Everybody knows ATMs grow on ATM trees and thus they dont require any electricity or maintenance. So there should be no fees. But why stop at wanting banks to actually make a profit on the cost of purchasing and maintaining an ATM? Why not just force the banks to give free money. I hereby declare that ATMs shall dispense free money™.
TreeFarmer
December 13, 2017 11:50 am
Just an FYI. This isn’t an ad for anyone. I started using Schwab in 1996 before shifting to Fidelity in 2006. I never had either company charge me an ATM fee for accessing my money. Since they are not banks, they let you go to virtually any ATM, anywhere in the world, and withdraw cash. If a fee is charged by the bank that operates the ATM, they reimburse your account for the charge. I haven’t had a traditional “bank” account since 1996.
Anonymous
December 13, 2017 12:28 pm
My bank doesn’t charge anything on its own machines.
Other banks incur a fee when used to access my bank account so I have no problem paying that fee if it is reasonable and worth it compared to the hassle of looking for one from my own bank because I didn’t plan ahead for my cash needs.
Administrator
Author
December 13, 2017 12:38 pm
Big banks rack up $6.4 billion in ATM and overdraft fees
by Heather Long @byHeatherLong
February 22, 2017: 11:27 AM ET
If you’ve ever had to pay $3 (or more) to get your own money out of an ATM machine, you aren’t alone.
Nobody likes those fees. Except banks.
America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence.
That works out to over $25 in fees annually for every adult American.
Despite public outcry, banks show no sign of scaling back on fees. The big three banks collected nearly $300 million more in ATM and overdraft fees in 2016 than they did in 2015.
At JPMorgan alone, ATM fee revenue jumped a whopping 22% last year. A JPMorgan spokesman told CNNMoney that’s because the bank raised ATM fees by 50 cents at the end of 2015. Customers must pay the fee whenever they use a non-JPMorgan Chase ATM machine.
The Consumer Financial Protection Bureau and other watchdog groups have tried to warn people: Beware of bank fees.
“These fees have a disproportionate impact on low and moderate income families living paycheck to paycheck,” says Pamela Banks, senior policy counsel at Consumers Union, an advocacy group.
The average fee for using an “out-of-network” ATM in the United States is now $4.57, according to Bankrate. Last year marked the tenth straight year of increases.
Even more reason to plan ahead and use your own network for free.
Or just pay with our credit or debit card where the merchant pays the fee (you aren’t going to get a lower price for cash in virtually all instances anyway).
If you don’t like doing business with someone, atm provider or otherwise, don’t do business with them.
Are you 98 years old? Where you do live? Have you never travelled? I first used an ATM in 1990 or ’91. I personally don’t use a cell phone (I have one – it sits at home unless I’m leaving town) but I can’t imagine how much effort would be required to not use an ATM when they’ve been commonplace for over 25 years.
61. Southern California. Pennsylvania, N.J.. D.C., Florida, Panama, Hawaii, Pacific Northwest and BC, Alaska, Texas, Kansas, Arizona, Mississippi, New Mexico. Not extensively certainly.
It’s no trouble at all not to use one. We get cash from the branch of our credit union that’s in the grocery store we use once a week. Always get enough to see us through the week and have a small stash at home for unexpected things.
IndenturedServant
December 13, 2017 4:13 pm
Do your banking with credit unions. I’ve never paid an atm fee at any credit union atm even if it’s not my specific credit union. Most credit unions these days also have “shared branching” meaning that you an go into *any* credit union nationwide and deposit cash or checks or make withdrawals and transfers in person. Interest rates on checking and savings are MUCH better than banks too.
Barnum Bailey
December 13, 2017 4:33 pm
How much gas or food would you be able to buy if:
–ATM’s stopped being filled.
–credit card approvals were suspended.
–personal checks were disallowed (due to banks being closed.)
How much cash do you really have? I know people who would be down to searching under the couch cushions for loose change. Lotta good it will do them….
Bilco
December 13, 2017 5:52 pm
What ever happened to just paying in cash? Those that know how to actually count it that is. I make it a habit of watching when I am in the Local Wal-cracks. Usually it is an easy task.As there are only 3-4 lines open of the 30 there. When half a dozen deep most all use some sort of card. As the transaction is being done the cashier asks if they want any cash back. Most say yes. This really don’t baffle me in the land of idiots,but I do get a chuckle. To say a famous quote. “Stupid is as stupid does”
Everybody knows ATMs grow on ATM trees and thus they dont require any electricity or maintenance. So there should be no fees. But why stop at wanting banks to actually make a profit on the cost of purchasing and maintaining an ATM? Why not just force the banks to give free money. I hereby declare that ATMs shall dispense free money™.
