govt now trying to regulate ATM fees?

[StageLeft]

Sounds like another populist crumb to throw to the masses. I remember the early days of ATMs when you could only use your own bank's machines. If you dealt with a locally owned bank, you couldn't use an ATM while traveling. The fees made it possible and desirable for banks and others to make ubiquitous access to your funds possible. Anyone one remember buying travelers' checks and the fees on those? When is the last time you bought them?

Meanwhile, the feds paid billions to the banks to cover "losses" from synthetic derivatives. If I could get that deal I'd take up gambling too.

I remember traveller's checks, LOL. Even at the time, though (early 90's I recall thinking on them) I thought they were super damn gay an idea.

I do recall being unable to use ATMs elsewhere. Then in 2005 in another country entirely I pulled out local currency and it had done the conversion from USD real time and I knew that was money (figuratively and for realz).

You want to pay for using your own banks ATMs?

You're even dumber than we all thought.

Ha, like he ever has money to take out of the bank, please.

Anyway I pay 1-2 ATM fees/year, no more than that, I'd say. I use debit for a lot and of course it's free-free (at least obviously) or if I'm travelling I'll have anticipated cash already out. Honestly if you're paying much in the way of ATM fees you are a buffoon.

I get charged $1 by my bank every single time I use an out of network ATM or use my card as a debit card in a store.

Damn, where do you live the ghetto? Do you cash your pay checks at the local pawn shop? No excuse for that, get a new bank, stat!

My bank gives me $.10 for all debit transactions. Some green fee crap or whatever, I make $5-10/month off it anyway.

 

[Pulsar]

They are missing a great opportunity. They should really limit it to $.50 a transaction then impose a $3.00 a transaction tax on it.

 

[ebaycj]

their argument is that they shouldn't be able to make THAT much profit.
are they stupid? no one is forcing you to use an ATM, let alone an ATM not owned by your bank.
if you don't want to get hit by fees, use an ATM from your bank or use a teller. this is not a difficult concept.

same with trying to regulate overdraft fees. don't want to get hit by fees, don't write checks that amount to more than what you have in your account.
people are retarded.

I've maintained since GWB's first election, that the ONLY point a candidate would need to campaign on is "I will make ATM Fees illegal...". It would guarantee their election.

 

[crownjules]

I agree with those who say this is stupid. There are for more important parts of the financial services industry that need government regulation. Not the part of it that charges you $2 for using equipment that doesn't belong to your bank.

 

[Exterous]

"Banks shouldn't be able to turn accessing your own money into a profit center," said Jean Ann Fox, director of financial services for the Consumer Federation of America

Goddamnit - this is not something we need to worry about. You have plenty of opportunities to access your money without a fee. If you are too dumb/lazy to do it the right way and then bitch about fees its your own damn fault