Follow the Leader!

Recently, Washington Mutual bank decided to get rid of the $1.50 bank fees (in the NY/NJ area) that are usually charged at ATMs when you’re not a customer of the bank you’re at. That makes it easier for customers to come to their locations when they’re not near their own bank, or out of NYC, for instance, to get cash. Plus, for the small amount of interchange fee that they end up paying to access your money for you, they get your eyeballs in front of their yellow and blue ATM, bank lobby, and point-of-purchase materials. Perhaps you decide that you like their bank, and that you’d like to get involved with one of their products, i.e. savings account, mortgage, or moving your checking altogether. Not a bad move, if you ask me. Good job, WaMu.

The key here is, will Fleet, Commerce, Wachovia, Sovereign, Provident, Citi, Chase Banks follow suit?

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