Banks Hike Up ATM Fees

I hate ATM fees. They are just about my biggest day-to-day annoyances with banks, and according to the Huffington Post, they are only getting worse.

HSBC currently charges $3 for using non-HSBC ATMs, and in Illinois and Texas, JPMorgan Chase is charging $5 and $4 respectively. On the lower end, TD Bank and PNC Bank are charging $2 for every use of another bank's ATM. PNC customers can avoid these fees by paying a $25 monthly fee, but seriously, who wants to pay that?

Banks claim that these ATM fee increases are making up for their losses from the Dodd-Frank financial reform bill. Before these increases, the banks were making billions of dollars off of ATM fees. Last year alone, they made $7.1 billion, and they are set to make even more this year.

This story is the perfect example of why financial reform isn't really working out the way it should. As soon as the federal government has outlawed one practice, the banks and credit card companies have come up with 10 more ways to get more money out of their customers.

If you want to avoid ATM fees, I recommend sticking to your bank's ATMs, and if there aren't any in your neighborhood, go to a local grocery store and buy a soda or a pack of gum. Use your debit card, and request cash back.

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com.