Get ready for big fee increases at your nearest ATM. Some of the nation's largest banks are boosting ATM fees. The new fees could be especially costly for people who withdraw cash from another bank's ATM.
Chase Bank, with nearly a dozen branches in the Tulsa Metro, could soon be charging non-customers in Oklahoma a steep fee to use their ATMs. Right now, Chase is running two pilot programs. In Illinois, it's charging $5 every time a non-customer withdraws money from a Chase ATM... in Texas, it's $4. Here in Oklahoma, the fee is still $2 but could soon go up if the bank rolls out the hikes nationwide.
The changes come at a time of big upheaval in the banking industry. With 16,000 ATMs, Chase is the second largest operator in the country, and if the increase hits Oklahoma and other states it could mean big dollars for the bank.
Ryan McInerney, the CEO of Chase Consumer Banking, defends the fees, telling ABC News, "We haven't decided what the final price will be but I'm very confident about charging people who aren't customers to have access to their cash from another bank through our ATM network."
For the millions who use ATMs, this latest move means check out the fees first before you go into a bank that's not your own. Click here for other ways to avoid the latest bank fees.