New Jersey-based Commerce Bank is set spurn the potentially lucrative income line of ATM fees having announced plans to provide some of its customers with free access to any ATM machine worldwide.
In a move that bucks the recent trend that has seen an increase in the use of fee-requiring automated teller machines (ATMs) and banks charging for the use of their ATMs, Commerce will enable its customers that qualify for its scheme effective charge free access to ATMs. Although other banks will continue to charge a fee, Commerce plans to refund to its customers the charge they have incurred.
However, to receive the benefits customers will have to maintain a minimum daily balance of $2,500 in their checking account, although the minimum daily balance provision will be waived for the first month for new account customers. The scheme will be rolled out from April 1, 2005.
It’s time to liberate our customers from the surcharges other banks force them to pay just to gain access to their money, said Commerce Bank founder and chairman Vernon Hill. For more than 30 years, Commerce has refused to nickel and dime our customers by charging fees for financial services we believe should be absolutely free. Now we are taking our no-fee service to the next level by actually rebating the fees other banks impose on our customers.