STRATEGIC PARTNERS
March 7, 2002
SANTA MONICA, Calif. -- Bank of America(NYSE: BAC; London; PCX) and Wells Fargoare restoring ATM service to non-account holders in Santa Monica following the Santa Monica City Council's suspension of a measure prohibiting banks from charging non-account holders to use their ATMs.
Wells Fargo has already restored service at its 12 ATMs; BofA plans to restore service at its 21 machines on Oct. 27.
When the ordinance took effect last November, the two banks and the California Bankers Association, challenged it in federal court. At that time, both Bank of America and Wells Fargo limited use of their ATMs in Santa Monica to their own account holders.
The United States District Court supported the banks' arguments stating that the local ordinance was pre-empted by federal law and ordered the city to take action to suspend it. The City of Santa Monica has filed an appeal in the Ninth District Circuit Court.
