NDP calls for ban on ATM fees

[Gonzo]

Finally! They're getting my vote. I always felt I was getting ripped off. Banks make huge profits at the working class expense.
http://www.cbc.ca/consumer/story/2007/01/25/ndp-atm.html

 

[DurkaDurka]

That's a lot of wishful thinking on the part of the NDP. Even if parliment were to pass susch a bill, those fees they were receiving before would be recouped by increased interest rates or some other type of service charge.

 

[hermanntrude]

they were banned in the UK... or at least it was made that YOUR bank can't charge you for using someone elses, only the other one can. so u only get charged once. Problem is, it's always the machines in remote places where poor people live that charge the most. Personally I think you shouldnt be charged for taking your own money. BUT I also think if u object that much u can keep in in your knickers

 

[DurkaDurka]

Problem is, it's always the machines in remote places where poor people live that charge the most.

I live in the Toronto area, from machines I have used, the fee's range frm about $1.00-$2.00 if you use a machine not associated with your bank. People are getting ripped off everywhere, I don't think the problem is specific to remote areas...

 

[BitWhys]

That's a lot of wishful thinking on the part of the NDP. Even if parliment were to pass susch a bill, those fees they were receiving before would be recouped by increased interest rates or some other type of service charge.

I don't know enough about the numbers to say if this is viable (those machines ain't cheap) but this whole service fee thing grew up in a basically isolated sandbox of its own. They'd still have to go head-to-head on their other revenue sources.

 

[hermanntrude]

many of the banks in the UK joined up in groups so users of a barclays account for instance can use lloydstsb ATMs for free. This basically means there are about 2 or 3 groups of ATM in the UK which u can use. The problem becomes worse the further into the country you get though, and you'll find the rural areas have only those dial-up machines which ALWAYS charge you, and they charge like GBP1.75, so $3.50.

 

[MikeyDB]

Such a game...

At the risk of making this personal...

I'm fortunate to have two convenience stores within a half a block of where I live...any further and I couldn't get there even on a good day...

I was making a purchase the other day at one of these stores and used by debit card...

I asked the proprietor for ten dollars cash-back...

He promptly refused and pointed me to the ATM machine where it costs three dollars (1.50 for the ATM company and 1.50 for the bank) ..

I'm down to one convenience store now...

 

[Sparrow]

They would get my vote also. However banks work for themselves, just look at the interest they pay us on bank accounts. They make big profits with our money but we never see any of it!

 

[Colpy]

NDP Calls for a Ban on ATM Service Charges.

Now there is a move made on principle...........the NDP would never simply take up a cause to get votes, now would they?

Yeah right.

That said, bank profits are obscene. This is one way to cut them a bit, and keep money in the hands of those that actually earn it.

Good for the NDP.

Now, if they show some sense of sanity in the rest of their policies (not bloody likely), I might even vote for them again.

Although it should be pointed out that you could go with President's Choice Financial, who do not charge ATM fees.

You know, the competition.....owned and operated by CIBC.

 

[DurkaDurka]

Such a game...

At the risk of making this personal...

I'm fortunate to have two convenience stores within a half a block of where I live...any further and I couldn't get there even on a good day...

I was making a purchase the other day at one of these stores and used by debit card...

I asked the proprietor for ten dollars cash-back...

He promptly refused and pointed me to the ATM machine where it costs three dollars (1.50 for the ATM company and 1.50 for the bank) ..

I'm down to one convenience store now...

I despise the stores which have policies such as that.. forcing you to use their $3.00 charge machine. Another thing that bothers me is stores that force you spend a minimum of $10.00 via interact in order to avoid their $1.00 fee. A restaurant/bar I frequent near my home also has a dubious policy of not having debit at all, you pay either by credit card or you use their machine which charges you through the teeth.

 

[hermanntrude]

summary: the world is run by bastards

 

[L Gilbert]

Exactly. Whoever has the gold makes the rules.

 

[Colpy]

I despise the stores which have policies such as that.. forcing you to use their $3.00 charge machine. Another thing that bothers me is stores that force you spend a minimum of $10.00 via interact in order to avoid their $1.00 fee. A restaurant/bar I frequent near my home also has a dubious policy of not having debit at all, you pay either by credit card or you use their machine which charges you through the teeth.

Simple solution:

Use lovely, crisp, anonymous CASH!

Just one trip to an outlet of your inancial institution required.

I have used debit a total of twice in my life.......both incidents were in an emergency.

 

[DurkaDurka]

Simple solution:

Use lovely, crisp, anonymous CASH!

Just one trip to an outlet of your inancial institution required.

I have used debit a total of twice in my life.......both incidents were in an emergency.

Debit twice in your life? Wow... I average that every other day I imagine. Unfortunately, it's hard for me to get to a physical bank branch during their hours so I am at the mecry of debit/bank machines.

 

[L Gilbert]

Mostlky I pay everything by credit card and then pay that off at end of month. No charges that way.
I pay by debit sometimes, never use ATMs.

 

[DurkaDurka]

Mostlky I pay everything by credit card and then pay that off at end of month. No charges that way.
I pay by debit sometimes, never use ATMs.

Yeah, that works too. I usually just prefer to spend what I have... otherwise I end up buying more computer crap I don't need. :|

 

[Colpy]

Debit twice in your life? Wow... I average that every other day I imagine. Unfortunately, it's hard for me to get to a physical bank branch during their hours so I am at the mecry of debit/bank machines.

Remember, I move money for a living........a cashless society puts me out of a job.

When one of my co-workers pulls out a debit card.....I embarass him mightily, just for fun.

 

[hermanntrude]

Unfortunately, it's hard for me to get to a physical bank branch during their hours

join the club. although come to think of it, this explains why banks are always closed outside of business hours. If we have to use the machines they get more money

 

[L Gilbert]

Remember, I move money for a living........a cashless society puts me out of a job.

When one of my co-workers pulls out a debit card.....I embarass him mightily, just for fun.

Curmudgeon.

 

[Gonzo]

The downside of doing away with bank ATM fees would be more of those cash machines that charge you for your money. If nobody used them they wouldn't be around. I guess some people dont mind spending money to get their money. I try to take out cash and spend that as much as possible.