Bangor Savings cutting ATM fees

BANGOR – As of Dec. 1, Bangor Savings Bank will no longer charge fees when customers use ATMs at other banks and will reimburse its customers for charges other banks impose for the use of their ATMs.

“What we’ve seen in our conversations with our customers is great frustration in getting nickel-and-dimed when accessing their own money,” said Yellow Light Breen, senior vice president of Bangor Savings Bank. “One of the things we’re predicting is flexibility and customer freedom to use ATM machines without having to memorize our ATM locations.”

Bangor Savings Bank said it hopes to gain an edge in Maine over local and national banks by allowing customers free access to their accounts anywhere in the country and overseas.

The policy comes at no cost to customers and will apply to all ATM card-carrying Bangor Savings Bank customers.

Chris Pinkham, president of the Maine Association of Banks, called the policy a “very consumer friendly offering.” Pinkham confirmed that Bangor Savings Bank is the first bank in Maine to adopt the policy. Breen said there are a handful of banks in the mid-Atlantic region of the country that have started offering the same service.

Currently, Bangor Savings Bank charges customers $1.50 when they use ATMs at other banks and those banks charge between $1.50 and $2.00 for each transaction, Breen said.

Breen declined to reveal the cost Bangor Savings Bank will absorb when it implements the program, but said the bank’s customers make 200,000 transactions at other ATMs each year.

“It’s not a small price tag to be sure,” Breen said. “This is a pretty significant financial commitment we’re making.”

Bangor Savings Bank operates in 45 locations throughout Maine and on the Web at www.bangor.com.