Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.02%4.09%
15 yr fixed3.19%3.25%
5/1 ARM3.18%3.28%
30 yr refi4.04%4.09%
15 yr refi3.24%3.25%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 20,475.09 -121.63 -0.59%
Nasdaq 5,805.47 -23.27 -0.40%
S&P 500 2,332.56 -11.42 -0.49%
Treasuries 2.38 -0.02 -1.00%
Data as of 11:09am ET
Company Price Change % Change
Bank of America Corp... 22.69 -0.43 -1.86%
Micron Technology In... 28.93 0.50 1.74%
Advanced Micro Devic... 13.52 -0.18 -1.31%
Ford Motor Co 11.46 -0.16 -1.35%
Freeport-McMoRan Inc... 12.16 -0.65 -5.07%
Data as of 10:54am ET

Sections

Four countries included in the U.S. electronics ban list -- the United Arab Emirates, Qatar, Kuwait and Morocco -- are absent from the U.K. restrictions. More

The GOP effort to repeal Obamacare is on ice for now. What happens to your health care coverage? More

The U.K. government is pushing for a backdoor into WhatsApp after it was revealed that Khalid Masood used the encrypted messaging app moments before his deadly attack in London last week. More

When it comes to learning and building credit, adding a child as an authorized user can help create good financial habits and establish credit history. More