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||4.01%||4.03%|
|15 yr fixed||3.12%||2.97%|
|30 yr refi||4.04%||4.09%|
|15 yr refi||3.15%||3.05%|
Today's featured rates:
Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More
Retired union workers could see their pensions cut under a controversial new law, but many say they're not sure how they'll make ends meet if big cuts go through. More