Amendment would cap ATM fees at 50 cents

Discussion in 'Politics, Religion, Social Issues' started by senseless, May 11, 2010.

  1. MikhailT macrumors 601

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    #2
  2. steve2112 macrumors 68040

    steve2112

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    #3
    This is why I love my local bank. They refund any ATM fees I encounter when using other people's ATMs. I can actually see this one going through, since in the grand scheme of things, it's rather minor.
     
  3. senseless thread starter macrumors 68000

    senseless

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    Pennsylvania, USA
    #4
    I don't see the logic in this move. What other kinds of highly competitive services should government remove profit from and control? The result will be far fewer atms, less commerce, and fewer jobs.
     
  4. mobilehaathi macrumors G3

    mobilehaathi

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    #5
    I don't see the logic in not reigning in the abusive practices deep rooted in a system that one must participate in to lead a "modern" life.
     
  5. mkrishnan Moderator emeritus

    mkrishnan

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    #7
    It's certainly an example of a situation in which free competition has failed miserably to deliver value to the consumer. FWIW I too use a bank that refunds my ATM transaction fees.

    BTW, the OP is not eligible for the PRSI, but I moved this thread here in case anyone else would like to discuss it.
     
  6. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #8
    Ive used ATMs once in my lifetime, after I saw they charged me 3 bucks it was the last time.

    As for government capping ATM fees, it seems a bit weird, but we bailed the banks out so they can go to hell as far as I am concerned.
     
  7. mkrishnan Moderator emeritus

    mkrishnan

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    #9
    It's been something lawmakers have actually been talking about for years... although, in the spirit of keeping it real, ma, it's mostly just a populist move. At least it's not a populist move that fundamentally works against a strategic objective *cough* gas tax holiday *cough* ....
     
  8. mobilehaathi macrumors G3

    mobilehaathi

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    #10
    Pray tell what bank is this?
     
  9. mkrishnan Moderator emeritus

    mkrishnan

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    #11
    E*Trade.
     
  10. Disc Golfer macrumors 6502a

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    #12
    One time an atm dispensed me an extra $20. I spent it on weed.
     
  11. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #13
    Two weeks later the bank fixed the glitch.
     
  12. Disc Golfer macrumors 6502a

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    #14
    The problem was at a federal level; the bills stuck.
     
  13. kavika411 macrumors 6502a

    kavika411

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    #15
    This is a great start. I hope they will pivot from this to capping concert ticket fees, the price of a gallon of gas, and the cost of chili-cheese dogs.
     
  14. yg17 macrumors G5

    yg17

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    St. Louis, MO
    #16
    Me too.

    I used another bank's ATM once. I think both Bank of America and the owning bank charged me $2. Now, you can't tell me that it cost each bank 2 bucks to process that transaction. It's ridiculous.
     
  15. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #17
    It cost them the electricity to register the transaction. Probably about .0002 dollars.
     
  16. Rodimus Prime macrumors G4

    Rodimus Prime

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    #18
    Credit unions are the way to go. My credit union charges $1.50 if you a foreign ATM which is honestly about in line with what they have to pay lets say Bank of America.

    Now I do have access to free use of any AllPoint ATM which are just about everywhere in neutral locations like drug stores, Gas stations and oddly enough air ports.

    Now the problem I see with this bill is banks are going to respond by now allowing using Foreign bank ATMs and you are going to see ATMs drop like a rock. Now I have seen some ATM charge like $5.00 to use it.

    Personally I do not think it is that hard to avoid ATM fees. It takes knowing where to go. I have a credit union that has AllPoint ATM all over the country. Another place I used to go before I used my current credit union was cash back at grocery stores. It was always free there providing you bought something but I was buying food any how so no extra charge.

    Lastly like Zombia, I hardly use cash any more. I would get a $100-$160ish in my wallet when ever I ran out. Last time I did that was 4 months ago and I still have over $60 in my wallet today.
     
  17. Thomas Veil macrumors 68020

    Thomas Veil

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    #19
    You just don't understand.

    I remember when they first came out with ATMs, the banks told us we were saving them money by using them instead of tellers.

    It costs the banks a lot of money to not hire tellers. They've gotta recoup that money somewhere. Hence high ATM fees.

    Get it now?
     
  18. ucfgrad93 macrumors P6

    ucfgrad93

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    #20
    I avoid using ATMs that aren't with my bank, Wells Fargo. I think if this goes through, you might see banks reducing the number of ATMs.
     
  19. 184550 Guest

    Joined:
    May 8, 2008
    #21
    I bank with USAA and they refund any and all ATM fees up to $15 a month. So I don't really care about this proposed admendment. I've never gone above $15 a month in regards to ATM fees.
     
  20. Shivetya macrumors 65816

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    #22
    Are they holding a gun to your head and making you use someone else's ATM?


    sorry, this is another stupid idea that will simply result in less places you can use your ATM. Many banks will just refuse to let you use their machines and others will roll the fees into the account.

    Want a universal debit card, well that will be 9.95 a month. Want to use our ATM, well open an account.
     
  21. mobilehaathi macrumors G3

    mobilehaathi

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    #23
    No one is forcing me to use another's ATM (if fact, I never do). However, this is symptomatic of the larger disease, and there is no compelling reason why ATM fees should be so outstandingly high.

    We're not going to agree: your signature makes that quite clear.
     
  22. Dmac77 macrumors 68020

    Dmac77

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    Michigan
    #24
    Personally, as someone who is heavily invested in the banking industry, I oppose this move. You'd be surprised by how much some banks make on ATM fees, which makes me and my portfolio happy.

    I've been hit with fees a few times, but I just deal with it. In all honesty, I just use my debit card 99% of the time instead of cash.

    Also, regarding the bail out argument: quite a few of the banks have repaid their loans, so we have absolutely no right to say we can do whatever we want to them. Many of them have paid up before they had to, just to avoid this kind of sentiment.

    AFAIK, the bank I use (Chase) still charges a fee, I wouldn't know for sure though, because I haven't used an ATM in almost a year.

    Don
     
  23. Disc Golfer macrumors 6502a

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    Dec 17, 2009
    #25
    I use Chase and they don't charge a fee for their own atms. They probably do for using other atms. But really, and with a bank where they have a location practically every three blocks, atm fee just translates into lazy fee. Which I have no problem with people having to pay. I have to walk about ten minutes out of the little grouping of houses I'm in to my closest bank. I pass a 7-11, a mini mart, and a different brand of bank all of which have atms, but I'd rather go for a slightly longer walk than pay several dollars to be lazy.
     

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