ATM Fees at Bank of America getting more painful!
Bank of America (NYSE: BAC) has announced today that they are raising their ATM Fees to $3 for using their ATM Network of 17,000 ATMs. So if you add that fee to the one your bank charges you, you are looking at a 10% charge to withdraw $50! Here is a quote from Bank of America I particularly enjoyed:
"In order to maintain and grow (our) network, it's appropriate to charge people who are not our customers," Bank of America spokeswoman Betty Riess said. "We want to provide the most convenient ATM access for our customers."
This is a little hard to swallow given that Bank of America made over $21 Billion in profits. This is not as ridiculous as ExxonMobil's $80 Billion in profits, but it seems at the end of the day it is another way to penalize the average consumer who might need some money but not be close to one their bank's ATMs.
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