The three major banks (Wells Fargo, JPMorgan Chase, and Bank of America) in America have racked up $6.4 billion in ATM fees of pure revenue from everyday consumers. This increase in revenue from ATM fees has skyrocketed by 22% since last year. Some ATMs around the country have fees reaching $4-$5 a transaction. With these large transaction fees, consumers are overdrafting from their accounts leading to even more unnecessary costs to be paid to the bank. Overdraft fees can average and hover around $35 each time a consumer draws out money when their account is below $0. These fees have strongly effected consumers that are poor. By law, consumers can opt-out of ATM overdraft fees, but have to navigate through a tedious system to do so.
Banks say that they are protecting consumers with overdraft fees, but large banks are clearly gaining a large profit off of consumer frustrations and overdraft fees. Will banks continue to raise ATM and overdraft fees?
You can read more about the increase in ATM transaction and overdraft fees here.
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