If you ever saw the exceptional Canadian series (available on Netflix), Intelligence, you know that ATMs are an excellent method for laundering drug money. So, if this article is right and considering the fees are of little importance to the launderers, could capping fees mean the only privately owned ATMs will be stocked with drug money?
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.
Currently, banks and other ATM operators are free to charge consumers whatever they want for using their machine. And backers of the amendment maintain that those who tend feel the brunt of those fees are lower- and middle-income Americans, precisely those who can’t afford it.
[...]
But suppose it did pass – would lower ATM fees really deliver a much-needed break for cash-strapped American consumers? Not necessarily. In fact, some experts suggest that capping fees might result in more harm than good for consumers.One likely consequence would be a reduction in the number of ATMs. [...] Independent operators, as a result, might choose to operate only in locations that generated a lot of foot traffic, where a greater volume of transactions would offset the decline in fees. Some community lenders and credit unions might also rethink whether it’s worth having so many ATMs for their customers.
[...]
Operators may no longer see the value, for example, in offering the latest technology such as allowing consumers to email receipts.Even more worrisome is the possibility that banks could decide to impose a fee on all of their ATM users in order to compensate for the costs of running their ATMs.
Thanks to # 5 Misanthropic Scott, who said what I was going to say, only better.
– - – - -
# 16 Hmeyers:
ATMs are the new phone booths.
I haven’t used an ATM in 2 months.
I’m as likely to use an ATM as buy a stamp or write a check or buy a CD at a store or use the internet with an ethernet cable plugged into my notebook.
Actually, I’ve done each of those things in the last year. (Well, except write a check. I haven’t written a check since 2004.) I only patronize banks that charge nothing for using their ATMs and I only use my bank’s ATMs. If I travelled a lot, I would move my accounts to the local bank that advertises “No ATM fees on anybody’s ATMs, _ever_!”
Anyway it’s not the Banks’ ATMs that worry me, it’s the ones in convenience stores and gas stations and just out on the street that I don’t trust.
“Anyway it’s not the Banks’ ATMs that worry me, it’s the ones in convenience stores and gas stations and just out on the street that I don’t trust.”
DITTO..
thats correct..
GAH – here’s a better idea. How about we re-introduce USURY LAWS and save the public from drowning in confiscatory and evil levels of debt? Let the banks charge what they want at ATMs – I’ll stay at my credit union, and learn to use CASH.
@ #16 “I’m as likely to use an ATM as buy a stamp or write a check or buy a CD at a store or use the internet with an Ethernet cable plugged into my notebook.”
You sir are on your way to brain cancer me thinks. or a radiated sack.
Wired Ethernet FTW – all the way for security, reliability and health. Wont someone think of my future children. Wifi laptop sitting above ya babymaking sack – not a good idea unless you want your kids to have an extra arm, may come in handy if they out picking fruit, not so good for picking up women
Fark the banks. Bastard thieves.
Bottom Line, ATMs were made to avoid paying staff.
Don’t charge us to save money, or we call you a ‘bank’