Bank of America Raises ATM Fees

If you're not a Bank of America customer, watch out at the ATM. Bank of America has been increasing fees at the ATM from $1 or $2 per transaction to $3 per transaction. That's a 33% increase in revenue. The bank explains that the charge is a way to

"offset the 'significant investment' the bank has made to upgrade and expand its cash machines".

To avoid the fee, you can try any of the following:

• Use an ATM that doesn't charge a fee (or use your bank's)
• Use a checking account that rebates fees
• Get cash back at retailers like grocery stores

For more ideas, see Consumerism Commentary.

Further reading:

• Bank of America's Keep the Change Program
• 7 Steps to ATM Security