ATM Fees Soon to Surpass Minimum Wage


Last week, the banking behemoth Bank of America quietly raised the fees it charges non-customers to use its ATMs to $3 per transaction, a record high. The rest of the big banks are likely to follow suit, according to USA Today. The Bank of America fee is likely to come on top of fees charged by the non-customers’ own bank ATM fees, too, meaning that getting fast cash will cost many Americans nearly as much as an hour of work at a minimum wage job.

Bank of America defended the increase with the dubious claim that it will improve ATM access for its own customers. But I suspect that it’s not a coincidence that the fee increase comes at the same time the mortgage industry is melting down. Banks can make a lot of money by nickel and diming the public. I wonder how high the fees will have to go before people will simply stop using ATMs and go back to standing in line at the branch?

(H/T Consumer Law and Policy blog)

THE BIG QUESTION...

as we head into 2020 is whether politics and media will be a billionaires’ game, or a playing field where the rest of us have a shot. That's what Mother Jones CEO Monika Bauerlein tackles in her annual December column—"Billionaires Are Not the Answer"—about the state of journalism and our plans for the year ahead.

We can't afford to let independent reporting depend on the goodwill of the superrich: Please help Mother Jones build an alternative to oligarchy that is funded by and answerable to its readers. Please join us with a tax-deductible, year-end donation so we can keep going after the big stories without fear, favor, or false equivalency.

THE BIG QUESTION...

as we head into 2020 is whether politics and media will be a billionaires’ game, or a playing field where the rest of us have a shot.

Please read our annual column about the state of journalism and Mother Jones' plans for the year ahead, and help us build an alternative to oligarchy by supporting our people-powered journalism with a year-end gift today.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

We have a new comment system! We are now using Coral, from Vox Media, for comments on all new articles. We'd love your feedback.