Foreign ATM Usage on Free Checking Account
Answer by John Burnett, BOL Guru Guru Bios
Question: We are adding a new product which is a free checking account. My question to you is: can we still charge a fee for foreign ATM usage and still call the account free?
Answer: Yes.
Fees for ATM use (unless required to maintain the account) are not maintenance or activity fees for the purpose of determining whether an account may be advertised as "free" (see the Commentary to Section 230.8(a)).
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