govt now trying to regulate ATM fees?

[CycloWizard]

We are a society of vampires, make that mosquitoes, where everybody tries to suck blood out of everybody else. When one sector of the society gets really bloated up on blood their shear weight and volume crowds out other mosquitoes and those call for more fairness in who gets to suck all the blood. But so it is when those who compete hate themselves because competition IS nothing but hate.

Instead, we should legislate to ban blood, solving all existing problems and creating a completely new set that is even worse.

 

[Red Dawn]

So we should ignore idiotic legislation simply because it's unlikely to pass? If I were from Iowa, I'd like to know about this so I could avoid voting for this idiot in the future.

No not at all, I just don't see the need for all the teeth grinding outrage.Idiot bills like this one get proposed all the time by both parties.

 

[werepossum]

No not at all, I just don't see the need for all the teeth grinding outrage.Idiot bills like this one get proposed all the time by both parties.

True. And sadly I've heard a number of people say the government should "do something" about high and double ATM fees, usually from people too trifling to search out their own bank but who expect a competing bank to furnish their money for free. There is a reason politicians do stupid shit like this, and that reason is us.

 

[Throckmorton]

This kind of regulation and the overdraft regulation are things that sound good and get votes but is stupid.


Overdraft fees saved my ass when I ran out of money from my bank account when it turned out my employer withholds each paycheck for 2 weeks. I'd rather pay some $35 fee than have my rent check bounce....

 

[Blackjack200]

If we allow ATM fee regulation it will only be a matter of weeks before we are all on collective farms and going indoors before 10:00PM curfew.

 

[Red Dawn]

If we allow ATM fee regulation it will only be a matter of weeks before we are all on collective farms and going indoors before 10:00PM curfew.

Explain in detail why that would be the case. It seems like BS Hyperbole to me, maybe you can enlighten me.

 

[Bowfinger]

So we should ignore idiotic legislation simply because it's unlikely to pass? If I were from Iowa, I'd like to know about this so I could avoid voting for this idiot in the future.

On the contrary, Harkin's idea is reasonable, though I agree there are much more important issues at hand. Harkin is just trying to update and extend an old Iowa law. Years ago, when ATMs were brand new, Iowa law required all banks to interoperate on a common ATM network, and it prohibited them from charging ANY fees -- not only to their own customers, but to other banks' customers. As I remember it, the rationale was that banks still saved money by avoiding the costs of tellers and check handling so it wasn't right to charge customers for accessing their own money. Apparently banks agreed since they all rushed to install ATMs everywhere they could (and they all continued to make money somehow). Fast forward a few years, ATMs become taken for granted, banks become more greedy, and companies like Wells Fargo launch full-scale lobbying campaigns to lift many of the restrictions on banking ... including ATM fees. Customers gain nothing, pay more, and lose choices since conglomerates like Wells got a free pass to buy up competitors and control the market. In short, banks win and customers lose. Now who do you suppose Harkin should be representing?

 

[piasabird]

I used a local bank and they did not even own the ATM on the curb outside their bank. Of course they did not explain this at all when you opened your account. They were pushing for all account holders to have a debit card. If the government wants to put a Cap on what kind of fees can be collected for processing fees at an ATM, I see nothing wrong with that. I also see nothing wrong with requiring all ATM's to post in writing what their fees are and what their policies are for deposits and withdrawls and when they are posted.

 

[DisgruntledVirus]

ATM fees are generally excessive, but I don't use them because of that reason. It's not difficult people.

Most banks let you use their ATMs fee free, and some even refund ATM fees from other banks. Add in that it's your CHOICE to use an ATM, and we find yet another waste of governments time.

If you think the fees are too high, then don't use it. End of story.

 

[freegeeks]

im glad i don't have to worry about all that crap. Belgian banks are obliged by law to give free access to ATM's. Never have to worry about fees. The same applies for using your debit card in any store, it's free, no fee at all.

 

[Patranus]

LOL - Everyone bitching about ATM fees but then are too lazy to switch to a bank that doesn't have them.

Typical "progressives" - I am too lazy to take responsibility for myself so I will have government force other people to change their ways to cater to me.

 

[Red Dawn]

LOL - Everyone bitching about ATM fees but then are too lazy to switch to a bank that doesn't have them.

Typical "progressives" - I am too lazy to take responsibility for myself so I will have government force other people to change their ways to cater to me.

Yeah like it's only Progressives who complain about it.

 

[BlahBlahYouToo]

I used a local bank and they did not even own the ATM on the curb outside their bank. Of course they did not explain this at all when you opened your account. They were pushing for all account holders to have a debit card. If the government wants to put a Cap on what kind of fees can be collected for processing fees at an ATM, I see nothing wrong with that. I also see nothing wrong with requiring all ATM's to post in writing what their fees are and what their policies are for deposits and withdrawls and when they are posted.

so you're in favor of the govt holding your hand throughout life.

 

[Patranus]

Yeah like it's only Progressives who complain about it.

There is a difference between complaining about it and writing legislation to mandate something.

This type of legislation will simply drive up costs somewhere else and that will punish those who are responsible.

