I just heard on the new that the gov't wants to weigh in on the fees charged by banks for use of ATM machines. Yes the fees to suck, but they have no business telling the banks to wave fees. Bottom line is, the machines are a convienence, and we as the users have to pay for that convenience. The only ones the banks need to answer to, is the shareholders, and they're not complaining, all banks are posting record profits. The banks can do this because we have a choice, don't like it, move your money, if all the banks were charging the same amount, there could be a case for colusion, we'll see. Now the only thing that does really suck, is that one has to have a bank account, one can't live without one. Paychecks are now direct deposited, and credit cards are required for many tranactions. Unfortuneatly, banks are a necessary evil. If all else fails, carry cash.
ATM machine fees
- Thread starter miniboss
- Start date
Uh, I'm pretty sure that with record profits and rising 'fees' while services are dwindling and interest rates on user returns bottoms out that the government does in fact need to step in.
ATMs are, in the long run, far cheaper to operate than a bank branch - there's no employees, rent, building fees, et. al. For the user to be continually paying for the banks to be able to reduce their overhead, especially when the infastructure is already in place for more than a decade, is ludicrous. On top of the user paying fees to use debit and credit, it also costs the business every time one of those transactions is made; in some cases, the charge to the business is as high as a dollar a pop, a cost which directly comes out of the profit of the business.
And sorry to say, but all banks are charging fees, so we don't really have a choice - government has no interest in wrangling in colluders, otherwise the banks and the gas companies would have been reprimanded long ago for their obvious tactics. Sadly, the only choice we're given in today's world is whether it's three fingers or the entire fist.