This paper investigates depository institutions' decisions whether or not to impose surcharges (direct usage fees) on nondepositors who use their ATMs. In addition to documenting patterns of surcharging, we examine motives for surcharging, including both direct generation of fee revenue and the...

We track 38,000 money market trades from execution to delivery and return, and provide a first empirical analysis of settlement delays in financial markets. In accord with the predictions of recent models of strategic settlement of financial claims, we document a tendency by lenders to delay...

Automated teller machines (ATMs) have altered the relationship between banks and their depositors, as well as the competitive relationships among banks. In this paper, I survey the literature to describe the ways that ATMs have influenced these aspects of banking markets, and conclude with...