ATM Fees Soon to Surpass Minimum Wage

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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)

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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