ATM Fees Soon to Surpass Minimum Wage

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Last week, the banking behemoth Bank of America quietly raised the fees it charges non-customers to use its ATMs to $3 per transaction, a record high. The rest of the big banks are likely to follow suit, according to USA Today. The Bank of America fee is likely to come on top of fees charged by the non-customers’ own bank ATM fees, too, meaning that getting fast cash will cost many Americans nearly as much as an hour of work at a minimum wage job.

Bank of America defended the increase with the dubious claim that it will improve ATM access for its own customers. But I suspect that it’s not a coincidence that the fee increase comes at the same time the mortgage industry is melting down. Banks can make a lot of money by nickel and diming the public. I wonder how high the fees will have to go before people will simply stop using ATMs and go back to standing in line at the branch?

(H/T Consumer Law and Policy blog)

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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