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.