$5 ATM fees on their way?

[Easy180]

Banks will still get their money so I hope merchants enjoy their reduced debit card charges while the rest of us pay in other ways...This will also be the death of free checking...I believe the big boys have already done away with most free checking options so it won't be long before the smaller banks follow suit

http://www.huffingtonpost.com/2011/0..._n_836959.html

Bank customers could face $5 ATM fees.

In Illinois, JPMorgan Chase is testing $5 fees for non-customers, in Texas, it's $4. If the trial runs make enough money, the fees could be rolled out nationwide, the Wall Street Journal reports.

HSBC has already hiked rates, charging all non-customers $3 for using the banks' machines. TD Bank, and PNC Bank are now charging their own own customers $2 for using out-of-network ATMs, unless they sign up for accounts with monthly fees as high as $25, the paper reports.

Faced with losing billions of dollars in revenue once new regulations limiting debit card and overdraft charges kick in as part of the Dodd-Frank financial reform bill, banks are looking for new ways to make money. The same scramble led Chase to consider a $50 spending limit for debit cards.

[venture]

The main thing this will probably do is force people away from the major national banks and to the local/state banks that will remain more affordable (arguably more fair) to their customers.

Chase is apparently desperate right now, especially when they are paying people $100-300 to sign up for a checking account with them.

[Thunder]

Price hikes will only bring in less money. This is how dumb they are.

[bluedogok]

Around here credit unions have open enrollment, I don't know why anyone would go to any of the national banks when there are so many other options. Most of the credit unions also have many branches so finding one usually isn't too difficult. Also, the Austin Area Credit Union group has no fee ATM usage for other credit union members. I was with Liberty in OKC, then Bank One after the buoyout, I liked Liberty, Bank One not so much. About the time that I moved down here was the Chase buyout, wasn't upset about closing that account,

[ljbab728]

Everything could always change but my bank will reimburse me for any ATM fee I'm charged anywhere in the world along with free checking. I'm keeping my fingers crossed.

[MikeOKC]

Everything could always change but my bank will reimburse me for any ATM fee I'm charged anywhere in the world along with free checking. I'm keeping my fingers crossed.

USAA, by chance? They are the best of the best - of which there are few.

[HewenttoJared]

I can't remember the last time i used an ATM. Is this really very relevant?

[Easy180]

I can't remember the last time i used an ATM. Is this really very relevant?

Not to u obviously but they make banks several billion a year so I'm guessing it is relevant

[bluedogok]

I can't remember the last time i used an ATM. Is this really very relevant?

Do you use you a debit card tied to your checking account?
Don't worry, they will be adding (more) fees onto that in the near future as well. One fee almost always begets another fee.

[metro]

Not to u obviously but they make banks several billion a year so I'm guessing it is relevant

Never mind Jerod, he lives in Utopia.

[bluedogok]

Never mind Jerod, he lives in Utopia.

That's a pretty small town...they may not even take cards there

Wikipedia - Utopia, Texas

[ljbab728]

USAA, by chance? They are the best of the best - of which there are few.

Nope. First Fidelity.

[Easy180]

Debit rewards are going as well...Kinda sux as we normally earned around $300 a year

http://finance.yahoo.com/news/Wells-....html?x=0&.v=2

Debit card rewards programs are vanishing at several major banks.

Wells Fargo said Friday that it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo, while existing customers will remain unaffected for the time being.

JPMorgan Chase notified existing customers last week that their debit rewards programs will disappear July 19. The bank eliminated debit rewards for new customers in February.

Citi hasn't made any changes yet, but said it is "in the process of evaluating potential changes to our rewards programs."

SunTrust, a large regional bank, has also followed suit. The bank will no longer award points to customers beginning April 15, and the points that existing customers have racked up will expire Jan. 1, 2012.

Debit rewards are awarded to customers for actions like spending, carrying high balances and making minimum deposits. Customers can then redeem the points they collect for cash or gift cards or other even electronics.

And these rewards programs are the newest target in the heated battle between banks and the Federal Reserve over a proposed rule that would limit "swipe fees" -- or the amount retailers must pay the bank every time customers use their debit cards.

[diesel]

Not at 7-11..

[diane21]

ATMs are a common part of everyone's life now days.

[BBatesokc]

ATMs are a common part of everyone's life now days.

I just checked my Quickbooks, I only visited ATMs 3 times in the last 2 years.

[MikeLucky]

Debit rewards are going as well...Kinda sux as we normally earned around $300 a year

http://finance.yahoo.com/news/Wells-....html?x=0&.v=2

Debit card rewards programs are vanishing at several major banks.

Wells Fargo said Friday that it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo, while existing customers will remain unaffected for the time being.

JPMorgan Chase notified existing customers last week that their debit rewards programs will disappear July 19. The bank eliminated debit rewards for new customers in February.

Citi hasn't made any changes yet, but said it is "in the process of evaluating potential changes to our rewards programs."

SunTrust, a large regional bank, has also followed suit. The bank will no longer award points to customers beginning April 15, and the points that existing customers have racked up will expire Jan. 1, 2012.

Debit rewards are awarded to customers for actions like spending, carrying high balances and making minimum deposits. Customers can then redeem the points they collect for cash or gift cards or other even electronics.

And these rewards programs are the newest target in the heated battle between banks and the Federal Reserve over a proposed rule that would limit "swipe fees" -- or the amount retailers must pay the bank every time customers use their debit cards.

I'm a member of two Credit Unions... and would NEVER have my money in any of the banks listed in this article...

And for those of you that don't use the ATM much.... I'm not for sure, but my guess is this will also roll over to using your debit card at retailers and getting cash back... But, who knows...