Critics say big financial institutions could easily afford to waive transaction fees for welfare withdrawal.
Nov 1 (Reuters) - Former financial regulator Sheila Bair voiced worries about a new industry compromise plan for money market mutual funds, including implementing a fee for withdrawals during times of stress, saying it could worsen a crisis.
Bank of America customers, for instance, will pay a flat $5 transaction fee (on top of the 3 percent forex fee) for withdrawals made outside of its ATM Global Alliance network.
Greg McBride, a financial analyst at Bankrate Inc., in Florida, parent of the Web site, said the most recent report on the subject, in October 1999, found 83percentt of the institutions in the survey charged some fee for withdrawals made overseas.
TMZ reported that Stevenson charges his buddies a hefty $4.50 transaction fee for withdrawals.
Citibank does not charge its customers transaction fees for its ATM withdrawals, but it does charge a 1percentt surcharge for the local currency.
For fee adjustments for withdrawals, see Refund Rates for Withdrawals.
Annuities often charge surrender fees for withdrawals, typically 1 to 2 percent of assets but sometimes up to 8 percent.
Do you pay checking account maintenance fees or ATM fees for withdrawals from "foreign" machines?
Check cashiers like Coleman have entered the debate around the new paperless program, saying they aim to protect the poor against common fee pileups for withdrawals even as they have a reputation for charging fees in the first place.
Other debit cards will charge a usage fee for cash withdrawals (2.75 per cent to 2.99 per cent) plus an ATM withdrawal charge, typically between £1.50 and £3.00.
