Updated 12/10/2009 06:14 AM
Roefaro warns of high ATM fees
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UTICA, N.Y. -- Utica Mayor David Roefaro is tackling the issue of high ATM fees. Roefaro says his office has received nearly a dozen complaints regarding fees charged by banks for ATM use.
Roefaro sent a letter this week to Federal Reserve Chairman Ben Bernanke asking him to address what the mayor calls "unfair" fees. Roefaro said according to a consumer advocacy study, fees on average increased 12 percent for people using an ATM from a bank where they weren't a customer.
"This is a cost that can be avoided. This is not a cost that is mandated or has to go up. This is a cost that they let go up. So anytime that you can avoid a cost, you know that doesn't really have to go up. It should go up," said Roefaro.
To avoid some of these fees, Roefaro suggests
- Talking to your bank about reimbursing your ATM fees.
- Using your credit card while shopping instead of using it to get cash you don't need.
- And read the fine print because the fee itself and the amount of the fee are disclosed on all ATMs prior to the consumer confirming the transaction.