{"id":415731,"date":"2011-05-02T19:59:29","date_gmt":"2011-05-02T19:59:29","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/02\/goodbye-5-atm-fees\/"},"modified":"2011-05-02T19:59:29","modified_gmt":"2011-05-02T19:59:29","slug":"goodbye-5-atm-fees","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/02\/goodbye-5-atm-fees\/","title":{"rendered":"Goodbye, $5 ATM fees"},"content":{"rendered":"
\n

\"hand_at_atm.top.jpg\"After unsuccessful testing earlier this year, Chase has discontinued its $4 and $5 ATM fees.<\/strong><\/span> By Blake Ellis<\/a>, staff reporter<\/span>May 2, 2011: 3:57 PM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — Apparently people don’t like paying $5 to withdraw their own money from an ATM.<\/p>\n

JPMorgan Chase (JPM<\/a>, Fortune 500<\/a>) said Monday it has finished testing $4 and $5 ATM fees for non-customers in two states, and it is now going back to the $3 fees it previously charged.<\/p>\n

Earlier this year,the bank had been testing a $5 ATM fee<\/a> in Illinois and a $4 ATM fee in Texas — both for non-customers who use its ATMs — to see if they brought in enough revenue to introduce nationwide, according to a spokesman for the company.<\/p>\n

Out of the bank’s network of 16,000 ATMs, more than 20% — or about 3,600 — are located in these two states.<\/p>\n

Chase spent an estimated $400 million to build the entire network and pays $200 million a year to run it. So the bank wanted non-customers to pay a little extra for the convenience of using its large network.<\/p>\n

But the $5 fee meant that a $20 withdrawal would cost you a 25% premium for that convenience. And that doesn’t even include what your own bank charges you for going out of network — typically around $3.<\/p>\n

But it looks like that $5 threshold inconvenienced enough customers, and convinced them to trek an extra few blocks to their own banks.<\/p>\n

So Chase threw in the towel, and the $3 ATM fees you’re used to paying are back — for now.\u00a0\"To<\/a><\/p>\n<\/div>\n

Follow this link:
\nGoodbye, $5 ATM fees<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After unsuccessful testing earlier this year, Chase has discontinued its $4 and $5 ATM fees. By Blake Ellis , staff reporter May 2, 2011: 3:57 PM ET NEW YORK (CNNMoney) — Apparently people don’t like paying $5 to withdraw their own money from an ATM. JPMorgan Chase ( JPM , Fortune 500 ) said Monday it has finished testing $4 and $5 ATM fees for non-customers in two states, and it is now going back to the $3 fees it previously charged<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-415731","post","type-post","status-publish","format-standard"],"yoast_head":"\nGoodbye, $5 ATM fees - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/02\/goodbye-5-atm-fees\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Goodbye, $5 ATM fees - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"After unsuccessful testing earlier this year, Chase has discontinued its $4 and $5 ATM fees. 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