This Mott Street ATM Gouges with 17% Fee

Posted on: May 24th, 2022 at 5:11 am by

Photo: Karlin Chan

Storefront ATMs are nothing new. In fact, their ubiquity was so pronounced that the city banned freestanding ones from sidewalks about a decade ago.

Visitors to Chinatown or the Lower East Side unfamiliar with bank ATM locations when in need of cash might not realize the exorbitant fees some ATM operators are charging.

For instance, an ATM located outside 46 Mott Street charges a whopping 17% of cash withdrawn, yet amazingly changes to a flat fee of $17 if amount is under $100. Though clearly stated on the screen before a consumer completes the transaction, it’s all too easy to proceed unknowingly.

Photo: Karlin Chan

The average withdrawal fee for out-of-network money machines is about $3-3.50 in the Chinatown area. However, ATM fees vary and are set by the private operator.

To avoid being ripped off by these predatory ATM machines one can easily search online for nearby bank ATMs.

City Council approved legislation back in 2011 that bans businesses from installing sidewalk ATMs. The apparent workaround, though, is affixing to the facade.

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