. In 2006, the average ATM fee rose to $1.60. The change at BoA is unlikely to stop at just one bank and BoA’s rivals may soon follow suite to raise their surcharges if the change brings more profits to BoA.
I am a BoA customer and I only get cash at BoA machines. Since I use credit cards to pay almost all purchases, I was never in a situation that I had to get money from other bank’s ATMs. If you use a lot of ATMs, one option could be getting an account with a bank that reimburses fees charged by other banks for using their ATMs. Actually, there are many online banks do reimburse such surcharges, though some limit it to only 2 or 3 withdrawals.
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Wow…it seems like this is what every finance blogger is talking about today.
My advice is, don’t use ATMs at all if you can help it. Stick with credit cards. I use credit cards to purchase everything and receive cash back and rewards for doing so. It is very rare when I find myself having to use cash.
-Raymond
Apparently, everybody reads the same news
My strategy is similar to yours. I usually make one withdrawal of $40 and the money can stay in my wallet for a long time as I pay everything with credit cards. Why not? I have a hard time understanding why some people just have to pay with cash.