Banks may charge $10 per withdrawal from ATMs

Sorry, I can't provide a link, but this was just on Channel 10 news here in Adelaide. It seems the banks have given themselves the power to charge this ridiculous amount per withdrawal from ATMs.

No points for guessing why. It mustn't be much fun being TPTB and not knowing exactly what people are spending their money on. This will make people "prefer" to use EFTPOS or internet banking, no doubt whatsoever.

Next will be, "we don't need cash because nobody uses it anymore".

Cashless society, here we come.

Why use an ATM? Convenience. You can always just write and cash a check but it is a hassle. Are you complaining about having to pay someone for your own sloth? Or is it different in Oz?

Bite the bullet. Either use the service and pay for it...or don't.

reply to post by Phage

Phage, why should it be difficult to get at your own money? There are countries that have no checks so how are you going to get money then? What about all the bank branches that have been shut? I think it is beyond ridiculous to be overcharged for something that cost the banks less than having branches opened and staffed. Bah!

reply to post by NuclearPaul


I think that money might be withdrawing through ATM's of other banks. Here in India, there is surcharge of twenty ruppees, if money of a particular bank account is withdrawn through the ATM of some other bank which is collaborating.

Here's an idea: DON'T OPEN A BANK ACCOUNT!

Why do people feel that they need a bank account? It's completely pointless.

If you're against a cashless society, start using your cash. Don't even open a bank account. Save your own money in your own possession. If you have an issue with spending money on hand, learn a little self control.

In fact, here's an even better idea: buy gold. Use your extra cash to buy gold, and store the gold in a safe place in your house. That way you are protected financially and you are in control of your own money.

[edit on 1/14/09 by NovusOrdoMundi]

Originally posted by Phage
Why use an ATM? Convenience. You can always just write and cash a check but it is a hassle. Are you complaining about having to pay someone for your own sloth? Or is it different in Oz?

Bite the bullet. Either use the service and pay for it...or don't.

Don't be so stupid - the banks are already making money by keeping your deposits and savings so in essence you are already paying for it.

Its understandable that if you use an ATM from a different bank or in a foreign country that you pay a surcharge but $10 is way too much. It looks like the banks might either be trying to help themselves recapitalize by doing this or else force people to use credit cards/debit cards/cheques more etc.

DON'T OPEN A BANKING ACCOUNT

Too late, I already have 4 of em and I am completely dependent on em for the time being.

They are saying that the charge from...Say ANZ bank will cost you more if you Use another banks ATM....and the $10 fee is just a $$$..the cost will be up to the bank or the owner of the ATM... The media and some people blow things way out....


Just to point out that this is Not the banks doing it's some reg thats being relaxed

And yes i hate the banks like every one

[edit on 14-1-2009 by duffster]

[edit on 14-1-2009 by duffster]

Well, I've seen some places such as Casinos charge $5-10 plus your bank will charge you another $2-5 for the transaction - so that's nothing new.

Banks, Oil Companies & Insurance companies are the top 3 world criminal organizations - what do you expect? They've lobbied the government to allow them to charge 30% interest on their credit cards, if they think they can get away with $10 fees without losing customers they will.

My solution for Banks is use their own ATM's most charge you nothing, if they do charge you - switch Banks. Second option - if you shop for groceries - most large grocers will give you $100 cash back or more with zero fees if you buy something. Some will give you $300 if you need more than that make several stops - more than that on a regular basis then pay the fees cheapskate. Why pay $3 at their ATM when you can buy a beverage for a couple bucks and get cash.

Of course there are other options - like stash & carry cash - though it's difficult to survive without a Bank Account. I tried after my ex destroyed my account & it's amazing how many hoops you have to jump through to cash a check without an account. Check cashing places charge 2-6% plus a small fee, but at least they're up front about it are often open to 9PM later. I use to think those places were sleezy, but now I see the banks as sleezier because they lie to your face while taking you money.


[edit on 14-1-2009 by verylowfrequency]

It's only other ATM fees that could possibly go up.

The consumer group Choice says it is concerned ATM fees could soar when the Reserve Bank's direct charging rules come into effect in March. Banks are currently charged a fee when their customers use another bank's ATM, and it is up to the banks to decide whether to pass the cost onto consumers. Under the changes, cardholders will be charged directly by the owner of the ATM, with the fee appearing on the screen before the transaction goes through. Christopher Zinn from Choice says ATM owners, including banks, could decide to raise charges in remote locations or late at night, when people are less likely to look around for a cheaper machine.

