ATM Fees

s243a

Council Member
Mar 9, 2007
1,352
15
38
Calgary
Everyone is probably aware that one of Jack Layton’s issue is ATM fees. He thinks they are too high. I don’t think the fees are two high but I think they are inequitable. If you take out 100 dollars and you pay 1.50 you are only charged 1.5%. Credit card companies charge stores 3% per transaction. Surely that is a perfectly reasonable fee so that we can have convent service. If you take our 1000 dollars you are laughing.

However, if you take out 20 dollars you pay 7.5%. For anyone who doesn’t have much money and is trying to save they have a choice of taking out a large amount to minimize their frees or taking out a small amount and paying a disproportionate amount of the fees. It is not 20 dollar withdrawals that are responsible for the majority of the costs of ATMs yet low withdrawals give by far the best returns for ATM operators. I think to put a 3% maximum fee on ATM withdraws would be perfectly reasonable. Maybe the fees might have to be adjusted for the larger withdrawals but should the poorest people really be paying for the majority of ATM fees.
 

westmanguy

Council Member
Feb 3, 2007
1,651
18
38
I agree 100%, a one fee for all is not good.

Get a set percent, for all withdrawls.

One area where I like Layton.

I hate ATM fees so much, $1.50 when I take out $20, I end up taking out $100 out.

I am RBC btw.