Change Of Heart
The coalition of California financial institutions that agreed not to surcharge for automated teller machine transactions is losing an important member.Union Bank of California, which has 372 ATMs, started charging $1.50 for noncustomers who use their machines on August 1, 1998.Industry executives, observing the shift on Union, predict more and more institutions are realizing that surcharging is a healthy source of fee income-and that most customers don't object.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 9, 9/98