If you have a bank account, then you already know the hassle of having to pay ATM fees. If you have a bank account in Puerto Rico, however, then you may have been subject to hidden or unnecessary ATM fees that are unlawful according to regulations that govern when and how banks can charge ATM fees. If you have paid unnecessary Puerto Rico bank ATM fees, then consider the following information that will help you understand when they are—and aren’t—acceptable, and what you can do about it.
Bank and ATM Fees: A Growing Presence
It is more common than ever for bank account holders to encounter ATM fees, and in the past few years, the cost for ATM fees has risen dramatically. In fact, a report from 2018 found that ATM fees had risen in price about 36% since 2008. This rise in price has caused many consumers to find other ways to withdraw cash from their bank accounts due to the increasingly high fees charged when using ATM machines.
In order to abide by federal regulations, banks must clearly disclose ATM fees before they are charged and must also inform account holders about their ATM fees in a timely and clear manner. This is so that consumers are not blindsided by ATM fees or charged hidden amounts.
If you have a bank account with a bank in Puerto Rico, you may have unfortunately encountered hidden Puerto Rico Bank ATM Fees; continue reading to find out what you can do about this situation.
How to Avoid ATM Fees
Many bank account holders have found ways to get around paying ATM fees by choosing other options to withdraw cash or to stick to using bank-owned ATM fees. In some cases, you may receive a smaller or even no ATM fee if you use an ATM owned by your specific bank. A study conducted by Nerd Wallet found that using an out-of-network fee ATM will cost you significantly more than using an ATM from your own bank network.
Another way that people are avoiding ATM fees is to withdraw cash using another method: by using the “cash back” option available at many grocery stores. This cash back option allows consumers to receive money from their bank account without incurring any fees at all. Although this option typically has a limit of around $60 to $80 per transaction, it is an ideal way to get a small amount of cash without having to pay high ATM fees.
Puerto Rico Bank ATM Fees: Not Always Lawful
Consumers with bank accounts at Puerto Rico banks have reported that some banks in the territory are not disclosing their ATM fees. This results in customers being blindsided or even remaining unknowing about their Puerto Rico Bank ATM Fees. Since Puerto Rico is a territory of the United States, the same federal laws regarding ATM fees apply there.
Puerto Rico Bank ATM Fees Class Lawsuit Investigation Information
If you have an account with any of the following banks operating in Puerto Rico, then you may be eligible to join a class action lawsuit investigation: Citibank NA (Puerto Rico); Banco Popular; First Bancorp; Banco Santander, Caribe Federal Credit Union; Oriental Financial Group; Scotiabank of Puerto Rico; and FirstBank.
If you want to know more, please contact the attorneys at the law firm of Shamis & Gentile, P.A today.