Getting money at the campus center got pricier this year for students without Bank of America accounts.
Bank of America, which owns and operates the campus center's two ATMs, increased its non-customer usage surcharge to $2 per transaction from $1.
The increase was made at all Bank of America automatic teller machines (ATMs) in the country, according to spokesperson Ernesto Anguilla.
"There was a price increase but it was by no means specific to Tufts University," Anguilla said. "It was something we decided on in August and is franchise-wide for all non-Bank of America customers using our ATMs."
The bank, which has over 16,000 ATMs and 6,800 branches in 29 states and Washington, D.C., increased the fee "to better compete with our national competitors," Anguilla said.
Citizens Bank charges $1.50 for each non-customer transaction at the ATM it operates in Dowling Hall. Citizens Bank has over 3,000 ATMs and 1,600 branches, all in 13 northeastern states.
Bank of America acquired the campus center ATMs in 2004, as part of its $47 billion merger with Fleet Bank.
The surcharges for non-customers at ATMs are meant to make up for the costs of maintaining the machines and installing new ones.
"We are constantly investing money in expanding our ATM network for our customers," Anguilla said. "That significant investment gives non-customers the convenience of using our vast network for a reasonable fee."
Some students on campus have resorted to alternate forms of banking to avoid the sometimes pricey ATM surcharges. Sophomore Caroline Wick does her checking through a long distance mail-based bank called USAA, based out of San Antonio, Texas that serves military personnel and their families.
"They don't have branches," Wick said. "My deposits are done through the mail, I can withdraw at any ATM, and I can check my balance online through their Web site." USAA reimburses Wick $10 per month for ATM surcharges at any ATM.
"It is nice because I am in college and I am always traveling," she said. "I don't have to worry about finding a branch or a free ATM."
The fees on Bank of America transactions only apply to non-customers, who have the option to cancel the transaction before any fees are applied. "A pop-up screen always notifies the user before continuing of the surcharge involved," Anguilla said. "Customers can always cancel. They are never just charged for the transaction."
The Bank of America increase will affect how students use ATMs, even for Wick. "The increase will affect me because now I can only make five withdrawals a month at the Bank of America ATMs, without going over my bank's reimbursable limit," she said. "Before, I could use the machines ten times."
Sophomore Deborah Block, a Chase Bank customer, said she noticed the fee increase at the student center. "It kind of stinks because we don't have many options, unless you go out and find a branch of your own bank," she said. "And depending on where you are, that can be pretty hard."
Block said she will still use the campus center ATMs for convenience, but not as often. "I look at the fee as an incentive not to take out money and spend it," she said.
Students who want to avoid paying surcharges, Anguilla said, should use the cash back option when making purchases with a debit card. "There is no charge on those transactions," he said.