Article HERE

Yeah lol that's how banks make money, by investing your money.

The greedy banking system doesn't want the cost of running their business to come out of their own profit, so not only do they make their living from your money, they charge you for the privilege. And probably make a profit from that, profit upon profit upon profit.....

Banks are a scam, but we have created a society that allows businesses to legally steel and defraud the population.

It's hard to not have a bank account though isn't it? I was forced to finally open an account not long ago because my checks kept getting lost in the mail, and cost a fortune to cash without a bank account anyway. We're caught in a trap! Arrrrghh

That will be the day I withdraw all my money from my bank....

Originally posted by NovusOrdoMundi
Why do people feel that they need a bank account? It's completely pointless.

Yes, it is. But people have been tricked into thinking that they need one. A lot of employers insist on their employees having one "so they can be paid".

reply to post by Lebowski achiever

Actually, the less cash I handle the better I like it. Between credit cards, direct deposits, and EFT's I generally keep less than $500 in my checking account. I use my own bank's ATMs (no charge) to keep a couple of hundred (at the most) in my pocket. I don't pay any fees unless, for convenience sake, I have to use a third party ATM.

Screw banks, become a member of a credit union. I've not had a personal bank account since the late 70s. I've only used credit unions. There are SO MANY advantages of using a credit union for your banking needs instead of these banks.

Originally posted by Phage
reply to post by Lebowski achiever

 

Actually, the less cash I handle the better I like it. Between credit cards, direct deposits, and EFT's I generally keep less than $500 in my checking account. I use my own bank's ATMs (no charge) to keep a couple of hundred (at the most) in my pocket. I don't pay any fees unless, for convenience sake, I have to use a third party ATM.

And that is where the price increase is being implemented, as mentioned in the article I posted earlier.


What's quite ironic, is that half the ATM's in Australia are owned by groups that aren't even banks, you know the ones, usually found in the foyer of your local pub. These are the ones to watch out for as they charge EVERYONE a fee to use them, now with these new laws in place they are the ones who could possibly charge $10 per transaction. Not the banks.

[edit on 15-1-2009 by Chadwickus]

reply to post by Chadwickus


Believe me, if the message comes up that the transaction will cost me 10 bucks I'm outta there, in a heartbeat. I'm not that lazy.

reply to post by Phage


When I was overseas in the Army I had no choice but to use an ATM, heres how they got me, The Army requires all soldiers to have direct deposit, so my pay went into my checking acct here in the states, While in Korea I could transfer my account to the bank on post as there exsisted no branch in the states for my wife to access funds. When I made a withdrawl at the atm the charges for the money were about $11.00 after it was all said and done (per transaction, including balence inquries!!) because the "transaction" was in fact going through several banks before it got to my bank( which subsequently charged non branch atm fees) as do other atm's if there not being used by that banks coustomers. So there you have it some people have no choice butto use the atm and it's too bad.

Originally posted by NovusOrdoMundi
Here's an idea: DON'T OPEN A BANK ACCOUNT!

Why do people feel that they need a bank account? It's completely pointless.

Many employers require, as conditions of employment that employee's receive their pay via direct deposit, this applys more so with large companies as they have less payrole errors using this system and it also cuts cost down because of the lack of paper checks and in some casses postage.

reply to post by alyosha1981


That is too bad. But then, when in the service there are a lot of things you are forced to do that you might not under other circumstances.

Originally posted by Divinorumus
Screw banks, become a member of a credit union. I've not had a personal bank account since the late 70s. I've only used credit unions. There are SO MANY advantages of using a credit union for your banking needs instead of these banks.

Yep, agree. I've used a credit union for a while, about 13 years. I don't get charged for using a different credit union for transfers or withdrwrals.
I just told a friend about the fees. She takes money out of a ATM of another bank as her nearest bank ATM is a while away (we're all not this dumb) 2-3 times a week. Say she did 2 times a week 20 dollars a week, she will be giving the bank 1040.00 dollars a year to get her own money, She blinked at me several times, and will now be changing her spending and withdrawral habits I'd say.