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Congress: Cap ATM fees at 50 cents

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posted on May, 15 2010 @ 02:08 PM
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Congress: Cap ATM fees at 50 cents


money.cnn.com

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.

(visit the link for the full news article)




posted on May, 15 2010 @ 02:08 PM
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I think that's an awesome idea.

I know I live in Canada, and my bank charges ridiculous ammounts for ATM fees.

This would be a great way to keep money in your pocket, even if it just 10 or 15 bucks a month.


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.


That is just really high...

~Keeper



money.cnn.com
(visit the link for the full news article)



posted on May, 15 2010 @ 02:15 PM
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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.



posted on May, 15 2010 @ 02:17 PM
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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.


I do have a problem with government intervening in private business, but when it comes to banks, I don't really care anymore.

I hope the government makes them do all kinds of crap that they don't want.

~Keeper



posted on May, 15 2010 @ 02:19 PM
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reply to post by tothetenthpower
 


Ha, I agree for the most part.

But this is the beginning to the latter IMO. But I agree if it could theoretically be capped to putting the hurt on the bank I am all for it.

But what about gas station owners that actually PURCHASE these machines? The owners of the gas station actually buy these units.. so are we capping them too?



posted on May, 15 2010 @ 02:21 PM
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reply to post by tothetenthpower
 


I use the local credit union and they don't charge fees at all, but I never use any ATM outside their network since the others charge 2 to 3 dollars for transactions (really, I've seen people who charge 5). It's freaking robbery if you ask me. There is not way simple ATM transactions are taking up 2 to 3 dollars worth of bandwidth.

They need to talk about text messaging rates too. Now that's some robbery as well.



posted on May, 15 2010 @ 02:22 PM
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I don't understand ...

Congress wants me to use more cash?

But how will teh NWO track meh?



posted on May, 15 2010 @ 02:30 PM
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humm cost to much to draw money from an atm o my o my what shall i ever do.
hummm cost to much to text o my o my what so ever shall i do .
why i got an idea lets make a law that says they MUST not only let us text and draw money from atms but MAKE THEM pay us to do it.
but because we all know tahts not going to happen you could just try umm drawing money straight from the bank using your debit card were you accutly buy the stuff ooo i dont know they use to have that old fangled stuff called cash I hear you can still goto a bank and get taht to .
and gess what none of this will cost you a dime. atm a fool and his money will soon be parted.
o as for text my son can text to his hearts content and call voice and go on line and it even does windows all for only 50$ a month .
and if i was realy cheep i now found the excat same plan for 45$ a month.
lets say you send 15 text a day and make 1 hour of talk calls and one hour of online time and 10 minnits to use it to was the windows .
now by the day this would cost you 30$ on a land line and heck you can call china and its not a penny more.
lol



posted on May, 15 2010 @ 02:35 PM
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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.

Outrageous...

Edit to add disclaimer above.

[edit on Sat, 15 May 2010 14:51:42 -0500 by MemoryShock]



posted on May, 15 2010 @ 02:38 PM
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Originally posted by antonia
They need to talk about text messaging rates too. Now that's some robbery as well.


What? Did you just get charged to reply to this thread?

Don't give them any ideas!



posted on May, 15 2010 @ 02:39 PM
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reply to post by MemoryShock
 


Can you factually prove this?



posted on May, 15 2010 @ 02:49 PM
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reply to post by GreenBicMan
 

My apologies...the primary portion of my post was meant as a tongue in cheek response to S-Dog's wondering about NWO tracking...

My bad...editing the post now to reflect as such...



posted on May, 15 2010 @ 02:50 PM
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Originally posted by GreenBicMan
reply to post by MemoryShock
 


Can you factually prove this?


Put a US$20 bill into the microwave. Doesn't work on old bills.



posted on May, 15 2010 @ 02:53 PM
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Congress is so funny.

Banks have been ripping people off on ATM's for how long?

And suddenly Congress gets a bright idea..



posted on May, 15 2010 @ 02:55 PM
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Government control is government control. We will never have a free market if we allow them to make laws, even they do aid the consumer. If they are over pricing for a service, then logic will tell you to stop using this service. Once americans, and everyone for that matter realize that it isn't a necessity to have these things, then we will realize it is our fault. It's not the banks fault for raising prices and making money, it is not the oil industries fault for raising prices and making money. It is the consumers fault for being willing to pay the price.

Stop paying for it, and it will go away. Simple concept.



posted on May, 15 2010 @ 02:56 PM
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reply to post by MemoryShock
 


I thought I missed the sarcasm but I wasn't sure.



posted on May, 15 2010 @ 02:58 PM
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reply to post by jam321
 


They aren't getting a bright idea. It is simple.

They are controlling the price. They are saying, "Hey if you can't handle your own responsibility, we will have to do it for you, dumb Americans!".



posted on May, 15 2010 @ 02:58 PM
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IMO, this is overkill. We're beginning to go overboard on all these regulations to the point it has become madness.

I even might be willing to support this if ATM's were vital for our existence (food, health care and insurance [which we desperately need regulated for price-caps], etc.) but an ATM? And the fees really only get high when you use one that is not sponsored by your bank, as the article states.

The government is over doing it in terms of regulating business. I'm sick of the banks as much as anyone but this is a little absurd. Plan ahead and get your cash out ahead of time or at your personal bank's ATM. We shouldn't ask the government to regulate something so petty and easily avoided.

I know we're all prone to jumping on the banks around here but stop and think about it for a bit how petty and 'nannyish' this is.



posted on May, 15 2010 @ 03:03 PM
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This is a horrible idea and a perfect example of the government not knowing anything about business or competition.

Many people have bofa accounts precisely because they have the most atms or have wachovia accounts because they do not charge any fees for using a foreign atm.

Now if the govt comes in and places this cap the competitive edge will be gone. Capping atm fees imho is virtual communism, you are then having the govt dictate what can and cant be charged, how much money can and cont be spent. They are taking away the incentive for competition among banks here.

Plus this is such a worthless measure, what about fixing things like preventing banks from taking advantage of the poor by them dating transactions so that if they deposit a check then use the debit card it will register the debit card transaction prior to the check clearing and give a overdraft fee.



posted on May, 15 2010 @ 03:09 PM
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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.

Outrageous...

Edit to add disclaimer above.

[edit on Sat, 15 May 2010 14:51:42 -0500 by MemoryShock]





Just thought i would link this here)) What you claimed is probably possible)
www.computerweekly.com...
As for the Fee limit , Im all for it. I thought they were gona limit overdraft fees too, did that ever happen?




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