If you use an ATM that is not owned by Bank of America, you will pay a fee to Bank of America on top of any fee the ATM owner charges you, meaning you could pay two separate fees for a single cash withdrawal.
Consumers who frequently access cash from non-Bank of America ATMs, particularly in areas with limited Bank of America branch presence, can incur significant cumulative fees that effectively reduce the purchasing power of every cash withdrawal.
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Compare across platforms →The double-fee structure — Bank of America's own fee plus the ATM operator's surcharge — means that a single out-of-network cash withdrawal can cost $5 or more, which is disproportionate for small cash withdrawals.
REGULATORY FRAMEWORK: ATM fee disclosures are governed by the Electronic Fund Transfer Act (EFTA, 15 U.S.C. § 1693 et seq.) and Regulation E (12 C.F.R. Part 1005), which requires that ATM fees be disclosed on-screen prior to completing the transaction. The CFPB and Federal Reserve have joint authority over EFTA compliance. International ATM fees may also engage FinCEN anti-money laundering disclosure requirements if foreign currency conversion is involved.
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