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$5 Fees May Be Coming to an ATM Near You
page: 1share:
$5 Fees May Be Coming to an ATM Near You
www.cnbc.com
(visit the link for the full news article)
J.P. Morgan Chase [JPM 46.10 -0.35 (-0.75%) ] and other banks are trying to recoup approximately $30 billion a year in lost overdraft fee income by testing $5 ATM fees, Consumer Action spokesman Joe Ridout told CNBC.These banks have "historically been reliant on overdraft fees," he said, so they're "coming up with new ways to make up the difference." He said higher ATM fees and other rising costs penalize small depositors.
Nessa Feddis, spokeswoman with the American College of Consumer Financial Services, agreed there are "enormous pressures on banks because of lost
revenue."
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*!
www.cnbc.com
(visit the link for the full news article)
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*!
www.cnbc.com
(visit the link for the full news article)
$5 ATM fees? sounds like someone is in the search for a new house or yacht.
Wait...wasn't JP Morgan one of those companies that benefited from the bailout?
Wait...wasn't JP Morgan one of those companies that benefited from the bailout?
edit on 31-3-2011 by jidnum because: (no reason
given)
what should I do with all my money if... lets say I wanted to take it out of the bank
reply to post by jidnum
Yes indeed they were! JP Morgan received some 25 billion of the bailout.
jonathanturley.org...[editb y]edit on 31-3-2011 by Whereweheaded because: (no reason given)
Yes indeed they were! JP Morgan received some 25 billion of the bailout.
For those who opposed the massive bailout, a report in the New York Times may be little surprise. A reporter was able to get into a telephone conference call with JPMorgan Chase to hear executives discuss the $25 billion it received from Congress. Just four days after the bailout, JPMorgan Chase’s chief executive, Jamie Dimon held the conference call during which an executive admitted that Chase has no intention to use the money to make new loans but instead will use it to try to take over other companies.
jonathanturley.org...[editb y]edit on 31-3-2011 by Whereweheaded because: (no reason given)
reply to post by el1jah
Personally I'd put it into Water, Food, Medicine, Weapons, and Silver.
Investing in these guarantees you alot more than a deposit slip
Personally I'd put it into Water, Food, Medicine, Weapons, and Silver.
Investing in these guarantees you alot more than a deposit slip
edit on 31-3-2011 by raiders247 because: (no reason given)
Originally posted by raiders247
reply to post by el1jah
Personally I'd put it into Water, Food, Medicine, Weapons, and Silver.
Investing in these guarantees you alot more than a deposit slipedit on 31-3-2011 by raiders247 because: (no reason given)
Yes indeed my friend...those would be tangible assets worth investing in~ The 3 b's, beans, band aids, and bullets!
reply to post by el1jah
Buy Silver! After you've stockpiled water, food, first-aid kits and other necessities of course!
Pay off important long term debt too. Forget the other stuff if you haven't used the most important things you own as collateral.
Buy Silver! After you've stockpiled water, food, first-aid kits and other necessities of course!
Pay off important long term debt too. Forget the other stuff if you haven't used the most important things you own as collateral.
Originally posted by Whereweheaded
reply to post by jidnum
Yes indeed they were! JP Morgan received some 25 billion of the bailout.
For those who opposed the massive bailout, a report in the New York Times may be little surprise. A reporter was able to get into a telephone conference call with JPMorgan Chase to hear executives discuss the $25 billion it received from Congress. Just four days after the bailout, JPMorgan Chase’s chief executive, Jamie Dimon held the conference call during which an executive admitted that Chase has no intention to use the money to make new loans but instead will use it to try to take over other companies.
Awesome, so lets give these banks our TAX money to pay off execs then they complain they need more money to pay off overdraft fees and we'll get that money by charging $5 at the ATM.
I'm not doubting banks lose money due to over draft fees, but I can almost guarantee that the money they claim they are losing is not a real number.
For example: Person "A" withdrawals $100. only has $20 in the bank. so there fore he owes the bank $80 BUT! overdraft fees kick in and they end up owing the bank an extra $25 bucks because of it. Now in reality the bank DID NOT LOSE $25 is just another way to scam you out of money.....BUT! I guarantee you they fit that $25 in their figures as a loss when that $25 wasn't borrowed or even existed. its a "fee".
So technically the bank is only out $80 when i bet they are claiming they are out $105.
Why didn't I get into a banking career? geez it sounds so fun, charging interest on thin air while getting people to sign over their life for money the bank didn't have any way.
edit on 31-3-2011 by jidnum because: (no reason given)
Sad thing is there are people who would actually pay it. I never pay ATM fees. Most places, like grocery stores, ask you if you want cash back when
you use your ATM. It costs 45 cents at most. Worst case scenario I have to drive across town to use my banks ATM. That gas I use is still less than
than the current $2 or $3 dollar fee.
reply to post by jidnum
Oh I dont argue there! You hit it on the nail my friend! The numbers submitted to the people from day one have been a fallacy of lies! And it keeps on getting worse~
Oh I dont argue there! You hit it on the nail my friend! The numbers submitted to the people from day one have been a fallacy of lies! And it keeps on getting worse~
reply to post by calstorm
I have to agree there will always be people willing to throw there money away, to me this isnt really an issue atms are just another modern convenience we can easily live without .
I have to agree there will always be people willing to throw there money away, to me this isnt really an issue atms are just another modern convenience we can easily live without .
Im rather suprised to find that they dont have fee charging atms already in the US, we have them here, normally what starts in america usually then
comes to us, most of then seem to cost a bizarre amount ; £1,94, its ridiculous, but you dont have to use them, however i think they prey on people
who are desperate to get money out.
