NEW YORK (CNNMoney) -- Apparently people don't like paying $5 to withdraw their own money from an ATM.
Earlier this year,the bank had been testing a $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs -- to see if they brought in enough revenue to introduce nationwide, according to a spokesman for the company.
Out of the bank's network of 16,000 ATMs, more than 20% -- or about 3,600 -- are located in these two states.
Chase spent an estimated $400 million to build the entire network and pays $200 million a year to run it. So the bank wanted non-customers to pay a little extra for the convenience of using its large network.
But the $5 fee meant that a $20 withdrawal would cost you a 25% premium for that convenience. And that doesn't even include what your own bank charges you for going out of network -- typically around $3.
But it looks like that $5 threshold inconvenienced enough customers, and convinced them to trek an extra few blocks to their own banks.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.77%||3.73%|
|15 yr fixed||2.95%||2.93%|
|30 yr refi||3.84%||3.80%|
|15 yr refi||3.05%||3.01%|
Today's featured rates:
No customers or employees were in the store when looters broke into it, the company said. It was closed earlier in the afternoon out of caution before the situation turned violent. More
A major earthquake was the last thing Nepal needed. Even before one of the country's major fault lines rumbled to life, the country was beset by challenges. More
Tech devices -- from drones to Raspberry Pis -- got a lot of love onstage at the 2015 Matrix Awards honoring powerful women. Here's why. More
An Oregon bakery that refused to bake a cake for a lesbian couple's wedding had its crowdfunding page shut down after just one day. More
Imagine having a three-day weekend every week and being paid the same full-time salary. It can be done if your employer offers you the option of a compressed workweek. More