Goodbye, $5 ATM fees

hand_at_atm.top.jpgAfter unsuccessful testing earlier this year, Chase has discontinued its $4 and $5 ATM fees. By Blake Ellis, staff reporter


NEW YORK (CNNMoney) -- Apparently people don't like paying $5 to withdraw their own money from an ATM.

JPMorgan Chase (JPM, Fortune 500) said Monday it has finished testing $4 and $5 ATM fees for non-customers in two states, and it is now going back to the $3 fees it previously charged.

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.

So Chase threw in the towel, and the $3 ATM fees you're used to paying are back -- for now. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.23%4.19%
15 yr fixed3.26%3.27%
5/1 ARM3.70%3.38%
30 yr refi4.22%4.18%
15 yr refi3.26%3.26%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,279.74 13.75 0.08%
Nasdaq 4,579.79 -13.64 -0.30%
S&P 500 2,010.40 -0.96 -0.05%
Treasuries 2.59 -0.04 -1.60%
Data as of 12:04am ET
Company Price Change % Change
Yahoo! Inc 40.93 -1.16 -2.74%
Microsoft Corp 47.52 0.84 1.80%
Bank of America Corp... 16.95 -0.09 -0.53%
Oracle Corp 39.80 -1.75 -4.21%
Facebook Inc 77.91 0.91 1.18%
Data as of Sep 19

Sections

The automaker is recalling Cadillac XTS and Chevrolet Impalas because of a problem with the electronic parking brake arm. More

The Bill and Melinda Gates Foundation has given more money than many western nations. More

It's really good to be Larry Ellison. The Oracle founder is stepping down as CEO, so maybe he'll have more time to enjoy his glamorous life. More

As Occupy Wall Street goes on its debt-abolishing tear, thousands of people across the country are begging them to forgive their loans. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.