Comments on: Cap ATM Fees at 50 Cents http://thefinancebuff.com/cap-atm-fees-at-50-cents.html like a friend telling you about money ... Fri, 10 Feb 2012 17:31:35 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: John Q. Public http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4046 John Q. Public Tue, 18 May 2010 00:33:05 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4046 Steve: I think there are at least two solid reasons why senators are picking on ATM operators: 1. Because they can; and 2. Because they are up for re-election and they figure that they need the votes gained from appearing to be consumer-friendly. Personally, I do not think the provision will remain in the final bill. Steve: I think there are at least two solid reasons why senators are picking on ATM operators:

1. Because they can; and

2. Because they are up for re-election and they figure that they need the votes gained from appearing to be consumer-friendly.

Personally, I do not think the provision will remain in the final bill.

]]> By: Steve Basile http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4041 Steve Basile Mon, 17 May 2010 14:53:53 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4041 My son has an ATM business. They are talking about banks charging up to $3 for a transaction. My son and most people in the ATM business charge no more than $1.75 a transaction. Why don't they just target the banks to lower their fees? This is how my son earns a living. He supports his family with his business. If this bill passes, he and all the other people in the ATM business will be wiped out. It's impossible to make a living with a 50 cent transaction fee. What about paying exorbitant prices at sporting events for food and drinks? Or better yet, what about banks only giving .75 and 1 % interest on saving accounts? Why isn't our illustrious senators complaining about that? My son has an ATM business. They are talking about banks charging up to $3 for a transaction. My son and most people in the ATM business charge no more than $1.75 a transaction. Why don’t they just target the banks to lower their fees? This is how my son earns a living. He supports his family with his business. If this bill passes, he and all the other people in the ATM business will be wiped out. It’s impossible to make a living with a 50 cent transaction fee. What about paying exorbitant prices at sporting events for food and drinks? Or better yet, what about banks only giving .75 and 1 % interest on saving accounts? Why isn’t our illustrious senators complaining about that?

]]> By: John Q. Public http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4034 John Q. Public Mon, 17 May 2010 01:46:40 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4034 First, I think it highly unlikely that "hundreds of thousands" of people will become unemployed if private ATM operators go out of business. Exaggeration does little to help your cause. Second, if as previously stated the approximately $3.00 fee charged is because the consumer is using the ATM operators money while the ATM operator is awaiting reimbursement for the transaction, then the effective APR is probably worse than that offered by payday loans. I hope this bill passes if only to see few ATM eyesores on every street corner. First, I think it highly unlikely that “hundreds of thousands” of people will become unemployed if private ATM operators go out of business. Exaggeration does little to help your cause.

Second, if as previously stated the approximately $3.00 fee charged is because the consumer is using the ATM operators money while the ATM operator is awaiting reimbursement for the transaction, then the effective APR is probably worse than that offered by payday loans.

I hope this bill passes if only to see few ATM eyesores on every street corner.

]]> By: miep http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4032 miep Sun, 16 May 2010 03:04:17 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4032 Atm networks are natural monopolies. The atm monopoly screws the most competitive online banks because inefficient traditional banks - like credit unions, bundle their infirior banking services with the atm and charge predatory prices for outsiders. This is great legislation. Atm networks are natural monopolies. The atm monopoly screws the most competitive online banks because inefficient traditional banks – like credit unions, bundle their infirior banking services with the atm and charge predatory prices for outsiders. This is great legislation.

]]> By: Carey_PA http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4031 Carey_PA Sat, 15 May 2010 16:21:18 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4031 I have to agree with SoMo as well. My partner and I, a 36 yr. old woman and a 40 yr. old divorced mother of 2, just started our ATM business in July of 2009. If this amendment passes our small business will be OUT OF BUSINESS. SoMo hit the nail on the head when she mentioned all of the fees we are responsible to pay monthly to run our ATM business. And we don't get 1000's of hits per month like the big banks do, so therefore we will NOT survive at all on .50 per transaction. The fee that is charged on atm's is a convenience fee. You are paying for the convenience of using MY money until your money clears back into my account. Because after all, if you really were using your money then a) you wouldn't be paying a fee for it and b) there's be no reason for a third party to have to take money from your account and then deposit it into my account...right? So we can all agree that you're not TRULY withdrawing your own money, your borrowing my money for a very short period of time. And atm fees are 100% avoidable by consumers. All they have to do is Plan their days better, that's it. Use their banks atm or better yet go to their bank and make a withdraw....no atm fees charged then. Plus, all consumers have the option of saying NO, i will not pay that fee and therefore their transaction will be canceled and they can go to their bank, go to their banks atm or pay for whatever they want to buy with a different form of payment. ATM surcharges are not a hidden fee that sneak up on consumers...it is Well documented what the fee is and they have to agree to it in order to be charged for it. Period. For the record, I do not use atm's because I prefer to use my own money for free then to pay a fee to borrow someone else's money for a short period of time......so how do I avoid paying atm fee's? I plan my day accordingly around the amount of money I need. :-) It's really simple actually. This is the worst amendment ever......since when do we start telling businesses what amount of profit they are allowed to make? Unbelievable. Are we living in another country right now or is this still the United States of America? I have to agree with SoMo as well. My partner and I, a 36 yr. old woman and a 40 yr. old divorced mother of 2, just started our ATM business in July of 2009.

If this amendment passes our small business will be OUT OF BUSINESS.

