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A Thing 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!