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||4.05%||3.96%|
|15 yr fixed||3.41%||3.30%|
|30 yr refi||4.03%||3.95%|
|15 yr refi||3.38%||3.27%|
Today's featured rates:
More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More
Thousands of the world's richest and most powerful people are preparing for a pilgrimage to Davos. Why are they going? More
Amazon has announced its list of 20 cities that are finalists to host its second headquarters. But who will -- and who should -- win? More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Though many popular budgeting programs are set up to help you allocate your money by the month, you'll gain greater control by budgeting weekly. More