bank rates

Want $20? That’ll Be $5, Please

Get ready for the $5 ATM fee.
Chase Bank is testing $5 ATM fees for non-bank customers
Chase Bank recently rolled out a program where a select number of its ATMs will knock you with a $5 charge if you’re not a customer.

And, no, that doesn’t take into account whatever your bank will charge you on top of that. So you could end up paying more than eight bucks for that $20 you need now.

Gross, right?

Well, consider Chase’s logic: It wants your money. Always.

Because of the Credit CARD Act and increased oversight of what big banks do and can’t do in the future, Chase isn’t going to be able to make as much money from you in fees — especially overdraft fees.

So Chase is scrambling to make up the difference.

The big bank has a lot of ATMs. If your bank isn’t on every corner, would you rather turn to the ATM of a national bank with brand-name recognition or that shady ATM in the corner bar that runs on a dial up connection?

You’ll pay $5 for it.

And if you keep getting dinged for $5 every time you get cash — that’s a selling point for Chase to make you a customer.

Bank with us or pay anyway.

Do we see this stopping anytime soon? Not likely. It’s like the airline industry. Once one company started charging you to check bags, the dominos fell behind.

We expect the same to happen with big banks.

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