 

[CycloWizard]

On the contrary, Harkin's idea is reasonable, though I agree there are much more important issues at hand. Harkin is just trying to update and extend an old Iowa law. Years ago, when ATMs were brand new, Iowa law required all banks to interoperate on a common ATM network, and it prohibited them from charging ANY fees -- not only to their own customers, but to other banks' customers. As I remember it, the rationale was that banks still saved money by avoiding the costs of tellers and check handling so it wasn't right to charge customers for accessing their own money. Apparently banks agreed since they all rushed to install ATMs everywhere they could (and they all continued to make money somehow). Fast forward a few years, ATMs become taken for granted, banks become more greedy, and companies like Wells Fargo launch full-scale lobbying campaigns to lift many of the restrictions on banking ... including ATM fees. Customers gain nothing, pay more, and lose choices since conglomerates like Wells got a free pass to buy up competitors and control the market. In short, banks win and customers lose. Now who do you suppose Harkin should be representing?

No, it's still an idiotic law. Why should I have government-mandated access to a company's resources when I'm not a paying customer of that company? If I have a Shell gas card, should I be able to fill up at BP and still get the discount? If a company starts charging me to use their ATMs, I'll simply go to a different bank. I use BoA right now because they have ATMs which are conveniently located near places I go (at work, the local mall, and local grocery store). If they charged me $1 to make a withdrawal, I might be willing to pay it for the convenience. If I'm not, then I'm free to go to the teller and make a withdrawal. Your argument is simply that you want a free service for your own convenience and that all banks should eat the cost: you want a government-mandated free lunch. Why do you deserve it?

 

[CycloWizard]

No not at all, I just don't see the need for all the teeth grinding outrage.Idiot bills like this one get proposed all the time by both parties.

I agree, and I like to hear about them so I can appropriately mock their sponsors.

 

[dmcowen674]

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.

The system is in fact forcing people to use cards.

Very soon checks will be banned here just like Europe.

What Bank do you work for?

You man enough to admit it?

 

[dmcowen674]

im glad i don't have to worry about all that crap. Belgian banks are obliged by law to give free access to ATM's. Never have to worry about fees. The same applies for using your debit card in any store, it's free, no fee at all.

Let's hear more about Belgium. :thumbsup:

 

[BlahBlahYouToo]

The system is in fact forcing people to use cards.

Very soon checks will be banned here just like Europe.

What Bank do you work for?

You man enough to admit it?

how is it FORCING people to use cards? by cards i assume you mean ATM cards.

you can get cash in other ways without getting hit by fees.
1. at the teller of your bank
2. at an ATM of your bank
3. at an ATM of a bank that doesn't charge fees

you can also use debit cards and credit cards at many places.

funny how you assume i work for a bank just because i'm against the govt meddling in business they shouldn't be.

who do YOU work for?

 

[dmcowen674]

how is it FORCING people to use cards? by cards i assume you mean ATM cards.

you can get cash in other ways without getting hit by fees.
1. at the teller of your bank
2. at an ATM of your bank
3. at an ATM of a bank that doesn't charge fees

you can also use debit cards and credit cards at many places.

funny how you assume i work for a bank just because i'm against the govt meddling in business they shouldn't be.

who do YOU work for?

Everyone knows I'm a Telecom Engineer

There is Teller charges at many banks now as well as ATM fees at most.

The number free of fees is dwindling quickly and you now this.

 

[IceBergSLiM]

you people amaze me......the banks were bailed out with yours and my money the least they could do is stop raping us every chance they get in return. Not sure why people can possible still support big corrupt banks after what has happened, its likely you work for one of these banksters.

 

[dmcowen674]

you people amaze me......the banks were bailed out with yours and my money the least they could do is stop raping us every chance they get in return. Not sure why people can possible still support big corrupt banks after what has happened, its likely you work for one of these banksters.

Exactly, there's quite a few of them that work in the Corporations in the taxpayer pockets but they are to chickenshit to admit it. But you can tell by how rabidly they support them to protect their illgotten ways.

 

[nonlnear]

you people amaze me......the banks were bailed out with yours and my money the least they could do is stop raping us every chance they get in return. Not sure why people can possible still support big corrupt banks after what has happened.

My bank doesn't rape me. I understand how fees work and I behave accordingly. Since when is ATM access such a high priority "right" that it requires explicit legislation to protect the price? (Note this does nothing to guarantee access to this supposedly vital service, in fact it would probably hurt ATM access if anything!)

New laws are reasonably warranted when businesses engage in deceptive or otherwise unfairly coercive or anti competitive practices (like price discrimination, etc.). Service fees are one of the most transparent parts of a bank's operations - if you're literate, that is. Now back when banks were shuffling the processing times to maximize fee revenue, that was raping the customers. Charging a fee that is explicitly disclosed is not.

 

[IceBergSLiM]

My bank doesn't rape me. I understand how fees work and I behave accordingly. Since when is ATM access such a high priority "right" that it requires explicit legislation to protect the price? (Note this does nothing to guarantee access to this supposedly vital service, in fact it would probably hurt ATM access if anything!)

New laws are reasonably warranted when businesses engage in deceptive or otherwise unfairly coercive or anti competitive practices (like price discrimination, etc.). Service fees are one of the most transparent parts of a bank's operations - if you're literate, that is. Now back when banks were shuffling the processing times to maximize fee revenue, that was raping the customers. Charging a fee that is explicitly disclosed is not.

Or when they can't run their business and need to be bailed out by the public. If your industry needs bailing out you lose the autonomy you were entrusted with.

 

[nonlnear]

Or when they can't run their business and need to be bailed out by the public. If your industry needs bailing out you lose the autonomy you were entrusted with.

Are you really that full of shit? You are using structural deficiencies in the regulations pertaining to securitization of various asset classes to justify regulating ATM fees? That's like using the Transocean leak to justify regulating the choice of floor tile in BP stations. Pathetic. What's worse is you truly believe you made a clever point, and weren't being facetious!