banks testing $5 ATM fees in Illinois

[chiver78]

yikes...

Chase Bank is the first to unveil a $5 fee to use their ATMs in Illinois.

I guess I know which ATMs I won't be using, should I find myself in Illinois.

[Deleted]

We went to strip club in MA last October for a friends bachelor party.

Their ATM (inside the strip club) was charging $6. One my friends used it to get cash and I saw alot of other guys using it.

I tought it was ridiculous to be paying that much to get your own money but to some the convenience made it worth it.

[thyme4change]

What - is it 1989 all over again?

[chiver78]

cawiau - ATMs in venues charge that much, but they are rarely bank names anyone would recognize. the high fee is for the extreme convenience of being in a place like a bar. it's shocking that the big banks are thinking that they can pull in that kind of fee as a regular thing.

[Deleted]

just another reason I'm glad I never got one!

[azphx1972]

I haven't paid ATM fees in...well, I can't ever remembering paying an ATM fee (not even ones that my bank would reimburse). I guess if you plan properly, this really shouldn't have a huge effect on you.

[alabamagal]

Mar 29, 2011 13:00:32 GMT -5 TheHaitian said:

We went to strip club in MA last October for a friends bachelor party.

Their ATM (inside the strip club) was charging $6. One my friends used it to get cash and I saw alot of other guys using it.

I tought it was ridiculous to be paying that much to get your own money but to some the convenience made it worth it.

The owners of the club likely only took cash, and probably get a pretty good cut of the fees. Or maybe even own the ATM. I have a friend who owns a club (not strip club!) that does this.

Does the ATM give out $1 bills, or is it a "high class" place and give out $5s or $10s.

[jkapp]

Mar 29, 2011 13:01:06 GMT -5 thyme4change said:

What - is it 1989 all over again?

That was my first thought too...heck, I remember when the only ATMs around our area were TYME machines! And they weren't free: $3-5 fees were the norm.

It makes sense to charge fees, IMO, especially if the cards people use are not from the bank that hosts the ATM machine.

[jkapp]

Mar 29, 2011 13:19:14 GMT -5 azphx1972 said:

I haven't paid ATM fees in...well, I can't ever remembering paying an ATM fee (not even ones that my bank would reimburse). I guess if you plan properly, this really shouldn't have a huge effect on you.

I remember when I got charged $1/month for a debit card...but the withdrawals from the bank's ATM were free.

[Deleted]

This is all thanks to your favorite liberal politicians. They think that by controlling certain fees that banks charge that fees will all the sudden go down! I guess they didn't think about the fact that it's simple enough to do other things to raise revenue (no more free checking, increased ATM fees, and overdraft fees to name a few).

$5 fee? Sure, you're accessing your money but you're using their machine. Don't want to pay it? Don't use it.

[bean29]

Is the $5.00 fee only for using the ATM if you do not have a Chase Account? I really like Chase's ATM's, don't need them a lot Chase lobby and Drive through in my community are open until 2 or 3 pm on Saturday.

We have not been using Chase a lot, but had planned to move our banking back there next month. I much prefer their on-line banking to the bank we were using.

[parker1b2]

Davebo is 100% correct!!!

[jk70]

when my wife and I switched to Fidelity they didn't have any special agreements like they do now and only the 1st atm withdrawal per month they covered and the rest were ~$3+. How we got around it - beginning of each month we took out all the cash we generally used in a month and kept most of it in a desk drawer. At the beginning of each month we just replenished the difference.

I guess if someone was not good handling their finances could have a problem with this but it worked for us.

[Clever Username]

Good. I've got a Chase bank account, in IL.
Hopefully, this move will keep my accounts free.

[reader79]

Part of the reason I bank with BOA is that they have a branch (three actually,) near my job, and two within five minutes of my house. I haven't paid an ATM fee in over five years. I remember being in Atlantic City a while ago and googling a location before I left New York in case I needed extra cash.

These fees are for the customers who can't be bothered to plan ahead, and are used to being 'screwed' by banks anyway. They'll probably also get hit with an increased fee for using an out-of-network ATM by their home bank.

[Deleted]

This will really hurt poor folks that use the ATM too much. I'm addicted to the show "Till Debt do us Part" and I can't believe what the average financially screwed family spends on monthly atm charges.

[sapphire12]

In theory, I want to believe that people will make smarter choices. In reality, the same people who racked up several hundred dollars in overdraft fees on a recurring basis will also be paying the huge ATM fee. It's unfortunate. I can remember paying a "foreign" ATM once 3.5 years ago, so not a big deal in my financial world.

[azphx1972]

Mar 29, 2011 14:28:23 GMT -5 bean29 said:

We have not been using Chase a lot, but had planned to move our banking back there next month. I much prefer their on-line banking to the bank we were using.

