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NEW YORK (CNNMoney.com) -- As Congress debates the new rules of the road for the U.S. banking industry, some lawmakers have an ambitious proposal: They want to cut ATM fees.
Last week, a trio of Democratic senators led by Iowa's Tom Harkin proposed capping automated teller machine fees at just 50 cents.
Indeed, ATM fees aren't cheap these days. Last year, consumers were assessed $3.54, on average, every time they used an ATM that isn't controlled by their own bank, according to Bankrate.com.
Originally posted by GreenBicMan
That would be nice.
I don't think I see this happening though. If they can do that then why can't they cap all discretionary purchases? Leads us down a nasty road IMO.
Originally posted by antonia
They need to talk about text messaging rates too. Now that's some robbery as well.
Originally posted by MemoryShock
reply to post by schrodingers dog
They use RFID ink the dispenser to lightly film the money dispensed. Each application of the RFID ink is coded differently so as to insure unique ID's for each user. The ink can than be linked back to the ATM's camera for correlation (facial recognition software...).
Note - The above was made up by me as a joke to S-Dog's NWO quip. My apologies for any misunderstanding.
As for the capping of the ATM Fees...I support it as well. These companies are getting out of hand...to the point where I heard of a Telecommunications Company charging a transaction fee for Cash Payment of the cell phone bill.
Edit to add disclaimer above.
[edit on Sat, 15 May 2010 14:51:42 -0500 by MemoryShock]