Bank of America ATM Fees
 

If you're not a BofA card holder, their ATM fees are going up from $1 to $3 for non-BofA card holders. Bank fees are getting out of control.

http://www.foxnews.com/story/0,2933,296699,00.html ((b))

They are going up to $3, but that's a $1 increase, from $2.

You're right, I misread. There are cards out there that will reimburse ATM fees used on other banks. ((b))

Thanks for the heads up. Because Bank of America ATMs are almost everywhere, you've given the first good reason I've seen in a while to KEEP a BofA account. At least those charges won't affect their customers.

I can't remember the last time in the US I used an ATM that wasn't a BofA. It used to be an issue in New York City of all places, but now they have BofA's all around too.

For what it's worth, my son, who is in Kampala, Uganda for the year, has been paying $5USD, until we realized it and found out that Barclay's doesn't charge due to an agreement with BofA.

dmlove, you're talking about using a US BofA card at a foreign ATM -- that has no realation to this post which is about using another bank's card at a BofA ATM within the US.

Incidentally, that's interesting about BofA not charging for Barclays in Uganda. While Barclay's is a partner bank, within Europe, BofA only waives the fee if you use their card at a Barclay's in the UK. If you use it a Barclay's in any other European country they will still charge the $5 fee. So it's surprising they don't in Uganda.

You're right, I got it backwards -- but it's still interesting how much other banks charge!

I have no objection to BofA raising their fees for non-customers.

As a BofA customer myself BofA already has the benefit of using my money to pay for their ATM infrastructure in one way or another. It's my choice as to whether I stay with BofA- one reason to do so is their extensive network.

If BofA is investing in ATM's, bank branches, etc and new technology that make it handy and cheap for non-customers to use why should I pay (behind the scenes) for their convenience? BofA isn't a public service or gov't agency.

I don't use Wells Fargo or any other bank ATM with my BofA card - if I needed convenient cash but no ATMs from my own bank were nearby I'd have to decide how much I really needed the convenience, and what price I was willing to pay.

The more I think about this, the more interesting. Usually the ATM posts are on the Europe board where many people rant about how BofA customers should switch banks rather than pay their "outrageous fees" ($5) for foreign ATM withdrawals. But most of us spend a heck of a lot more time in the US than we do traveling in Europe. To switch to some local or smallish bank and end paying a couple dollars every time we seek out an ATM in the US seems to me would be a greater issue that the couple of withdrawals most people here make during their two or three week trip annually to Europe.

Why the outrage? I strongly believe in free enterprise/competition. If you find this fee too high, pick another alternative - cash back at a store, your own bank's ATM, fee free ATMs. I think they can charge $1,000 per transaction if they want - as long as it is well posted, not a monopoly that gives us no real choice.

I don't support the big corporate banks. What do they really offer you but fees? I patronize my credit union, which has a network of no-fee ATMs I can use all over the world. If you have the opportunity to join a credit union (almost everyone can), I highly recommend you do so. I think you'll find quality of service overall is better at a credit union, anyway, and they offer all the services a bank does.

Andrew is right - unless one also then expects my bank to give him free use of the ATM

I sure don't need your bank's ATM, gail. There are credit unions everywhere and I can use their ATMs for free. I think I'd paid to use an ATM maybe twice (extreme emergencies) in the past five years. The "cash back" at grocery stores trick works too - I'd rather buy a candy bar for 50 cents than give BoA $3 for nothing.

And that fee if charged was always the other bank's. My credit union doesn't charge when I use another bank's ATM, the way a bank does if you use another bank's ATM (another BS fee). What will it cost now, $6 for a Wells Fargo customer to use a Bank of America ATM?

Although I am not a B of A fan (I've always worked for a competitor), all the other major banks will likely follow suit in the next few weeks. No one has to pay those fees, it is a choice of convenience, plain & simple.

"I don't support the big corporate banks. What do they really offer you but fees?"

Well, mine (BofA) offers me totally free checking including free checks. They even offer me that on my business account which is very rare! That is particularly convenient as I can easily pass money back and forth between my three acounts with a simple click of the mouse. They also provide me with a totally free safe deposit box (normally about $75 a year). In addition I use a fairly small downtown branch where everyone knows me by name and I get instant service if I have any questions. And even more important, as brought up here -- they have their own banks and lots of them all over the country, so I can easily do any kind of banking I want during all my domestic travels including free and convenient ATM usage.

I'm one of those who can't use a local credit union. There is only one here, and it is strictly for employees of the school system. But even they don't offer half the things I mentioned including the free business checking and they don't even have safe deposit boxes, yet alone provide them free.

Andrew does your credit union allow you to use popular banks for free ATM?
i'm going to check out this out - it might be helpful if they allow a lot of ATM choices.

gail - i'm just curious why it would be a problem if your bank gave Andrew free use of the ATM. The two banks probably have a good reason to allow free use that benefits them.

A lot of Credit Unions may offer free ATM usage either because they don't support many themselves, or simply as a convenience. CU's by their nature cater more to the customer as they are not 'profit-driven' as the big banks are. That is why they typically offer better interest rates on selected products & tend to be more consumer friendly. Their customer base is also a much smaller/selective group as well. They also have a built in collection system. If you get behind on loan payments, many will just garnish your wages.

because we don't get bombarded with advertising from credit unions, they are not in the forefront when chosing a bank option.
i'd forgotten abuot credit unions althogether, i'll be checking some out.

Let's not forget the free on-line banking and bill pay options that BofA offers. It kind of makes paying for stamps a thing of the past, unless you want to send someone a birthday card in the mail.

I think most banks and credit unions now offer free bill pay, at least the 3 that I deal with. It's great. I've been using it for the past 8-10 years and don't know what I ever did without it. ((b))