May 4, 2011
JPMorgan Chase has concluded its test of $4 or $5 ATM fees for non-Chase customers in Illinois and Texas, respectively.
Although the pilot ended more than a month ago and Chase has already reverted to its original $3 charge, the change was first noted this week by The Consumerist and other outlets, reports the New York Times.
Tom Kelly, a Chase spokesman, would not reveal why the pilot was terminated or whether increased fees would be rolled out in other states. Chase had been considering higher ATM charges as a way to recoup lost debit interchange revenue, should the Federal Reserve’s new limits on cebit swipe fees be imposed this summer. The Fed’s Proposal also had Chase mulling a $50 cap for debit card transactions.
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