Just an FYI. This isn’t an ad for anyone. I started using Schwab in 1996 before shifting to Fidelity in 2006. I never had either company charge me an ATM fee for accessing my money. Since they are not banks, they let you go to virtually any ATM, anywhere in the world, and withdraw cash. If a fee is charged by the bank that operates the ATM, they reimburse your account for the charge. I haven’t had a traditional “bank” account since 1996.
My bank doesn’t charge anything on its own machines.
Other banks incur a fee when used to access my bank account so I have no problem paying that fee if it is reasonable and worth it compared to the hassle of looking for one from my own bank because I didn’t plan ahead for my cash needs.
Big banks rack up $6.4 billion in ATM and overdraft fees
by Heather Long @byHeatherLong
February 22, 2017: 11:27 AM ET
If you’ve ever had to pay $3 (or more) to get your own money out of an ATM machine, you aren’t alone.
Nobody likes those fees. Except banks.
America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence.
That works out to over $25 in fees annually for every adult American.
Despite public outcry, banks show no sign of scaling back on fees. The big three banks collected nearly $300 million more in ATM and overdraft fees in 2016 than they did in 2015.
At JPMorgan alone, ATM fee revenue jumped a whopping 22% last year. A JPMorgan spokesman told CNNMoney that’s because the bank raised ATM fees by 50 cents at the end of 2015. Customers must pay the fee whenever they use a non-JPMorgan Chase ATM machine.
The Consumer Financial Protection Bureau and other watchdog groups have tried to warn people: Beware of bank fees.
“These fees have a disproportionate impact on low and moderate income families living paycheck to paycheck,” says Pamela Banks, senior policy counsel at Consumers Union, an advocacy group.
The average fee for using an “out-of-network” ATM in the United States is now $4.57, according to Bankrate. Last year marked the tenth straight year of increases.
Even more reason to plan ahead and use your own network for free.
Or just pay with our credit or debit card where the merchant pays the fee (you aren’t going to get a lower price for cash in virtually all instances anyway).
If you don’t like doing business with someone, atm provider or otherwise, don’t do business with them.
Fools and their money are soon parted, no?
USAA reimburses any ATM fees charged by whatever bank owns the ATM, but I typically use an ATM of a local credit union that charges no fees.
I’m a Luddite. I’ve never used an ATM. As far as I know my wife hasn’t either.
Are you 98 years old? Where you do live? Have you never travelled? I first used an ATM in 1990 or ’91. I personally don’t use a cell phone (I have one – it sits at home unless I’m leaving town) but I can’t imagine how much effort would be required to not use an ATM when they’ve been commonplace for over 25 years.
I haven’t used an ATM in over a year. Just have a wife who is a waitress.
61. Southern California. Pennsylvania, N.J.. D.C., Florida, Panama, Hawaii, Pacific Northwest and BC, Alaska, Texas, Kansas, Arizona, Mississippi, New Mexico. Not extensively certainly.
It’s no trouble at all not to use one. We get cash from the branch of our credit union that’s in the grocery store we use once a week. Always get enough to see us through the week and have a small stash at home for unexpected things.
Do your banking with credit unions. I’ve never paid an atm fee at any credit union atm even if it’s not my specific credit union. Most credit unions these days also have “shared branching” meaning that you an go into *any* credit union nationwide and deposit cash or checks or make withdrawals and transfers in person. Interest rates on checking and savings are MUCH better than banks too.
How much gas or food would you be able to buy if:
–ATM’s stopped being filled.
–credit card approvals were suspended.
–personal checks were disallowed (due to banks being closed.)
How much cash do you really have? I know people who would be down to searching under the couch cushions for loose change. Lotta good it will do them….
What ever happened to just paying in cash? Those that know how to actually count it that is. I make it a habit of watching when I am in the Local Wal-cracks. Usually it is an easy task.As there are only 3-4 lines open of the 30 there. When half a dozen deep most all use some sort of card. As the transaction is being done the cashier asks if they want any cash back. Most say yes. This really don’t baffle me in the land of idiots,but I do get a chuckle. To say a famous quote. “Stupid is as stupid does”
In God we Trust … All others pay cash