Amendment would cap ATM fees at 50 cents


senseless

macrumors 68000
Original poster
Apr 23, 2008
1,762
152
Pennsylvania, USA
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.
 

mobilehaathi

macrumors G3
Aug 19, 2008
9,344
6,213
The Anthropocene
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.
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.
 

mkrishnan

Moderator emeritus
Jan 9, 2004
29,641
12
Grand Rapids, MI, USA
I applaud this.
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.
 

Zombie Acorn

macrumors 65816
Feb 2, 2009
1,301
9,062
Toronto, Ontario
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.
 

mkrishnan

Moderator emeritus
Jan 9, 2004
29,641
12
Grand Rapids, MI, USA
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.
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* ....
 

kavika411

macrumors 6502a
Jan 8, 2006
617
3
Alabama
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.
 

Zombie Acorn

macrumors 65816
Feb 2, 2009
1,301
9,062
Toronto, Ontario
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.
It cost them the electricity to register the transaction. Probably about .0002 dollars.
 

Rodimus Prime

macrumors G4
Oct 9, 2006
10,132
4
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.
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.
 

Thomas Veil

macrumors 68020
Feb 14, 2004
2,435
5,478
OBJECTIVE reality
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.
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?
 

ucfgrad93

macrumors P6
Aug 17, 2007
17,525
8,142
Colorado
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.
 

184550

Guest
May 8, 2008
1,978
2
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.
 

Shivetya

macrumors 68000
Jan 16, 2008
1,543
223
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.
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.
 

mobilehaathi

macrumors G3
Aug 19, 2008
9,344
6,213
The Anthropocene
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.
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.
 

Dmac77

macrumors 68020
Jan 2, 2008
2,165
2
Michigan
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
 

Disc Golfer

macrumors 6502a
Dec 17, 2009
582
0
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.
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.