(Wall Street Journal) — Some of the nation’s biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines. The move is the latest example of the burgeoning new fees that banks are imposing on customers accustomed to years of free services. Banks are scrambling to replace billions of dollars in revenue expected to be lost from new federal regulations on overdraft charges and debit cards.
J.P. Morgan Chase & Co., TD Bank Financial Group, and PNC Financial Services Groupare already changing their ATM policies to collect more fees. J.P. Morgan’s Chase retail division, for example, is going after noncustomers who withdraw money from the bank’s ATMs, according to people familiar with the matter. Chase executives have grumbled about customers of rival banks using the company’s machines even though it charges them $3, which is standard in the banking industry. Chase is now testing fees of $5 and $4 in Illinois and Texas, respectively, for noncustomer withdrawals.