Anti-Trusting?
The Plus and Cirrus ATM
networks are under investigation by the Justice Department. The
investigation is aimed at discovering if the two networks are
preventing smaller banks from eliminating double ATM
fees.
Plus is owned by Visa,
Cirrus by MasterCard, and almost all U.S. banks are members of one or
the other. The concern is that smaller banks may want to form their
own fee-free networks, but are unfairly forced to follow Plus or
Cirrus rules.
Smaller networks, such
as MAC, the largest regional ATM network, have received subpoenas
seeking information on the rules for network member banks. We'll keep
you posted!
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