NEW YORK — Ever take out cash from the ATM and get socked with a $3 fee (or worse)?
Nobody likes those fees. Except banks.
America’s three biggest banks — JPMorgan Chase, Bank of America, and Wells Fargo — earned more than $6 billion just from ATM and overdraft fees last year, according to an analysis by SNL Financial and CNNMoney.
That’s $25 for every adult in the United States — and frustrating enough to make it a big enough issue for the presidential hopefuls to try and tackle.
Hillary Clinton called ATM fees ‘usurious.’ Not sure how that helps outside of possibly getting you more points in Scrabble.
Bernie Sanders vowed that if he’s elected president, he will cap ATM fees at $2. Okay, but $2 a pop still adds up.
Why the sudden outrage?
Because banks now have to publicly disclose how much they make off those pesky ATM and overdraft fees.
While the ATM fees make money, it’s the overdrafts that are really raking it in. America’s big three banks made over $5.1 billion last year from overdraft fees alone.
Read your fine print, know where you can and can’t opt out of fees, and make sure you have $ in your account to cover everything that comes through — whether it be ATM, auto bill pay, or long lost checks you wrote years ago.
Not sure if that’ll get you a free toaster, but it’ll help keep you from suffering from frivolous fee frustation.
Say that five times fast.