More Issues In the News

Many consumers will now be charged a $3 fee for the privilege of using a machine in the country's largest network of ATMs.

For the first time in two years, Bank of America is raising rates for non-customers who use ATMs connected to bank and supermarket branches.

Jenny Harding, tourist and customer of Nationwide doesn't like it.

"My bank doesn't charge me to use anyone else's ATM. I was in Australia and I got charged nothing,” said Harding. “No banks anywhere else in Australia, Turkey...there was no charge."

Here in the US, almost all banks charge ATM use fees. But Bank of America now has the highest price for non-customers who use ATMs attached to their bank branches.

"We invest a lot in our ATM network, and it's an important channel for our customers,” said Bank of America spokesperson Betty Riess. “It is appropriate to charge those who are not customers for accessing that convenience."

Outsiders can still use Bank of America machines not attached to bank branches -- like the ones at malls -- for $2.

That $2 charge could add up when you consider that most banks add a fee when another company’s ATM is used to withdraw money.

"Most banks charge customers for using a foreign ATM,” said Calpirg’s Emily Rusch. “May customers could be paying $5 or more for taking money out of a foreign ATM, and it costs banks less than a quarter for the transaction."

She says consumers should be prepared for other banks to follow Bank of America's lead.

"There's not a lot of completion, so other banks will start to raise rates as well," said Rusch.

According to Bankrate.com, Washington Mutual, First Republic, Charles Schwab, and Wachovia don't charge their customers fees for using foreign ATMs. Citibank and credit unions allow customers to use ATMs at 7-11 convenience stores at no charge.