Nessa Feddis, spokeswoman with the American College of Consumer Financial Services, agreed there are "enormous pressures on banks because of lost
But she insisted that "most people don't pay ATM fees. Only non-customers who otherwise pay nothing to contribute to the cost of providing the ATMs
pay the fee. That is fair because otherwise they are not contributing to the cost of providing the service."
She blamed "price controls that the government is imposing" for drastically limiting debit card interchange fees.
"Those debit card interchange fees — and you’re talking about a penny on the dollar — basically not only provide value to the merchant but they
also support the cost of providing debit cards and checking accounts. Until now, we’ve been lucky with (banks offering) a lot of free accounts. I
think we will see that go away."
Ridout said the banks are exchanging in political brinksmanship by using the threat of higher ATM fees to "encourage" pressure on the Federal Reserve
to "tamp down what this interchange cap is going to be." The Fed issued draft interchange fee rules in December.
Ridout said no one is forcing the banks to charge higher ATM fees, and consumers have other choices if they don't want to pay them.
Crredit unions don't charge fees, he said, because they "don’t aim to turn a profit, they have not relied on overdraft fees that gouge consumers and
they don’t pay their executives eight-figure salaries or multi-million-dollar bonuses and they don’t have to come up with rinky-dink fees to
support these irresponsible levels of compensation."
AS the world turns....it would seem that the loss of jobs and homes isn't bad enough, the corporate elite now wish to extort money from we the people,
by possibly increasing ATM fee's. As if the 3.00 fee wasn't bad enough. Most people in their right minds, would refrain from that un-needed
expenditure, but the very thought of a 5 dollar fee is ludicrous. Let's see now, those who have lost their homes, and their jobs, are really going to
pay 5 bucks? Really? Whats a matter J.P?, the scam you took part of, implementing the Federal reserve in 1913 wasn't good enough...not enough of a
monopoly for ya? Or how about them TARP funds...billions wasn't enough...sucka * SNIP*!
(visit the link for the full news article)