Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUs not hiking ATM fees big banks test 5 surcharges
NEW YORK (3/18/11)--Although U.S. credit unions and small banks don’t seem to be raising ATM fees, some of the largest U.S. banks are initiating new fees and even testing $5 noncustomer withdrawal charges. The banks’ moves are the most recent examples of new fees that banks are levying on customers to make up for billions of dollars in anticipated lost revenue because of new federal regulations on debit cards and overdraft charges (The Wall Street Journal March 16). JPMorgan Chase & Co., PNC Financial Services Group and TD Bank Financial Group already have amended their ATM policies to collect more fees, the Journal said. Chase is testing fees for noncustomer withdrawals of $5 and $4 in Illinois and Texas, respectively, the Journal said. While large banks are using “scare tactics” by increasing ATM fees at the same time they are battling new debit-card restrictions, credit unions and small banks don’t seem to be raising ATM fees yet, Ed Mierzwinski, consumer program director for the U.S Public Interest Research Group, told the Journal. ATMs nationwide generated $7.1 billion in fees during 2010, consulting firm Oliver Wyman told the publication. To read the article, use the link.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
2 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
21 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago