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Foreign News: ATM fees soar in US, a grilling for Wells Fargo CEO

04 October 2017 5:00PM
A survey of 'out of network' ATM fees in the US - the same fees just scrapped by Australian banks - shows they have jumped more than 50 per cent in the last decade, the FT reports. The average total fee for making a cash withdrawal at an ATM that does not belong to your own bank is now a record US$4.69. Wells Fargo CEO Tim Sloan faced more than two hours of grilling from the Senate Banking Committee over the bank's fake accounts scandal and its history of "aggressive sales culture". Senator Elizabeth Warren told Sloan he was either incompetent or complicit and "either way, you should be fired", reports the Washington Post. Another senator suggested the regulator should revoke the bank's charter and shut it down entirely.

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