News

Banks stop charging customers for using foreign ATMs

April 18, 2005

The Wichita Eagle:Fees for using out-of-network ATMs are becoming a thing of the past for some bank customers.

Ramping up their efforts to woo new customers, PNC Financial Services Group Inc. and Commerce Bancorp Inc. recently said that they not only will stop charging some customers for using competitors' ATMs, but also will reimburse the customers for surcharges that other banks slap on the transactions.

Withdrawing cash from an out-of-network ATM generally costs a customer a total of $3 or $4, with the banks on each end of the transaction assessing a fee. Banking officials say the surcharges are a common source of customer grievances, and PNC and Commerce are hoping to get a leg up on competitors by insulating customers from the fees.

Read more ...