Saturday, September 1, 2007

Bank of America ATM Pricing: $3 ??

Although I use ING-Direct for most of my checking account activities, I kept a local checking account at TD Banknorth. In addition to the occasional “real” check, I use this account for ATM access. Each Friday, I hit the branch ATM near my office for my weekly allowance.

Because I wasn’t able to go to the bank on Friday, I found myself in need of cash and nowhere near aTD Banknorth branch. The nearest bank turned out to be a local Bank of America branch.

Because TD Banknorht refunds ATM fees and I use my branch for almost all ATM transactions, I don’t pay much attention to ATM fees. When I saw BOA wanted $3 for an ATM withdrawl, I was shocked.

I know they are in business to make money; however, I wonder if BOA’s pricing is counterproductive. I would think excessive ATM fees would drive customers away from BOA.

Your thoughts?

1 comment:

Patrick said...

I quit using BoA a few years ago because of high fees and poor customer service. However, their stock has done nothing but perform well lately, and that is their bottom line.