Congress: Cap ATM fees at 50 cents

reply to post by AshleyD


in the UK we can go to any cash machine owned by any other bank and withdraw money for free, apart from private ATMs of course which arent owned by any bank.

the US banks are kind of screwed if you need to pay to acess your own money.

reply to post by illusive man


Is that just their personal business practice for competition's sake or are they forced to by the government?

the US banks are kind of screwed if you need to pay to acess your own money.

I really don't mind. First of all, we always have the option to take it out for free at the bank if we want. Second, there generally are no fees at your own bank ATM and many banks offer no fees to use the machine of another as an advertising perk.

But if they want to, then they're only spiting themselves with a poor business practice. So I'm against unnecessary government regulation and this stinks of it.

In this case, we're using a machine they are paying to operate and maintain. We're not forced by the banks to use an ATM. You're really paying for the convenience more than anything. One does not have to use an ATM to access their own money. So I do feel the government is overstepping their boundaries.

But I'm bitter. I've known way too many small business owners put out of business because they just can't keep up with the regulations, licenses, taxes, fees, and certifications the government requires in areas they know nothing about. So I'm not going to excuse what the government is doing to the banks just because they're huge and I can't stand them. lol

[edit on 5/15/2010 by AshleyD]

reply to post by AshleyD


trading Standerds agency and the people,
before banks were charging but have stopped charging years ago,
which is a Good thing,

no business has been harmed in the UK because banks cant charge people to use ATMs.

Originally posted by AshleyD
So I'm not going to excuse what the government is doing to the banks just because they're huge and I can't stand them. lol

I'm willing to be that arbritrary...

This won't affect me, I've never paid an ATM fee in my life. Why would I let the bank charge me to use an ATM when I can get the money for free from the teller.

I'm not in favor of government regulation/intervention, but it seems to me like some of the banks have turned into "financial rapists" with their fee structures. It wasn't always that way, they've gotten out of control. So if they end up getting some regulations slapped on them, like ATM fee limits, it's their own fault for having such egregious fee structures.

That is *snip* great, the next thing should be to cap overdraft fees, so the banksters can stop robbing the poor!!


edit to add S$F for you op

[edit on 15-5-2010 by paradiselost333]