A new crop of ATMs could sprout in Iowa as a result of a challenge to the state's surcharge ban. But banks in the state are split over whether eliminating the ban would be in their best interests.
Five nationally chartered banks with ATMs in Iowa filed a federal lawsuit on April 12 seeking to overturn the state's 24-year-old surcharge ban. U.S. Bank, Firstar Bank, Bank of America, Wells Fargo & Co. and Metrobank cite in the suit recent federal court rulings supporting the U.S. Office of the Comptroller of the Currency's position that only it, and not state regulators, can regulate fees imposed by banks that hold national charters.
The banks sued Iowa's Superintendent of Banking Holmes Foster to prevent the state from enforcing its surcharge ban if they decide to impose surcharges. A spokesperson for the …
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