The bank launched its ATM fee rebate program in 2010 and has refunded more than $25,000 to customers ever since. The rebates were previously capped at $20 per month.
Refunds are deposited directly into customers’ checking accounts for all ATM surcharges assessed by other institutions when a non-First Trade debit card is used. The bank does not charge customers a fee for using another institution’s ATM.
“Consumers today want to bank on their own terms, using a debit card, an ATM and a mobile device to handle their money,” First Trade President & CEO Michael Butler said. “Our customers need to be able to access their funds from anywhere and we believe they shouldn’t have to pay a fee to do so.”
The bank’s move comes on the heels of an ATM report released by the Government Accountability Office, which found that ATM fees have risen from $1.75 to $2.10, with some fees as high as $5 per transaction.
“These fees, which are sometimes charged on both ends by the ATM owner and the debit cardholder’s financial institution, might feel small as one-off transactions, but can really add up,” Butler said. “Our FT Checking account actually puts money back in our clients’ pockets.”