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||4.30%||4.34%|
|15 yr fixed||3.72%||3.76%|
|30 yr refi||4.28%||4.31%|
|15 yr refi||3.69%||3.73%|
Today's featured rates:
Two Nike executives have left the company in the midst workplace issues and a change to the leadership structure. More
The European Union has published a long list of American products that it could target if President Donald Trump moves forward with new tariffs on steel and aluminum. More
"It's like competing in an Olympic race wearing lead shoes," Elon Musk, referring to trade rules with China, tweeted to President Donald Trump. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Good news for procrastinators: You get two extra days to file your federal income taxes. April 15 falls on a weekend and April 16 is a public holiday in the District of Columbia. More