JPMorgan Chase Decides Against $5 Test ATM Fees After Testing Period

CNN Money:

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.

Read the whole story: CNN Money

Comments

[Smitty2000]

09:43 PM on 05/03/2011

I recall 8 or 10 years ago when Bank One, before they merged with Chase, started to charge a fee to speak to a teller. They got shamed out of continuing that scam.

[fortressfountain]

09:42 PM on 05/03/2011

I don't use them -only for an emergency. $5.00 to use your own money is exhortion.

[mmike1969]

08:08 PM on 05/03/2011

I want to know what genius at JPMorgan/Chase actually thought that non-customers would actually put up with this nonsense?

I am guessing the same geniuses that allowed the US Economy to collapse under the fraud the banks were committing...

[Uhgg]

06:47 PM on 05/03/2011

$3 I was expecting $10 fees

[SF TKF]

05:56 PM on 05/03/2011

I won’t pay anything to use an ATM. If they’re gonna charge me, I might as well got to Walgreens and BUY something cheap and get cash back.

[demilieu]

02:05 PM on 05/03/2011

Shoot. And I was looking forward to that $5 debit card transaction fee.

[Kenz300]

12:13 PM on 05/03/2011

$5 ATM fees are way too high. Banks need to make a profit to be in business but business should not abuse their customers. From unscrupulous auto salesmen to mortgage brokers putting people in higher rate loans than they qualified for the business community is taking advantage of people.

What ever happened to ethics in business? I guess they do not teach it in business school.

The greed is good gang wants it all. The top 2% keep getting richer. the middle class is dying.

When will the 98% wake up from their FAUX NOISE induced coma and see what big business, billionaires and their shills have done to them?

[akrazyrunner]

11:17 AM on 05/03/2011

When they started attaching fees at ATMs is when I all but stopped using ATMs. I use my credit card mostly after-all you're almost always paying the credit price anyway and you get rewards. About once a month or so I will stop by my Navy Credit Union ATM and make a withdrawal that usually lasts me about a month. No fees there. Cheers!

[rukiddingmerightnow]

01:15 PM on 05/03/2011

I found a bank that refunds all ATM fees. A local bank. I am very happy to bank with them. I will not pay fees to get to my own money.

[Kai-HK]

03:46 AM on 05/03/2011

This is truly exciting news for people who believe in capitalism and the signaling powers of pricing. It is also a testament that the consumer is a much more powerful regulator than heaps of nanny-state regulations.

Kai

[EuropeWindAndFire]

07:51 AM on 05/03/2011

In a monopoly the consumer has no choice. Capitalism leads to monopoly. And when the pricingpower is in the hands of one person...

The consumer has power? Nah. Overrated anyway.

[CPA 4 Life]

11:56 AM on 05/03/2011

"Capitalism leads to monopoly." You forgot to mention the part where the political class needs to write rules and regulations to protect the existing monopoly holder from new competition (see Carnegie).

[Kai-HK]

10:46 PM on 05/03/2011

EuropeWingAndFire:

You state, ‘In a monopoly the consumer has no choice’.

Thanks for pointing out the fundamental problem with public unions and that big government mentality that protects them. The consumer, taxpayer in this case, has no choice in the selection of the services that it wants. It has to pay the price to Public Unions and use their services whether it is good or not, competitively priced or not. Thanks for making that point clear.

You state, ‘Capitalism leads to monopoly’.

Not necessarily. The fundamental philosophy behind capitalism and open markets is freedom of choice and all capitalists and free market proponents advocate systemic processes that protect against economic coercion. Government on the other hand promotes it with the protection of public unions, who are given exclusion from monopoly laws. So your point would better read ‘Big Government leads to monopolies’.


You state, ‘The consumer has power?’

The above article is about consumers forcing a provider to change its pricing policy. If only the taxpayer had the same power when it came to the pricing of government services. Oh wait, they do, which is why they are leaving big government high tax states in large numbers, as are the companies that provide jobs.

Yeah to capitalism, free choice, and the power of the consumer.

Kai

[CPA 4 Life]

01:09 AM on 05/03/2011

You mean customers may have to pay for a service that costs Chase $200 million a year to operate?

I would have thought Chase would spend $200 million a year on a service and give it away to its customers at no cost to the user!

[rukiddingmerightnow]

10:50 AM on 05/03/2011

ATMs reduce the cost of teller services. Further, many banks are making the majority of their revenue on fees versus traditional banking services. Clearly, this is not acceptable to their customers. Lastly, many companies provide services and products such as free checking as loss leaders in an effort to attract customers to whom they can cross sell more profitable products and services.

[CPA 4 Life]

11:53 AM on 05/03/2011

Which is why there is no charge on in-network ATM usage. If a PNC customer uses the Chase ATM, Chase will not expect to cross sell any of its more profitable products and services to the PNC customer. So the PNC customer needs to pay directly for its access to cash stocked by Chase in the ATM.

[barbra1971]

12:36 AM on 05/03/2011

We should charge them fee each time we deposit money to their bank.

[CPA 4 Life]

01:11 AM on 05/03/2011

We get perpetual payment of interest on our savings accounts.

[barbra1971]

02:39 AM on 05/03/2011

I am not talking about savings accounts.

[rukiddingmerightnow]

10:46 AM on 05/03/2011

Have you seen the interest rates lately? The spread between the interest given to depositers and that charged to people who take out loans is very high. That combined with the fact that banks are getting money from the fed for pretty much nothing, means the banks are sitting pretty.

[RaceCondition]

08:17 PM on 05/02/2011

"Apparently people don't like paying $5 to withdraw their own money from an ATM."

Chase needed a pilot program to find this out? I could've told them for free.

[rukiddingmerightnow]

10:46 AM on 05/03/2011

Exactly. They were looking for a ceiling. They found it. A couple of focus groups would have done the trick