Growing up I remember my parents rushing to the bank on a Friday evening, or on a Saturday morning, trying to get to the bank before it closed, so they could get cash out for the weekend. Back then...ATMs were just a novelty and not every bank had them. ATMs, together with direct deposit, made it totally unnecessary to go to the bank every Friday to deposit, or cash, a paycheck. With these advances, people could be worry free about having to go to their local bank branch. This proposed ATM fee limit will cause banks and other ATM owners to pull many of their machines because it will be unprofitable (or even more unprofitable) to operate them.
I can think of 3 ATMs, out of our inventory of 9, that our small community bank would pull immediately off line if we were forced to limit our non-customer fee to 50 cents. Bank customers would lose out on a very popular and useful service because some jackass senator from Iowa thinks its wrong to provide a service for a profit....
I rarely believe in conspiracies, but I see this as an attack on small banks and small business because the big guys will be the only ones to survive continued regulatory onslaughts like this.
Tuesday, May 18, 2010
Banker: Many ATMs Will Be Pulled If ATM Transactions Are Limited to 50 Cents
Mike Dunton at Mt McKinley Bank emails on news that Congress wants to legislate ATM transaction fees and limit them to 50 cents:
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"Bank customers would lose out on a very popular and useful service because some jackass senator from Iowa thinks its wrong to provide a service for a profit."
ReplyDeleteOh booty-hoo-hoo-hoo, does the jackass banker think we're that dumb? He can't rape and pillage through ATM fees like he used to, wah freakin wah. You can tell what universe this guy lives in. I only ask: how soon can we get this passed?
I already have to limit myself to my own bank's ATMs or else I'll get raped in fees. WHERE'S THE CONVENIENCE? If I'm not getting the convenience anyway, and the bank is eating up profits at the expense of other citizens, SCREW THE BANK!
Pass the damn law.
Silver Bully,
ReplyDeleteI first read your comment as a ruse designed to spark a bit of flame throwing fun. On second read I not so sure. After all, there remains a small segment of society lacking in simple economic literacy. Perhaps this is you...
You have stated your strategy to pay no fees or reduced fees and it sounds like you are satisfied with your results. But why would you want to limit the availability of ATMs for those of us who value our time more than the fees charged for the convenience of not having to drive across town?
When I was young, I would drive far out of my way to save a penny per gallon at the pump. Under the same logic, would you limit the variance in prices between fuel stations?