(Click here to view the [image-nocss] study).
Federal Reserve Chairman Ben Bernanke has promised U.S. Senator Charles E. Schumer (D-N.Y.) that his agency will conduct a review of the major rise in ATM fees imposed by banks on customers who are "simply trying to withdraw their own money."
Bernanke made the commitment at his Senate confirmation hearing in answer to a request from Schumer.
"ATM fees are getting so onerous that the costs of accessing your money easily outweighs the convenience factor. These mounting fees demand a response from federal regulators. Consumers are bearing an unfair burden in maintaining the health of banks' balance sheets," Schumer said.
Schumer called this a "double-whammy" on consumers and said it demanded the attention of federal regulators.
Earlier this year, Schumer also led the call for the Fed to reform overdraft fees imposed by banks when customers make purchases that exceed their remaining balance. Schumer also wrote the section of this year's major credit card reform law that reined in abusive gift card practices.
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