Washington Mutual now charges non-customers for ATM access Archived From: Finance |
Washington mutual will now be charging non-customers to withdraw money from their ATMs. This ends a five year period when they provided this service for free (unlike most other banks). The surcharge will be $1.50 in most states, and they will begin charging on November 17, 2005.
News Story: Reuters
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I hear you ... man .. been there done that .. and when i tried to tell OP some body even laughed
o well
Commerce bank does not charge for use of there ATM card at any other bank ATM , you just have to maintain a 2500 $ in ur account each month
i already have accounts at wamu anyways but if you dont, its easy to open a checking account there with a minimal amount without charges. then as a wamu customer you could use wamu atms with other institutions' atm cards.
Any FWers with some new ATM strategies? I have an ETrade account that supposedly refunds ATM fees, but I have never had a need to test it, given that there was always a Washington Mutual around. Now I am going to either have to test the ATM refund policy or find other no-fee machines. Ideas?
"They made a big splash by repealing those charges, with the rationale that they would attract more new customers," said Greg McBride, senior financial analyst at Bankrate.com.
On the other hand, non-customers might be so used to using WAMU ATMs that they decide to open an account at WAMU just to avoid the $1.50 charge? Maybe this will attract more new customers?
ATM's aren't free to operate, they shouldn't be free to use if you don't do business with the bank. Good decision on WAMU's part.
Good thing I have USAA! I think they reemburse me up to 10 ATM surcharges a month. Sorry everyone that has credit unions or unknown banks!
agreenfield said:Washington mutual will now be charging non-customers to withdraw money from their ATMs. This ends a five year period when they provided this service for free (unlike most other banks). The surcharge will be $1.50 in most states, and they will begin charging on November 17, 2005.
News Story: Reuters
jimbocobb said:ATM's aren't free to operate, they shouldn't be free to use if you don't do business with the bank. Good decision on WAMU's part.
For what it's worth, each time you use your card at an ATM, your bank pays a fee to the ATM owner for the use of the ATM. This is above and beyond any additional fee the ATM charges you directly.
WAMU was collecting these fees from your bank all along. They have now simply decided that they want to collect even more fees. There was nothing free about their service.
How come no one has mentioned Allpoint ATM network? They are the largest surcharge free atm network, and they have 32,000 ATMs according to them.
Allpoint
Slickdoobi said:How come no one has mentioned Allpoint ATM network? They are the largest surcharge free atm network, and they have 32,000 ATMs according to them.
Allpoint
I see what their web site says, but it is a bit misleading.
They are surcharge free only if the bank that issued your ATM card subcribes to the service. All others pay the usual surcharge at these ATMs.
How do them figure it out whether you have account with them or not when you are using a non WM bank card at their ATM?
uppchy said:How do them figure it out whether you have account with them or not when you are using a non WM bank card at their ATM?
Wamu ATM card = no fee
Other banks card = fee
I have a USAA account, but I always used WAMU so that I didn't have to reconcile all of those $1.75's (you get dinged for the fee, then refunded at the end of the month). Oh Well.
FatNYC said:Any FWers with some new ATM strategies? I have an ETrade account that supposedly refunds ATM fees, but I have never had a need to test it, given that there was always a Washington Mutual around. Now I am going to either have to test the ATM refund policy or find other no-fee machines. Ideas?
Many Targets have e-trade ATM's.
One strategy that I've used in the past is to conduct a point-of-sale transaction at a business that allows you to request money back as part of the transaction. Even if I'm not planning to buy anything, I figure I can get a pack of gum cheaper than what the ATM fee would have cost me.
I just carry a free wamu acct with a small amount of money in it. This way if i ever need to use a wamu atm, i can just withdraw it from my small acct without having any fee's as oppose to my other bank.
The only downside of this is since i only use the card when i go to wamu atms, and i don't really ever need to go to wamu atms, i have forgotten my pin number.
FatNYC said:Any FWers with some new ATM strategies? I have an ETrade account that supposedly refunds ATM fees, but I have never had a need to test it, given that there was always a Washington Mutual around. Now I am going to either have to test the ATM refund policy or find other no-fee machines. Ideas?
I use Bank of Internet USA. www.bofi.com.
Up to $7 in ATM refunds per month.
Anakin Skywalker
Compass Bank offers all its checking customers unlimited ATM surcharge rebates!
I bank with Compass and one of the perks for banking with them is that they will remiburse me on all ATM fees I incur while using other bank's ATMs. The only thing you have to do is mail in the receipts. It is a pain, but you don't have to pay for the convenience of using other bank's machines. I get abck around $10-18 a month back in rebate fees.
Compass Bank is located in Alabama, Florida, Texas, New Mexico, Colorado and Arizona.Compass Bank
Thanks
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