Chase ends $5 ATM fee
May 4th, 2011 - 2:18 am ICT by Aishwarya BhattNew York, May 3(THAINDIAN NEWS) JPMorgan Chase has dropped the idea to charge non-customers between $4 and $5 for using their ATM services. The bank announced the decision on Monday. The company previously charged non-customers $3 for the ATM services.
The test was carried out in two states in the United States. Non-customers in Illinois were charged $5 for using ATM’s belonging to the bank. Those in Texas though were charged $4. The bank announced the test at the beginning of the year. The company’s spokesperson announced that the bank wanted to know if the new fees were sustainable and would bring in the required revenue that the bank seeks. Nationwide introduction of the rates were planned based on the success of the tests.
JPMorgan Chase has about 16,000 ATMs throughout the United States. Illinois and Texas has the highest concentration of the ATMs. The two states have a total of 20 percent of the bank’s total ATMs. The cost of running the ATMs every year is $200 million. The bank wanted to test the new fees to see if revenue from the ATMs could be increased.
It was apparent after the test that ATM users were not ready to pay the fee for the service.
- Bank of America cancels debit card fees - Nov 02, 2011
- U.S. federal regulators close First International Bank in Texas - Oct 01, 2011
- Wells Fargo to charge $3 fee per month for debit cards - Aug 17, 2011
- Whitney Bank And Hancock Bank Will Ink A Merger - Dec 23, 2010
- Banks join race for online payments - May 25, 2011
- FDIC Guide: How to balance your checking account - Dec 20, 2010
- U.S. federal regulators close 5 banks in 4 states - Apr 28, 2012
- JPMorgan Chase earnings miss Wall Street expectations - Jan 14, 2012
- AT&T broadband data caps - May 03, 2011
- Idea Cellular quarterly net profit declines 12 percent - Jul 29, 2011
- RComm sequential quarterly profit rises 60.5 percent - Nov 12, 2011
- 57 Indian firms in Forbes Global 2000 list - Apr 23, 2011
- S&P; slashes top US banks' credit ratings - Nov 30, 2011
- Strike doesn't affect life in Tamil Nadu - Feb 28, 2012
- 'No pre-payment charge on floating rate bank loans' - Sep 06, 2011
Tags: atm fee, atm services, atm users, atms, concentration, jpmorgan chase, spokesperson, two states, united states