Chase has begun testing a $5 ATM fee as the financial institution and many others continue to explore means to recoup revenue expected to be lost if the Fed’s debit interchange caps are implemented this July.
HSBC, TD Bank Financial Group and PNC Financial Services Group are also altering their ATM policies to include more fees, according to the Wall Street Journal.
“Banks made $7.1 billion from ATM fees last year, the WSJ reports, $3 billion from charging their own customers for using out-of-network ATMs,” writes the Huffington Post.
Chase’s ATM pilot program will charge non-customers $5 in Illinois and $4 in Texas. Depending on the results of these tests, the Wall Street Journal reports the fees could be implemented across the country.
“HSBC has already hiked rates, charging all non-customers $3 for using the banks’ machines…TD Bank, and PNC Bank are now charging their own customers $2 for using out-of-network ATMs, unless they sign up for accounts with monthly fees as high as $25,” reports the Huffington Post.
The Fed’s Proposal also had Chase mulling a $50 cap for debit card transactions.
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