Editor's note: A story posted on TheStreet on Nov. 16 warned that "Higher ATM Fees Loom for Consumers," and today Chase took a big step toward ending the looming and launching the trend for real. In Illinois, people who aren't Chase customers face a $5 fee if they need to use a Chase ATM, and that's in addition to a fee charged by their own bank; in Texas, it's $4. The company calls the fees -- up from a national average of $2.60 for such withdrawals -- a test.BOSTON ( TheStreet) -- New government regulations, although intended to be consumer-friendly, could end up taking the blame as banks raise costs for ATM use and checking accounts. Among the items in the Dodd-Frank Wall Street Reform and Consumer Protection Act passed into law this summer were limits on interchange fees, the charges banks and credit card companies such as MasterCard ( MA - Get Report), Visa ( V - Get Report) and American Express ( AXP - Get Report) assess merchants every time a credit or debit card is swiped. The legislation's Durbin Amendment, named for Sen. Richard Durbin (D-Ill.), empowers the Federal Reserve to determine "reasonable" fee limits, setting the stage for a reduction to the 1% to 3% typically assessed for processing.
|Big banks may be ready to raise ATM and checking fees to make up for losses in other areas.|