Commerce Bank drops ATM fees

Source: Commerce Bank

Commerce Bank (NYSE:CBH), "America's Most Convenient Bank," is reinventing the retail banking experience again by providing its customers with no-fee access to every automated teller machine (ATM) worldwide.

"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. Now every ATM machine worldwide is a no-fee Commerce ATM."

Commerce, which provides customers with free instant issue ATM /Visa Check Cards at all of its stores, already is refunding ATM surcharge fees to customers in selected new markets. In addition, the bank will now be one of the first in the nation to offer no-fee ATM service to all customers who maintain a minimum daily balance of $2,500 in their checking account. The minimum daily balance provision will be waived for the first month for new checking account customers.

As of April 1, 2005, Commerce Bank will end the annoying and costly surcharges that other banks impose on Commerce customers before they can use ATMs outside the Commerce network, and continue its longstanding policy of never charging Commerce customers "foreign ATM fees" for using machines operated by other banks.

According to statistics provided by FindSVP, Inc., ATM users incur approximately $4.2 billion in total fees annually and the average ATM user incurs approximately $126 in annual usage fees.

Commerce has long been known for providing customers with "America's Best Checking Account," and the addition of the no-fee ATM service makes the account an even better value. The account's most popular features include:

  • Free checking
  • Free ATM / Visa Check Card
  • Free online banking and bill pay service

The bank also has gained worldwide recognition for reinventing retail banking by providing customers with unique services such as self-service "Penny Arcade" coin counting machines, which are free for both customers and non-customers, in every one of its stores.

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