SoMo hit the nail on the head when she mentioned all of the fees we are responsible to pay monthly to run our ATM business. And we don’t get 1000′s of hits per month like the big banks do, so therefore we will NOT survive at all on .50 per transaction.

The fee that is charged on atm’s is a convenience fee. You are paying for the convenience of using MY money until your money clears back into my account. Because after all, if you really were using your money then a) you wouldn’t be paying a fee for it and b) there’s be no reason for a third party to have to take money from your account and then deposit it into my account…right?

So we can all agree that you’re not TRULY withdrawing your own money, your borrowing my money for a very short period of time.

And atm fees are 100% avoidable by consumers. All they have to do is Plan their days better, that’s it. Use their banks atm or better yet go to their bank and make a withdraw….no atm fees charged then.

Plus, all consumers have the option of saying NO, i will not pay that fee and therefore their transaction will be canceled and they can go to their bank, go to their banks atm or pay for whatever they want to buy with a different form of payment.

ATM surcharges are not a hidden fee that sneak up on consumers…it is Well documented what the fee is and they have to agree to it in order to be charged for it. Period.

For the record, I do not use atm’s because I prefer to use my own money for free then to pay a fee to borrow someone else’s money for a short period of time……so how do I avoid paying atm fee’s? I plan my day accordingly around the amount of money I need. :-) It’s really simple actually.

This is the worst amendment ever……since when do we start telling businesses what amount of profit they are allowed to make? Unbelievable. Are we living in another country right now or is this still the United States of America?

]]> By: Bob http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4027 Bob Fri, 14 May 2010 23:34:26 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4027 Elections have consequences. Elections have consequences.

]]> By: DWare http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4022 DWare Fri, 14 May 2010 13:28:38 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4022 I own an ATM business. We provide retail ATMs to small merchants. If this passes I will be out of business, I will be on the unemployment line with my employees - thanks for protecting the little guy Washington!!! This is FEDERAL PRICE FIXING...what has happened to this country? As this is going on, MasterCard has decided take half of the money businesses like mine used to be compensated for running transactions on their network. I hope everyone enjoyed the convenience of cash while it lasted. We're going to be back to the days of standing in line at our bank to cash a check again real soon. We are getting hit from all sides, government and Wall Street are it again. Who gave these idiots the keys to the kingdom...we did! Wake up America, your country is falling apart! I own an ATM business. We provide retail ATMs to small merchants. If this passes I will be out of business, I will be on the unemployment line with my employees – thanks for protecting the little guy Washington!!!

This is FEDERAL PRICE FIXING…what has happened to this country?

As this is going on, MasterCard has decided take half of the money businesses like mine used to be compensated for running transactions on their network.
I hope everyone enjoyed the convenience of cash while it lasted. We’re going to be back to the days of standing in line at our bank to cash a check again real soon.

We are getting hit from all sides, government and Wall Street are it again. Who gave these idiots the keys to the kingdom…we did!

Wake up America, your country is falling apart!

]]> By: Jack http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4008 Jack Fri, 14 May 2010 01:11:38 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4008 SoMo and JZH are correct - all this legislation will do is put a lot of people out of work and remove many ATM's from areas that banks do not want to service. I guess when people start using check-cashing services the fine legislators in DC will shut down those businesses as well. SoMo and JZH are correct – all this legislation will do is put a lot of people out of work and remove many ATM’s from areas that banks do not want to service. I guess when people start using check-cashing services the fine legislators in DC will shut down those businesses as well.

]]> By: JZH http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-4004 JZH Thu, 13 May 2010 16:40:40 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-4004 SoMo put it perfectly. It takes a lot of money and time to operate and run a ATM business. If this gets passed we will all have to close shop. You will be forcing hundreds of thousands of people out of work. Not to mention all the merchant owners that rely on there ATM's to bring them extra business. This is going to effect so many people all across the board. This fee is not forced on anyone. Anybody has the right to go to there own banking institution to use the ATM's for free. Other people agree to these fees b/c it's a convienence to them. If these surcharge fees were forced on people and they had to pay no matter what. That might be a different story but they accept or decline the fee at there own will. Isn't there much more serious issues and problems these Senators should be devoting there time to. They have no idea what they are doing. This is just nonsense!! SoMo put it perfectly. It takes a lot of money and time to operate and run a ATM business. If this gets passed we will all have to close shop. You will be forcing hundreds of thousands of people out of work. Not to mention all the merchant owners that rely on there ATM’s to bring them extra business. This is going to effect so many people all across the board. This fee is not forced on anyone. Anybody has the right to go to there own banking institution to use the ATM’s for free. Other people agree to these fees b/c it’s a convienence to them. If these surcharge fees were forced on people and they had to pay no matter what. That might be a different story but they accept or decline the fee at there own will. Isn’t there much more serious issues and problems these Senators should be devoting there time to. They have no idea what they are doing. This is just nonsense!!

]]> By: dsowa http://thefinancebuff.com/cap-atm-fees-at-50-cents.html#comment-3977 dsowa Tue, 11 May 2010 21:39:32 +0000 http://thefinancebuff.com/2010/05/cap-atm-fees-at-50-cents.html#comment-3977 If you go back to the beginning of ATMs the banks wanted them because they saved money by needing fewer tellers but as in all things what is once a cost savings must become a profit center of its own. If you go back to the beginning of ATMs the banks wanted them because they saved money by needing fewer tellers but as in all things what is once a cost savings must become a profit center of its own.

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