Some of the nation’s biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines.
The move is the latest example of the burgeoning new fees that banks are imposing on customers accustomed to years of free services. Banks are scrambling to replace billions of dollars in revenue expected to be lost from new federal regulations on overdraft charges and debit cards.
JPMorgan Chase is testing fees of $5 (in Illinois) and $4 (Texas) for noncustomer withdrawals. TD Bank and PNC Financial Services are also changing their ATM policies to collect more fees.
More ATM fee increases are expected in the coming months. As regulations under the Dodd- Frank financial-overhaul act limit certain profitable practices in the industry, banks are replacing lost funds with new fees.
“The reality is that bank revenue is being squeezed by regulatory changes, and the banks are going to be accounting for that in other areas,” said Greg McBride, senior financial analyst at .
