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Washington Mutual enters Chicago market and does away with ATM surcharges

from "ATM fee factor", by Alison Neumer, The Chicago Tribune Redeye 08/27/03

Washington Mutual entered the Chicago market in the summer of '03 by promoting a no-fee ATM policy. This sets the bank apart from the city's other banks that charge non-customers for withdrawing cash from their ATMs. Banks say the surcharges are necessary to cover administrative costs and are a fair price for convenience. But critics argue that the fees are excessive. Mike Moebs was asked to comment and said that as a result of Washington Mutual's progressive campaign, other Chicago banks may be forced to lower prices eventually. "The bottom line is the consumers are going to win."

Written By: vhorizon
Date Posted: 10/24/2005
Number of Views: 4356