Originally posted by thedoctorswife
Im rather suprised to find that they dont have fee charging atms already in the US, we have them here, normally what starts in america usually then comes to us, most of then seem to cost a bizarre amount ; £1,94, its ridiculous, but you dont have to use them, however i think they prey on people who are desperate to get money out.
I think they are trying to use the " convenience " mantra as their means to extort and steal. Thievery is all the know~
It's funny you wrote this I was just complaining about my bank statement. If I take out 40.00 from an ATM it shows 41.50 PLUS a seperate one for 1.25
so it's 2.75 per transaction in my state. Maybe I should buy one it might be a good investment, if not a scam though. It's free at my bank ATM though
but no other branches around the country so I'm screwed. I read on yahoo news someone stole the entire ATM machine. It also happened near my house.
They backed a truck through the store and snatched the machine. What idiots!
Star and flag for some good info!
Star and flag for some good info!
edit on 31-3-2011 by wonderworld because: edit to add star and flag oops
Did you know Donald C. Wetzel is the actual patent holder of the ATM machine and it was first introduced in 1968. Amazing that for all these years we
still have not introduced a law that would ban the ATM fees. After all, wasn't it our ( the taxpayers) bailout money that saved these banks? I think
its about time Congress gets back to the financial reform they promised, and add a bill that would ban ATM fees for us. Or how about call a special
election and the American People decide if they want a atm fee. That would definitely demonstrate the power of the people. America is..by the people,
for the people actually...just a thought.
Who is paying ATM fees anyways? Find a new bank already!!
The only time I've had to pay ATM fees is if I use my ATM card at a different banks ATM machine. I avoid using other banks ATM machines because of this.
Also, if you don't want to pay the overdraft fee be responsible and don't withdraw money you don't have.
The only time I've had to pay ATM fees is if I use my ATM card at a different banks ATM machine. I avoid using other banks ATM machines because of this.
Also, if you don't want to pay the overdraft fee be responsible and don't withdraw money you don't have.
Originally posted by topdog30
Who is paying ATM fees anyways? Find a new bank already!!
The only time I've had to pay ATM fees is if I use my ATM card at a different banks ATM machine. I avoid using other banks ATM machines because of this.
Also, if you don't want to pay the overdraft fee be responsible and don't withdraw money you don't have.
WOW...did you figure that out all by yourself!
$5 bucks for atm charges at a bank its still cheaper than the atm charges at strip clubs
i think this is a non issue off the top of my head with the wide acceptance of debit cards cash is almost a thing of the past cant really think of anything at the moment that you still need cash to buy debit and credit card acceptance is everywhere thesedays.
no offense but i chuckle whenever i hear someone say buy silver!i also chuckle when they say buy medicine really that bottle of asprin going to save your life?
its illegal to own any medicine that could potential save your life but hey people do what you think is necessary.
if you watch youtube 21st century survivalism is alive and well the new tag name for is preppers some of those videos on youtube those people are serious but there is some good information as well maybe i should so or someone needs to do a thread on them.
with the current state of the world and the current state of the economy and with the nonstop actions of our government a collapse is inevitable but when is the question but then again people have been saying the world is going to end as long as civilization had existed.
back to the topic at hand atms fees like credit card fees always have a way around them dont use them
its like never use your credit card at a gasoline pump because the banks overcharge your card until the transaction goes through.
if people want to save money dont use debit or credit or the atm and keep cash on hand
i think this is a non issue off the top of my head with the wide acceptance of debit cards cash is almost a thing of the past cant really think of anything at the moment that you still need cash to buy debit and credit card acceptance is everywhere thesedays.
no offense but i chuckle whenever i hear someone say buy silver!i also chuckle when they say buy medicine really that bottle of asprin going to save your life?
its illegal to own any medicine that could potential save your life but hey people do what you think is necessary.
if you watch youtube 21st century survivalism is alive and well the new tag name for is preppers some of those videos on youtube those people are serious but there is some good information as well maybe i should so or someone needs to do a thread on them.
with the current state of the world and the current state of the economy and with the nonstop actions of our government a collapse is inevitable but when is the question but then again people have been saying the world is going to end as long as civilization had existed.
back to the topic at hand atms fees like credit card fees always have a way around them dont use them
its like never use your credit card at a gasoline pump because the banks overcharge your card until the transaction goes through.
if people want to save money dont use debit or credit or the atm and keep cash on hand
edit on 31-3-2011 by neo96 because: (no reason
given)
Originally posted by fatherj
Did you know Donald C. Wetzel is the actual patent holder of the ATM machine and it was first introduced in 1968. Amazing that for all these years we still have not introduced a law that would ban the ATM fees. After all, wasn't it our ( the taxpayers) bailout money that saved these banks? I think its about time Congress gets back to the financial reform they promised, and add a bill that would ban ATM fees for us. Or how about call a special election and the American People decide if they want a atm fee. That would definitely demonstrate the power of the people. America is..by the people, for the people actually...just a thought.
I agree but unfortunately America isn't what America is supposed to be.
and ya we bailed out these banks so they could buy more companies and pay their CEO hefty bonuses.
It's such a mess right now and I have no idea what's going to happen but this can't last forever. To every beginning there is an end and unfortunately when this ends it's most likely gonna be a huge mess where WE suffer not the ones who put us here.
What should have happened with the bailout money is they should have paid off those loans they said they were. Now the banks are just coming up with even more ways to take money from us.
Me personally I try to stay away from banks, I only have one so I can transfer money from paypal to my bank faster than requesting a check in the mail. Otherwise I wouldn't have or need a bank.
edit on 31-3-2011 by jidnum because: (no reason given)