Higher ATM fee test period comes to an end for Chase
In an effort to better generate revenues in light of new rules regarding interest rates on credit card debt and banking fees, Chase recently began charging consumers in some states higher out-of-network ATM fees. However, that program recently came to an end.
Chase’s higher ATM fees for noncustomers in Illinois and Texas – where out-of-network users were hit with charges of $5 and $4, respectively – has come to a close, according to a report from the New York Times. The bank ran the program from February 8 through the end of March, and has since reverted the fees they charge to non-customers to the industry standard $3 that competitors such as Bank of America, Wells Fargo and Citibank use.
A spokesman for the financial institution would not reveal why the pilot ended, whether ATM fees might be increased nationally or what the bank learned from the program, the report said.
A number of federal laws have come into effect over the last few years that severely limit the amount of money banks earn from fees and interest rates.