Thursday, September 13, 2007

"Greed is Good!" - Gordon Gekko in "Wall Street" (1987)

Bank of America raises ATM surcharge

In a move that's expected to prompt higher fees industrywide, Bank of America has raised, to $3, the amount it charges non-customers to withdraw cash from most of its ATMs.

The fee, up from $2 per withdrawal (a mere 50% increase), was quietly rolled out across the country in July and August. It's the highest such fee ever imposed nationwide by a major bank.

Because Bank of America (BAC) has the largest ATM network in the USA, the higher fees could hit millions of consumers. Guess the financial world has to do something now that the ludricous subprime market is collapsing. Bless their greedy little hearts.


Anonymous Charlie said...

BofA fascinates me as a business model. My favorite revenue stream for them is when they charge you a fee to cash a check written on their own bank if you are not a BofA customer. This fascinates me.

Clearly, as the industry giant, they will set the standard for ATM fees.

What impact will this have on our withdrawing funds from ATMs without giving it a thought? I think I may start making weekly trips to the bank again for spending money.

September 13, 2007  

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