If you think Chase's online banking system is nice, you should test drive Bank of America. I'm not a hug proponent of big banks, but BofA's online site makes Chase's website look like a dinosaur in comparison, IMO. The slick AJAX coding, ability to reconcile transactions, and more real time information (compared to Chase) blows Chase out of the water. And I love how their billpay doesn't withdraw the money from your account until the payment clears, whereas Chase takes it out of your account as soon as the billpay is initiated.

[Deleted]

Mar 29, 2011 13:22:08 GMT -5 alabamagal said:

Mar 29, 2011 13:00:32 GMT -5 TheHaitian said:

We went to strip club in MA last October for a friends bachelor party.

Their ATM (inside the strip club) was charging $6. One my friends used it to get cash and I saw alot of other guys using it.

I tought it was ridiculous to be paying that much to get your own money but to some the convenience made it worth it.

The owners of the club likely only took cash, and probably get a pretty good cut of the fees. Or maybe even own the ATM. I have a friend who owns a club (not strip club!) that does this.

Does the ATM give out $1 bills, or is it a "high class" place and give out $5s or $10s.

I just meant that high fee to use a an ATM is nothing new.
As for the fee, I am guessing it is for non customers... so we just need as consumers to just plan better if we are going out of town, etc.

[piratesparrot]

My naive DH nevers uses ATMs but recently needed some cash and forgot to get to the bank before they closed. Popped into a Chase branch to use the ATM and was charged the $5. fee (we are in Illinois) I asked him why did he agree to it and he said he figured that must be the going rate.

[Deleted]

Mar 29, 2011 18:24:07 GMT -5 @piratesparrot said:

My naive DH nevers uses ATMs but recently needed some cash and forgot to get to the bank before they closed. Popped into a Chase branch to use the ATM and was charged the $5. fee (we are in Illinois) I asked him why did he agree to it and he said he figured that must be the going rate.

I hope he took out more than $20 because I wanted to punch my friend that paid $6 only to take out a $20.

That is a 25% interest right there.

[flopsy]

yay for credit unions! yay for credit union atms right near my house!

[Deleted]

Mar 29, 2011 18:32:25 GMT -5 @toughtimes said:

No, it is most certainly not 25% interest since that assumes that the money belongs to a creditor and is paid in full within a year. If one is paying 25% for the use of one's own money, the "interest" is infinite.

My bad, a 25% "fee" to use their own money!

[TD2K]

I remember seeing an article which discussed ATM fees. As I recall, it followed generally the 80/20 rule, 80% of ATM fees are paid by 20% of the customers. I can't remember the last time I paid to use an out of network ATM. Some people want their money now. And they get it, they just pay a price for it. If they really didn't want to pay the fees, they'd change their habits.

[schildi]

I've used an ATM machine once or maybe twice in the last 5 years. And then, my bank reimburses me for other banks ATM fees.
I don't think this is all that bad, people have the choice of using an ATM or not, most of the time.

[schildi]

Costco gives cash back for returns, LOL. I've done that a few times (not to just get the cash, of course).
And I even got to keep the 2% cash back from my Amex card.

[ty]

Mar 29, 2011 13:54:46 GMT -5 @davebo said:

This is all thanks to your favorite liberal politicians. They think that by controlling certain fees that banks charge that fees will all the sudden go down! I guess they didn't think about the fact that it's simple enough to do other things to raise revenue (no more free checking, increased ATM fees, and overdraft fees to name a few).

$5 fee? Sure, you're accessing your money but you're using their machine. Don't want to pay it? Don't use it.

Did you ever think that maybe they should stop handing out all those multimillon dollar bonuses to a CEO every year, and start thinking about the people, the economy and their money that is paying for all these CEO's bonuses every year?

[jkapp]

Mar 29, 2011 21:33:29 GMT -5 @ty said:

Mar 29, 2011 13:54:46 GMT -5 @davebo said:

This is all thanks to your favorite liberal politicians. They think that by controlling certain fees that banks charge that fees will all the sudden go down! I guess they didn't think about the fact that it's simple enough to do other things to raise revenue (no more free checking, increased ATM fees, and overdraft fees to name a few).

$5 fee? Sure, you're accessing your money but you're using their machine. Don't want to pay it? Don't use it.

Did you ever think that maybe they should stop handing out all those multimillon dollar bonuses to a CEO every year, and start thinking about the people, the economy and their money that is paying for all these CEO's bonuses every year?

Did you ever think that people should actually take responsibility for themselves and their own choices?

[bean29]

Azphx: Thanks for the tip on BofA...but they don't have any branches in my area.

No one answered my question if the $5.00 ATM fee is applicable if you bank at Chase. I usually withdraw $$ from my own bank's ATM to avoid any unnecessary fees.

[bobosensei]

Does anyone know how much Chase charges to use the tellers inside the bank? I remember an old Wachovia account that gave me free ATM access, but only 2 free visits to a teller per month. If you needed to conduct more than 2 transactions inside the bank per month you paid a fee for each transaction. This was done to encourage people to use online banking and ATMs.

So now if they charge to use the ATMs are they also charging to use the tellers?