Payment Card News

ATM Sharking

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Bank of America’s plan to raise fees for non-customers at many of its ATMs to $3 per transaction has kicked off a fury among consumer groups. The consumer groups says it fears the ultimate consequence would be an unconscionable squeeze on low- and middle-income bank consumers. Americans for Fairness in Lending, California Reinvestment Coalition, Consumer Federation of America, Consumers Union, Service Employees International Union, and Woodstock Institute notes that many consumers
who are unable to leave work to use lobby services during traditional banking hours and rely heavily on ATM transactions for small-dollar amounts will bear a disproportionate financial burden in affording these increases. The consumer groups says it believes the temptation to squeeze out new profits by gouging consumers with unreasonable and unjustified fee hikes is one that should be resisted by our nation’s financial institutions and meet resistance from both consumers and Congress.

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