BANKS STRIKE BACK ON ATMS : 2 INSTITUTIONS RESTRICT USAGE.Byline: Mary Ann Lickteig Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Two big banks hit back Wednesday at California communities that have banned ATM surcharges, announcing plans to restrict use of their cash machines in the two cities only to their own account holders. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Co. said they are immediately cutting off access to non-account holders in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , where a ban on the ATM fees takes effect today. Bank of America also said it will issue similar restrictions in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden if the courts fail to overturn a voter-approved city ordinance banning the fees. ``No business should be expected to provide free service to noncustomers,'' said Gene Taylor Gary Eugene "Gene" Taylor (born September 17, 1953) is an American politician of the Democratic Party and a U.S. Representative from the 4th District of Mississippi. Taylor was born in New Orleans and is a graduate of Tulane University. , president of Bank of America's Western region. San Francisco's ban of the surcharges is scheduled to take effect in December but has been challenged by banks. A court hearing is set for Monday. The Santa Monica City Council Santa Monica City Council is the current governing body of Santa Monica, California. The council meets on the second and fourth Tuesday of each month. Councilmembers
A dozen other communities are considering bans, including Los Angeles and San Diego. Connecticut and Iowa have used existing laws to ban the surcharges, but Congress has thus far rejected legislation to do so nationwide. The 9th U.S. Circuit Court of Appeals, which oversees federal courts in California and eight other Western states, said in 1990 that Congress ``has declined to restrict state regulation in the ATM context.'' By this morning, Wells Fargo's 12 ATMs in Santa Monica and Bank of America's 21 machines will be cut off to everyone but the banks' own customers. ``Clearly the thought is that this will attract new customers to the bank that are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. convenience, but at the same time they risk a backlash in market that could further damage their corporate image,'' said Joseph Morford, who analyzes Bank of America for Dain Rauscher Wessels in San Francisco. In Santa Monica Wednesday, residents puzzled over whether to change their banking habits. ``I use this machine because it's convenient,'' said Alice Howe, 35, whose account is at First Pacific Bank but uses a Bank of America ATM. ``My bank is a small bank, and it doesn't have many ATMs.'' |
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