Stage Is Set For Higher Atm Fees
Consumers across the nation can be charged an extra fee to use an automated teller machine outside of their bank’s own system under rules that took effect Monday.
“This is an April Fool’s joke to the consumer,” said Rep. Charles Schumer, D-N.Y. “Only it’s not a trick because it’s not going to go away.”
The charge is a result of decisions last year by two major ATM systems operated by Visa International and MasterCard International. Visa did not set a maximum fee that could be charged but said it expects banks to charge 25 cents to $2.50 per transaction for machines not owned by their bank.
Some consumers could end up getting charged twice. Until now, ATM users typically were charged an average 95 cents per transaction by their own bank, if they were charged at all. For the first time in most states, consumers may have to pay two fees, one to their own bank and one to the owner of the bank machine. Idaho was among 15 states that already allowed the ATM surcharges.