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Lawmakers propose limit on ATM fees for benefits withdrawals
March 15, 2009
Forbes: Lawmakers in Missouri have proposed capping the fees banks can charge at ATMs when unemployed residents withdraw jobless benefits using state-issued debit cards. About 100,000 Missourians, approximately three-quarters of those receiving jobless benefits, receive their payments through MasterCard debit cards managed by Central Bank of Jefferson City, Mo. Those using the debit cards can access their money for free at Central Bank and Allpoint ATMs, and while the bank allows one fee-free withdrawal per week from a foreign ATM, additional withdrawals cost $1.75 each. To limit those fees, the House is proposing an 85-cent per-ATM-transaction cap.
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