Everyone knows that if you aren’t a customer with Bank of America and use one of their ATM machines, you get charged $2.00. $2.00 is a lot of money, if you withdraw money 50 times a year that is $100 dollars – equivalent to 13.33 hours working a minimum wage job that pays $7.50 an hour.

However, Bank of America has decided to raise their fees to $3.00 for non customers. They have made the change in most markets in July and August so if you didn’t notice you should now.

Right now Bank of America is the largest ATM network in the nation, and the higher fees can affect millions of people who currently do not have an account at Bank of America.

Spokeswoman Betty Riess said, “The fee itself and the amount are disclosed on the ATMs, so customers can opt out and cancel their transaction.” And added “We really want to make our ATM network convenient for our customers. In order to maintain that, it is appropriate to charge people who aren’t our customers for accessing our convenience.”

Consumers are worried that this might be a trend for other banking giants (just like gas). However, Chase, another huge bank says that they have no plans in increasing their fees on their 8,700 ATMs.

Bank of America’s higher fees are mostly at ATMs in financial centers and grocery stores. This is where most users are bank consumers. Out of bank of America’s 17,000 ATMs these higher fees affect roughly 10,700 of the ATMs.

Tags: Business, Banks, Bank of America, BOA, Fees

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