ATM fees going up, up, up

[mickeyd]

It seems that my fellow Americans can not help themselves when it comes to paying unnecessary fees to the banks of this country. My bank (USAA FSB) rebates me ATM fees up to $15.00/month so my net out of pocket cost has always been zero. I'll bet that my gross costs are still reflected in these numbers (see below) though.

As I recall, when ATMs first were introduced about 25 years or so ago the big selling point was that the banks would save $$$ since they did not have to hire so many tellers to cash checks, take deposits etc. and that would make banking less expensive for the ordinary Joe somehow. I suppose that that is true in some respects, but if they have to hire less folks to take and give me my money, why are they asking me to pay for this non-service at a greater and greater rate?

ATM surcharges hit a new record for the third consecutive survey. The average automated teller machine fee assessed by institutions, on those who aren't account holders, is $1.64, up from the previous records of $1.60 in spring 2006 and $1.54 in fall 2005. Since the last survey, 22 banks increased the fee, compared to six banks that reduced the fees they charge.

http://www.bankrate.com/nltrack/news/chk/chkstudy/checking_study_atm_surchargea1.asp

 

[ashtondav]

if they have to hire less folks to take and give me my money, why are they asking me to pay for this non-service at a greater and greater rate?

So their share prices rise and enable us to cream off our 4% in perpetuity . I think its called Capitalism.

 

[jphripjah]

I have been pleased with my Etrade account. I have an Etrade brokerage account, and the linked money market has ATM rebates. I keep a few hundred dollars in there for whever I want to use an ATM other than my regular bank's ATM. Etrade has always rebated the fees, even one night when I made four consecutive $100 transactions at a Las Vegas strip club, with a supposed surcharge of $5.00 per transaction.

 

[mickeyd]

even one night when I made four consecutive $100 transactions at a Las Vegas strip club,

You did not really think that this would go unnoticed now, did you? I'm sure that others will have a question or two, but I do not

 

[mathjak107]

fidelity reimburses me for atm use too

 

[Cut-Throat]

Las Vegas strip club

Rhino?

 

[jphripjah]

Sapphire. But they all have the $100 limit per transaction in order to stick you with multiple ATM surcharges.

 

[Mr._johngalt]

Never had an ATM card, nor a debit card, nor on-line billpaying,
nor a nano, I-pod, blackberry, laptop, portable CD player, etc. etc. Avoid all such like the plague. (I even trashed my toaster)
Just an old-fashioned guy. Anticipate that in the future (as
technology advances) I will move in the reverse direction in re. my
participation.

JG

 

[Texas Proud]

The fees are for you using another banks machine!!!

I do not know of a bank (but I bet there are) who charge for using THEIR machine...

Using your card at a strip club (I did notice ), an airport etc... you are using someone else's machine and they need to recover their costs (plus a HUGE profit) in dealing with your bank....

What gets me is the many charges you get with a credit card... I use mine overseas and get dinged with a 3% fee.... for what Gets me mad...

 

[WilliamG]

Have never used an ATM card. Use charge card and automated bill pay for most purchases, and debit card for certain others; e.g., grocery store. Grocery store allows up to $200 cash back without any fees when using debit card so that is how I get cash ever so often....

 

[Texas Proud]

Have never used an ATM card. Use charge card and automated bill pay for most purchases, and debit card for certain others; e.g., grocery store. Grocery store allows up to $200 cash back without any fees when using debit card so that is how I get cash ever so often....

A debit card IS and ATM card... maybe you should say you have never used an ATM machine..

 

[youbet]

Have never used an ATM card. Use charge card and automated bill pay for most purchases, and debit card for certain others; e.g., grocery store. Grocery store allows up to $200 cash back without any fees when using debit card so that is how I get cash ever so often....

Just curious, why do you use your debit card for grocery purchases when you could use your credit card and get the float plus points towards trinkets?

 

[free4now]

I hardly ever pay ATM fees in the USA... Wells Fargo has plenty of ATMs near me, and even when I was travelling across the USA I was always able to find a Wells Fargo ATM within a few days.

The fee is for the convenience of using another bank's ATM... if you don't want to pay that fee just use your own bank's ATMs.

 

[WilliamG]

Ok, I never use my debit/ATM card in an ATM machine.

Use it at grocery store 'cause DW doesn't like the idea of buying food on credit. I know, I know. But in the mean time I do like the cash back convenience. Alternative would be to buy with credit card EXCEPT those times would like cash back.

 

[jazz4cash]

I have been pleased with my Etrade account. I have an Etrade brokerage account, and the linked money market has ATM rebates. I keep a few hundred dollars in there for whever I want to use an ATM other than my regular bank's ATM. Etrade has always rebated the fees, even one night when I made four consecutive $100 transactions at a Las Vegas strip club, with a supposed surcharge of $5.00 per transaction.

I was in Vegas awhile back and noticed the "script" machines which look like a telephone with a card reader and printer attached. You pick up the phone, swipe your card and the machine prints out script that can be redeemed for lapdances cash at the teller window. The AMAZING thing is the script machine charges about 8% fees and right next to it is an ATM with a fee of only $5 or so per transaction. I asked an employee why anyone would pay 8% instead of $5, and he said "its the customers choice", but I think the script is setup for cash advance on credit cards, so you get to pay the machine fee, the credit card company fee AND any interest that accrues [sp].

 

[Sheryl]

I use the debit instead of credit for almost all transactions - I guess I just like saving the extra 30 seconds of fumbling when the clerk has to find a pen and I have to sign the slip. And I like to pay-as-I go, not run up a credit card bill - but I am missing out on all those air miles.

Since the ATM fees have gone up so, much I use the cash back at purchase option almost exclusively. Only time I use an ATM is for cash when traveling - I don't carry more than $20-30 most of the time so I don't have to worry about if my pocket or purse or backpack is snatched. The passport, CC and cebit card reside in an "undisclosed location." I sure wish that passports were a little smaller.

 

[free4now]

I sure wish that passports were a little smaller.

Be careful what you wish for...

http://hasbrouck.org/blog/archives/001159.html

The government is working on a credit card sized passport, but of course it will involve an RFID chip. For some reason the government just isn't able to properly build devices that properly secure privacy. Probably because the spooks are lazy and want to use the passports to track "persons of interest".

 

[Sheryl]

sheesh - why don't they just implant it in my forehead, then they can follow me everywhere, and I can quit worrying about loosing it.

 

[AltaRed]

sheesh - why don't they just implant it in my forehead, then they can follow me everywhere, and I can quit worrying about loosing it.

oh....you said forehead, shucks 8)

 

[Nords]

sheesh - why don't they just implant it in my forehead, then they can follow me everywhere, and I can quit worrying about loosing it.

Well, it's been around for five years, but you might want to wait for the GPS upgrade...

 

[Sheryl]

oh....you said forehead, shucks 8)

I would be less likely to loose it from my forehead.

 

[Andre1969]

The fees are for you using another banks machine!!!

I do not know of a bank (but I bet there are) who charge for using THEIR machine...

I don't know if they still do it or not, but Bank of America used to charge you to use their own machines if you used their ATM more than X amount of times per month. Or this might have been back when they were Nations Bank. It's been ages since I've even used my ATM card though, let alone used it more than once in a given month.