Senate proposes capping ATM fees

Senate proposes capping ATM fees
Tags: North America, Regulatory Issues
May 5, 2010

Senator Tom Harkin, D-Iowa, introduced an amendment Wednesday that would cap ATM fees at 50 cents per transaction.

According to an article on MarketWatch, the Federal Reserve says banks charge an average of $2.66 for an ATM cash withdrawal, with some locations charging as much as $5 per transaction. The amendment would make ATM operators limit their fees to the cost of providing the service.

"It's unfair for people to pay that much to access their own cash," Harkin said.

A vote on the amendment has not been scheduled.